Chevron misses income estimate as refining posts first loss in 4 years

Chevron reported fourth-quarter income under Wall Side road estimates on Friday as susceptible margins driven its refining industry right into a loss for the primary life since 2020.

The second one-largest U.S. oil manufacturer posted general income of $3.24 billion for the 3 months ended Dec. 31, up from $2.26 billion in the similar length utmost 12 months.

Then again, its adjusted income according to proportion of $2.06 used to be under Wall Side road’s $2.11 estimate, clash by way of susceptible gas gross sales in america.

Income on gas gross sales tumbled around the trade utmost 12 months, because the post-pandemic call for surge pale and financial process faltered in america and China, the 2 biggest oil customers.

Chevron’s downstream industry misplaced $248 million within the fourth quarter of 2024, in comparison with a benefit of $1.15 billion in the similar length a 12 months in the past.

Margins softened in each the U.S. and world markets, however susceptible jet gas call for annoyed troubles for the Houston-headquartered corporate’s home industry. U.S. gas gross sales fell 3% year-over-year, Chevron stated.

Pace refining struggled, Chevron’s oil manufacturing held rather flat within the fourth quarter at 3.35 million barrels of oil an identical according to presen (boepd), in comparison with 3.39 million bpd a 12 months in the past.