SAN RAMON, Calif. (AP) _ Chevron Corp. (CVX) on Friday reported a fourth-quarter loss of $6.61 billion, after reporting a profit in the same period a year earlier.
The San Ramon, California-based company said it had a loss of $3.51 per share. Earnings, adjusted for non-recurring costs, were $1.49 per share.
The results exceeded Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.47 per share.
The oil company posted revenue of $36.35 billion in the period.
For the year, the company reported profit of $2.92 billion, or $1.54 per share. Revenue was reported as $146.52 billion.
Chevron shares have decreased nearly 8% since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 2%. The stock has declined slightly more than 1% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVX at https://www.zacks.com/ap/CVX
Automated Insights, source Associated Press News