Chevron Corp (NYSE:CVX) reported its fourth-quarter adjusted earnings ahead of expectations, “driven by 11% higher Upstream results and a 4% refining beat,” according to JPMorgan.
The Chevron Analyst: Analyst Arun Jayaram reiterated an Overweight rating on the stock.
The Chevron Thesis: The company reported adjusted earnings of $1.52 per share, topping Street expectations of $1.44 per share, Jayaram said in the note.
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Chevron’s Upstream beat was mainly on the back of higher sales volumes and earnings from legacy Hess and lower operating expenses.
Chevron also benefits from being the only U.S. oil major operating in Venezuela. The U.S. Treasury Department issued the Houston-based company a special …