Chevron Corporation announced on Friday its revenue in the fourth quarter of the fiscal year 2021 came in at $5.1 billion and the one for the entire 12-month period at $15.6 billion. In 2020, the company recorded a quarterly loss of $665 million and an annual one of $5.5 billion.
Its diluted earnings per share (EPS) stood at $2.63 per share in the fourth trimester, which is an improvement in comparison to losses per share of $0.33 registered in the same period the year before. Despite that, the figure failed market expectations. Annually, EPS came in at $8.14 per share in contrast with the losses of $2.96 per share observed in 2020. In the fourth quarter, the corporation's upstream business surged by a staggering 928% to $5.155 billion, while its downstream operations improved from the losses of $338 million to the revenue of $760 million.
"In 2021, we delivered record free cash flow and accelerated our progress towards a lower carbon future," Chevron's Chairman and Chief Executive Officer (CEO) Mike Wirth commented. "We're an even better company than we were just a few years ago. We're more capital and cost efficient, enabling us to return more cash to shareholders."
Following the release of the report, Chevron's shares went down by 1.38% in premarket trading.
