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.