Chevron earnings for the fourth quarter of 2018 have CVX stock on the rise Friday.
Chevron (NYSE:CVX) starts off the earnings report for the fourth quarter of 2018 with earnings per share of $1.95. This is an increase over the company’s earnings per share of $1.64 from the fourth quarter of 2017. It was also a blessing to CVX stock by beating out Wall Street’s earnings per share estimate of $1.87 for the period.
Chevron earnings for the fourth quarter of the year also include net income of $3.72 billion. This is better than the oil and natural gas company’s revenue of $3.12 billion reported in the same period of the year prior.
Chevron notes that during the fourth quarter of 2018 it saw Upstream earnings of $3.29 billion and Downstream earnings of $859 million. This is compared to its Upstream earnings of $5.29 billion and its Downstream earnings of $1.28 billion for the same time last year.
The most recent Chevron earnings also has revenue for the quarter coming in at $40.34 billion. The company’s revenue from the fourth quarter of the previous year was $36.38 billion. Chevron’s revenue for the quarter was below analysts’ estimate of $46.13 billion, but that wasn’t enough to keep CVX stock down today.
“Our net oil-equivalent production grew more than 7 percent in 2018 to a record 2.93 million barrels per day,” Michael Wirth, Chairman and CEO of Chevron, said in a statement. “We expect that 2019 production will continue to grow by 4 to 7 percent, excluding the impact of asset sales.”
CVX stock was up 3% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.