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31.01.2020 14:45:25

Chevron swings to large net loss and sales miss expectations; stock falls

Shares of Chevron Corp. slumped 1.3% in premarket trading Friday, after the oil giant swung to large fourth-quarter profit, although adjusted results showed a profit that topped expectations, while revenue fell below forecasts. The net loss was $6.61 billion, or $3.51 a share, after net income of $3.73 billion, or $1.95 a share, in the year-ago period. Excluding non-recurring items, such as $10.4 billion in impairments and write-offs associated with Appalachia shale, Kitimat LNG, Big Foot and other projects, adjusted earnings per share came to $1.49, above the FactSet consensus of $1.47. Revenue dropped 14% to $36.35 billion, missing the FactSet consensus of $38.96 billion. Net oil-equivalent production was 3.08 million barrels per day, flat from a year ago and slightly below the FactSet consensus of 3.10 million barrels per day. The average sales price per barrel of crude oil and natural gas liquids was $47 in the fourth quarter, down from $56 a year ago, while the average price of natural gas was $1.10 per thousand cubic feet, down from $2.01 last year. Chevron's stock has dropped 4.1% over the past three months through Thursday, while the SPDR Energy Select Sector ETF has shed 4.8% and the S&P 500 has gained 8.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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