Key Takeaways
- Chevron posted fourth-quarter revenue well above analysts’ estimates Friday but profit fell short.
- The energy giant also announced a 5% increase to its quarterly dividend to $1.71 per share.
- Ahead of its earnings report, Chevron said it would partner with GE Vernova to build natural-gas power stations for AI data centers across the U.S.
Chevron (CVX) stock slipped in premarket trading Friday after the energy giant’s fourth-quarter profit came up short of analysts’ expectations.
The energy giant reported $52.23 billion in revenue, up more than 10% year-over-year and well above the $47.49 billion that analysts projected, per Visible Alpha.
Chevron recorded profit that rose 43% to $3.24 billion, or $1.84 per share, but below expectations of $3.43 billion and $1.96 per share. Adjusted earnings per share (EPS) of $2.06 also missed estimates.
Chevron also announced that the company’s board has approved a 5% bump in its quarterly dividend to $1.71 per share.
Earnings Follow GE Vernova Partnership News
Earlier this week, the company announced plans to partner with GE Vernova (GEV) to build natural-gas power stations for artificial intelligence (AI) data centers across the country.
Chevron shares were down 1.5% in premarket trading after entering the day up 6% over the last 12 months.
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