Chevron's Earnings Miss Market Expectations

On Friday morning, Chevron (CVX) announced its fourth-quarter net income came in at $3.07 billion or $1.53 per share, down from $4.9 billion or $2.44 per share a year ago. This missed Wall Street analysts' expectations that Chevron would report earnings of $1.66 per share. Quarterly revenue came in at $48 billion, up from $43 billion a year ago, thanks to higher oil prices and production increases, and net oil-equivalent production was more than 9% higher than a year ago as well. Full-year earnings for 2009 totaled $5.24 per diluted share ($10.48 billion) compared to $11.67 per diluted share ($23.93 billion) in 2008.