Chevron Corporation NYSE: CVX delivered mixed results in its fourth-quarter earnings report. The integrated oil giant had a slight miss on revenue, but earnings came in above expectations.
CVX's upstream production jumps 21% year over year, driven by higher volumes from the Permian Basin and abroad.
Mike Wirth, chairman and CEO of Chevron, joins 'Squawk on the Street' to discuss the company's latest earnings report, Venezuela, and more.
Chevron Corporation (NYSE:CVX, XETRA:CHV) posted mixed earnings for the fourth quarter, with profit above Wall Street estimates but revenue falling short. Adjusted earnings for the period were $3 billion, or $1.52 per share, exceeding analyst expectations of roughly $1.45 per share.
Chevron (CVX) came out with quarterly earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.44 per share. This compares to earnings of $2.06 per share a year ago.
Both Chevron and Exxon Mobil both said production of oil and gas reached historic levels, but also saw profit and revenue decline as energy prices fell.
Chevron Corp (NYSE:CVX) is negotiating with the Trump administration to expand its Venezuela oil license, aiming to boost exports to 300,000 barrels per day by March.
Chevron's results come weeks after the Trump administration captured former Venezuelan President Nicolas Maduro. Chevron is the only U.S. oil major operating in Venezuela under a special license issued by the U.S. Treasury Department.
Oil producer Chevron is set to boost exports of Venezuelan crude to the U.S. to some 300,000 barrels per day (bpd) in March, from 100,000 bpd in December and some 230,000 bpd so far this month, two sources with knowledge of the plans said on Wednesday.
Chevron said on Tuesday it has appointed former American Airlines Chairman and CEO Thomas W. Horton to the energy major's board as an independent director.
U.S. oil major Chevron is pushing Iraq to improve returns on the giant West Qurna 2 oil field as a condition for buying the project from Russia's Lukoil , three sources familiar with the matter said.
CVX signs an MoU with Libya's NOC to explore oil and gas opportunities, marking the U.S. major's strategic return after more than a decade away.