Chevron kicks off oil industry's fourth quarter results with a miss

Chevron Corp on Friday reported a fourth quarter profit that missed Wall Street estimates despite sharply higher oil and gas prices. The first of the major oil companies to report quarterly results posted adjusted earnings of $5.1 billion, or $2.65 a share, on profits from pumping oil that soared about five times the pandemic-depressed results of a year ago.

Chevron Corp on Friday reported a fourth-quarter profit that missed Wall Street estimates despite sharply higher oil and gas prices.

The first of the major oil companies to report quarterly results posted adjusted earnings of $5.1 billion, or $2.65 a share, on profits from pumping oil that soared about five times the pandemic-depressed results of a year ago. Analysts had expected a $3.12 per share profit, according to Refinitiv.

Investors this week pushed Chevron shares to an all-time high on expectations high oil prices will continue to drive earnings. Shares traded up 2% on Thursday to $135.37, topping the previous high of $133.60 four years ago.