Chevron (NYSE:CVX) -1.2% pre-market Friday after missing Q4 adjusted earnings expectations, while revenues topped forecasts, as oil and gas prices declined during the quarter.

Q4 net income rose to $6.35B, or $3.33/share, from $5.05B, or $2.63/share, in the year-ago period, but fell from $11.2B in Q3, as $1.1B in writedowns in international oil and gas operations left adjusted earnings short of forecasts.

For the full year, Chevron (CVX) said earnings totaled $35.5B for its highest-ever annual profit, more than double the prior year and about a third above its previous record in 2011.

The company also posted records for annual cash flow from operations of $49.6B and free cash flow of $37.6B in 2022.

Q4 revenues rose 17% Y/Y to $56.47B, which beat Wall Street consensus; for the full year, revenues totaled $246.3B, up from $162.5B the previous year.

Q4 net production fell 3% Y/Y to 3.01M boe/day, as U.S. production improved 4%, mainly in the Permian Basin, but international output dropped 7% due primarily to the end of concessions in Thailand and Indonesia.

Chevron (CVX) said Q4 earnings in its upstream business slid 11.9% to $2.62B while international earnings jumped 31.2% to $2.87B.

Chevron (CVX) shares have gained 8% so far this year and 41% during the past year.