Jan 31 (Reuters) - Chevron Corp ( CVX ) reported

fourth-quarter earnings below Wall Street estimates on Friday as

weak margins pushed its refining business into a loss for the

first time since 2020.

The second-largest U.S. oil producer posted total earnings

of $3.24 billion for the three months ended Dec. 31, up from

$2.26 billion in the same period last year.

However, its adjusted earnings per share of $2.06 was below

Wall Street's $2.11 estimate, hit by weak fuel sales in the

United States.

Profits on fuel sales tumbled across the industry last year,

as the post-pandemic demand surge faded and economic activity

faltered in the United States and China, the two largest oil

consumers.

Chevron's ( CVX ) downstream business lost $248 million in the

fourth-quarter of 2024, compared with a profit of $1.15 billion

in the same period a year ago.

Margins softened in both the U.S. and international markets,

but weak jet fuel demand aggravated troubles for the

Houston-headquartered company's domestic business. U.S. fuel

sales fell 3% year-over-year, Chevron ( CVX ) said.

While refining struggled, Chevron's ( CVX ) oil production held

relatively flat in the fourth quarter at 3.35 million barrels of

oil equivalent per day (boepd), compared with 3.39 million bpd a

year ago.

(Reporting by Seher Dareen and Arunima Kumar in Bengaluru;

Editing by Saumyadeb Chakrabarty)