09:14 AM EST, 01/31/2025 (MT Newswires) -- Chevron's ( CVX ) fourth-quarter revenue and oil production topped expectations but earnings missed Wall Street estimates as the company's downstream business posted a loss on an annual basis.

The oil giant posted adjusted earnings of $2.06 a share for the December quarter, down from $3.45 the year before, trailing the FactSet-polled consensus of $2.11. Total revenue increased to $52.23 billion from $47.18 billion last year, ahead of the Street's view for around $46.6 billion.

Shares of the company were down 1.2% in premarket activity.

"In 2024, we delivered record production, returned record cash to shareholders and started up key growth projects," Chief Executive Mike Wirth said in a statement. "We strengthened our portfolio and committed to reduce costs and maintain capital discipline, positioning us for significant free cash flow growth."

Chevron's ( CVX ) global oil-equivalent production decreased to 3.35 million barrels per day from 3.39 million barrels a year earlier but was above the 3.32 million-barrel estimate modeled by analysts. US upstream production grew to 1.65 million barrels a day from nearly 1.6 million barrels, buoyed mainly by higher output in the Permian Basin. International output slid 90,000 barrels a day to 1.7 million barrels in the quarter.

Earnings in the upstream segment jumped to $4.3 billion from $1.59 billion last year, as the company's US operations swung to a profit of $1.42 billion versus a loss of $1.35 billion in the prior-year period. International upstream earnings declined to $2.88 billion from $2.93 billion amid lower liquids realizations.

In the downstream segment, the US business recorded a loss of $348 million, compared with earnings of $470 million last year due to lower margins on refined product sales and increased operating expenses. Sales of refined products in the US recorded a 3% decrease year over year due to lower demand for jet fuel. International downstream earnings dropped to $100 million from $677 million a year ago. Overall, Chevron's ( CVX ) downstream business lost $248 million in the quarter, compared with a profit of $1.15 billion in the same period a year ago.

Total costs and other deductions rose to $46.17 billion from $43.69 billion on an annual basis.

Chevron's ( CVX ) board of directors increased its quarterly dividend by 5% to $1.71 per share. The new dividend is payable March 10 to shareholders of record as of Feb. 14.