Investing.com - Chevron (NYSE:CVX) shares rose to a six-week high in premarket trade Friday after the company reported fourth-quarter earnings and revenue that beat analysts' expectations, driven by higher output volumes and realised prices.
The quarter meant that total oil and gas production rose 7% last yearto 2.93 million barrels a day, and chairman and chief executive officer Michael Wirth said organic output growth would grow by another 4%-7% this year.
The firm reported earnings per share of $1.95 on revenue of $42.35 billion. Analysts polled by Investing.com anticipated EPS of $1.84 on revenue of $41.21 billion. That compared to EPS of $1.64 on revenue of $37.62 billion in the same period a year earlier. The company had reported EPS of $2.11 on revenue of $43.99 billion in the previous quarter.
Chevron shares gained 1.93% to trade at $116.86 in premarket trade following the report.
Chevron follows other major Energy sector earnings this month
On Friday, Exxon Mobil reported fourth quarter EPS of $1.41 on revenue of $71.9 billion, compared to forecasts of EPS of $1.08 on revenue of $71.32 billion.
Royal Dutch Shell B ADR earnings beat analyst's expectations on Thursday, with fourth quarter EPS of $1.38 on revenue of $102.23 billion. Investing.com analysts expected EPS of $1.26 on revenue of $92.51 billion.
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