Chevron shares fall more than 2% as profits and revenues fall short of Wall Street's expectations

Chevron shares fall more than 2% as profits and revenues fall short of Wall Street's expectations

Earnings 27 Jul, 2018

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A Chevron gas station in San Francisco.

Shares of Chevron fell in premarket trading after the company posted profits and revenues that fell short of analysts' expectations, even as the oil major announced a $3 billion plan to buy back stock from shareholders.

Chevron earnings: $1.78 per share vs $2.09 per share, according to Thomson ReutersChevron revenue: $42.24 billion vs $45.59 billion, according to Thomson Reuters

Analysts have been focused on Chevron's growing position in U.S. shale fields, particularly the Permian basin underlying Texas and New Mexico. On Thursday, British rival BP beat Chevron in its bid to purchase miner BHP Billiton's American shale assets. BP scooped up the acreage for $10.5 billion.

Despite steady improvement in Chevron's earnings as oil prices rebound from an historic downturn, shares of the San Ramon, California-based company are down about 1 percent this year through Thursday. Chevron is now underperforming its Big Oil peers in Europe and fellow American oil major Exxon Mobil, which also reported disappointing earnings on Friday.

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