Chevron Reports Annual Earnings of $14.8 Billion

Posted On February 1st, 2019 - 1:49 pm | by Oil and gas press

Chevron Corporation (NYSE: CVX) today reported earnings of $3.7 billion ($1.95 per share – diluted) for fourth quarter 2018, compared with $3.1 billion ($1.64 per share – diluted) in the fourth quarter of 2017, which included $2.02 billion in tax benefits related to U.S. tax reform.

Included in the current quarter was an asset write-off totaling $270 million. Foreign currency effects increased earnings in the 2018 fourth quarter by $268 million.

Full-year 2018 earnings were $14.8 billion ($7.74 per share – diluted), compared with $9.2 billion ($4.85 per share – diluted) in 2017. Included in 2018 were impairments and other charges of $1.59 billion and a gain on an asset sale of $350 million. Foreign currency effects increased earnings in 2018 by $611 million.

Sales and other operating revenues in fourth quarter 2018 were $40 billion, compared to $36 billion in the year-ago period.

The company added approximately 1.46 billion barrels of net oil-equivalent proved reserves in 2018. These additions, which are subject to final reviews, equate to approximately 136 percent of net oil-equivalent production for the year. The largest additions were from the Permian Basin in the United States and the LNG projects in Australia.

The company will provide additional details relating to 2018 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 22, 2019.

“Financial and operational results were strong in 2018,” said Michael K. Wirth, Chevron’s chairman of the board and chief executive officer. “Earnings and cash flow continued to grow, and we delivered on all of our financial priorities. We increased the dividend, funded an attractive capital program, strengthened the balance sheet and returned surplus cash to our shareholders. During the second half of the year we repurchased $1.75 billion of the company’s stock, and earlier this week we announced a quarterly dividend increase of $0.07 per share.”

Source / More : Chevron Corporation

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