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Chevron, the pioneer in the United States, told Chevron about the profits of the fourth quarter (Q4) without expectations due to the weakened refining margins, which represents the first loss in this sector in four years.
CEO Mike Worth indicated that the increase in margins after birth in the fuel margins have ended, as the declining trend continues this year, as reported. Reuters.
The profits of the modified company of $ 2.06 fell from the 2.11 dollars, which led to the decrease of shares to more than 4 % to 148.68 dollars.
The decrease in fuel sales at the level of industry in the past year was with low demand, and economic activity in the United States and China slowed down.
Chevron’s Downloadream recorded a $ 248 million loss in the fourth quarter of 2024, compared to a profit of $ 1.15 billion in the previous year. US fuel sales decreased by 3 % on an annual basis.
Refining margins have been weakened in both the American and international markets, as local operations are affected by the weak demand in the market on jet fuel.
“It was his quarter in which everything went in one direction and was negative.”
Despite the challenges in refining, Chevron’s oil and gas profits rose and produced to $ 4.3 billion from $ 1.59 billion a year ago, although the results of American business were lost.
The production of the Chevron Q4 oil remained stable at 3.35 million barrels of the equivalent of oil daily (MBOE/D), as it decreased slightly from 3.39mboe/Da a year ago.
Production in the pelvis increased by 14 % year on an annual basis to 992,000 barrels, equivalent to oil per day, close to the company’s 1MBOE/D’s goal.
Wirth expressed confidence that blind operators will maintain modest capitalist spending, in contrast to the 2010 rock growth concentration.
“I do not see anyone returning to what the industry was doing a decade ago – which threw all the capital to grow,” he said.
Chevron expects global product growth from 6 to 8 % this year and 3-6 % in 2026, assuming that Brent crude oil prices are about $ 70 a barrel (BBL), where Brent is currently trading about $ 77/BBL.
The company increased its quarterly profits by 5 % to $ 1.71 per share, and expects to obtain $ 10 billion in free cash flow over the next two years.
Chevron also announced its commitment to the re -purchase of $ 10 billion – 20 billion dollars in shares annually, depending on market conditions.
Chevron is disappointing reports of Q4 as they improved the first loss publications since 2020, “originally created and published by Marine technologyThe brand owned by Globaldata.
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