Chevron's Q4 Earnings Fall Short Amid Refining Loss

Chevron reported fourth-quarter earnings that fell short of Wall Street expectations due to a slump in the refining business, which posted its first loss in four years amid weak U.S. fuel demand and lower margins. Despite this, the company achieved a 43% increase in net income to $3.24 billion, supported by a 10% rise in revenue to $52.23 billion, exceeding forecasts. Adjusted earnings per share were $2.06, missing the anticipated $2.11, largely due to severance and impairment costs. Chevron also announced a 5% increase in its quarterly dividend to $1.71 per share. Chevron's oil production was steady at 3.35 million barrels of oil equivalent per day, and it continues to pursue strategic initiatives, including a $53 billion acquisition of Hess Corporation, which is under regulatory review. The company's stock declined by approximately 1.3% in premarket trading following these announcements.