NEW YORK – No. 2 U.S. oil company Chevron Corp. (CVX) Friday reported fourth-quarter profit rose 20 percent on strong energy prices but fell short of Wall Street forecasts.
Despite posting record earnings for the year, the company's results were marred by the impact of hurricanes in the Gulf of Mexico, which cut production and pushed up costs.
Earnings at the company's refining operations fell in the fourth quarter, hurt by lower margins in Europe and Asia.
Net income totaled $4.1 billion, or $1.86 a share, compared with $3.4 billion, or $1.63 a share, a year earlier. Analysts' average forecast was $1.89 a share, according to Reuters Estimates.
Revenue rose to $53.79 billion from $42.69 billion but missed analysts' average forecast of $55.06 billion.
The company's shares fell 12.3 percent in the fourth quarter, underperforming the broader AMEX oil index, which fell 8.3 percent.
The surge in crude oil prices over the past few years has propelled Chevron's market capitalization to over $135 billion. If the company were a component of the Dow Jones industrial average, it would be the 12th-largest member of the index.
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.