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Chevron Profit Falls Short of Forecasts Despite Oil’s Rally

  • International upstream, U.S. refining showing weak results
  • Free cash flow advances to an all-time high for the driller
Motorists drive by a Chevron Corp. gas station in downtown Los Angeles, California, U.S.

Motorists drive by a Chevron Corp. gas station in downtown Los Angeles, California, U.S.

Photographer: Kyle Grillot/Bloomberg
Updated on

Chevron Corp. posted disappointing profits after slumping values for some long-held fields hurt the oil giant’s ability to take full advantage of surging energy prices. 

The U.S. supermajor’s overseas upstream business and domestic refining network fell short of analysts’ fourth-quarter expectations by a combined $1.3 billion. Chevron is especially vulnerable to gyrations in foreign markets because they account for more than 60% of the driller’s oil and natural gas output.