Chevron Corporation (NYSE:CVX) stock took a hit today following the release of its earnings report for the fourth quarter of 2017.

Chevron Corporation reported earnings per share of $1.64 for the quarter. However, this includes a $2 billion benefit to its net income from a tax benefit. Without this benefit, the company’s earnings per share came in at 72 cents. This is bad news for CVX stock as it comes in well below Wall Street’s earnings per share estimate of $1.22 for the period.

Net income reported by Chevron Corporation during the fourth quarter of 2017 was $3.12 billion. The company’s net income when cutting out the one-time tax benefit was $1.48 billion. Net income from the same time last year was $438 million.

Breaking down Chevron Corporation’s earnings for the quarter shows upstream earnings of $5.29 billion. The oil and natural gas company’s downstream earnings for the quarter were $1.28 billion. It saw losses of $3.46 billion from the rest of its business.

During the fourth quarter of the year, Chevron Corporation reported revenue of $36.62 billion. This is up from its revenue of $31.50 billion that was reported in the same period of the year prior. It also came in above analysts’ revenue estimate of $37.59 billion for the quarter.

Chevron Corporation also announced an increase to its quarterly dividend. The increase takes the quarterly dividend from $1.08 per share to $1.12 per share. This dividend will be payable to holders of CVX stock in March 2018.

CVX stock was down 3% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.