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2018-02-05 07:10:00

CHEVRON NET INCOME $9.2 BLN

CHEVRON NET INCOME $9.2 BLN

CHEVRON - Chevron Corporation (NYSE: CVX) reported earnings of $3.1 billion ($1.64 per share – diluted) for fourth quarter 2017, compared with $415 million ($0.22 per share – diluted) in the 2016 fourth quarter. Included in the quarter were non-cash provisional tax benefits of $2.02 billion related to U.S. tax reform and a non-cash charge of $190 million related to a former mining asset. Foreign currency effects decreased earnings in the 2017 fourth quarter by $96 million.

 

 

Full-year 2017 earnings were $9.2 billion ($4.85 per share – diluted) compared with a loss of $497 million ($0.27 per share – diluted) in 2016. Included in 2017 were non-cash provisional tax benefits of $2.02 billion related to U.S. tax reform, gains on asset sales of $1.44 billion, and impairments and other non-cash charges of $840 million. Foreign currency effects decreased earnings in 2017 by $446 million.

Sales and other operating revenues in fourth quarter 2017 were $36 billion, compared to $30 billion in the year-ago period.

"Earnings and cash flow grew significantly in 2017," said Chairman and CEO Michael Wirth. "We achieved our objective of being cash flow positive through deliberate actions to reduce capital expenditures, lower our cost structure, start and ramp-up projects, and conclude planned asset sales. Higher commodity prices helped as well. These improvements give us the confidence to increase the dividend by $0.04 per share, which puts us on track to make 2018 the 31st consecutive year with an increase in annual dividend payout."

"We replaced more than 150 percent of the reserves we produced, and reached several significant upstream project milestones in 2017," Wirth added. "These included our first LNG shipments from Train 3 at Gorgon and Train 1 at Wheatstone in Australia. We also posted impressive production growth in the Permian Basin in the U.S."

The company added approximately 1.54 billion barrels of net oil-equivalent proved reserves in 2017. These additions, which are subject to final reviews, equate to approximately 155 percent of net oil-equivalent production for the year. The largest additions were from the Permian Basin in the United States and the Gorgon Project in Australia. The company will provide additional details relating to 2017 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 22, 2018.

"Our net oil-equivalent production grew by 5 percent in 2017, including the effects of asset sales," Wirth commented. "Importantly, we expect that our 2018 production will continue to grow by 4 to 7 percent, driven primarily by Australian LNG and the acceleration of development activities in the Permian, where investment economics continue to improve."

"In the downstream, we made significant progress on our growth investments," Wirth added. Chevron Phillips Chemical Company LLC, the company's 50 percent-owned affiliate, achieved start-up of two polyethylene units and reached mechanical completion of a new ethane cracker at its U.S. Gulf Coast Petrochemicals Project in Texas.

At year-end, balances of cash, cash equivalents and marketable securities totaled $4.8 billion, a decrease of $2.2 billion from the end of 2016. Total debt at December 31, 2017 stood at $38.8 billion, a decrease of $7.4 billion from a year earlier.

The company's Board of Directors approved a $0.04 per share increase in the quarterly dividend to $1.12 per share, payable in March 2018.

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Earlier:

 NIGERIA & CHEVRON PROJECT &1.7 BLN
2017, November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

 

 CHEVRON NET INCOME $6 BLN
2017, October, 30, 11:20:00

CHEVRON NET INCOME $6 BLN

Chevron Corporation (NYSE: CVX) reported earnings of $2.0 billion ($1.03 per share – diluted) for third quarter 2017, compared with $1.3 billion ($0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million. Foreign currency effects decreased earnings in the 2017 third quarter by $112 million, compared with an increase of $72 million a year earlier. Sales and other operating revenues in third quarter 2017 were $34 billion, compared to $29 billion in the year-ago period.

 

 CHEVRON - AUSTRALIA LNG
2017, October, 13, 12:30:00

CHEVRON - AUSTRALIA LNG

Wheatstone, co-owned by Australia’s Woodside Petroleum, Kuwait Foreign Exploration Co and Japan’s Kyushu Electric Power Co, has two gas liquefaction units, which at full capacity will supply 8.9 million metric tonnes of LNG a year to customers in Asia.

 

 CHEVRON'S INVESTMENT $4 BLN
2017, September, 25, 13:05:00

CHEVRON'S INVESTMENT $4 BLN

Oil major Chevron Corp will next year invest around $4 billion to ramp up its crude production in the Permian Basin area of the United States, a company executive said on Monday.

 

 CHEVRON EARNINGS $1.45 BLN
2017, July, 31, 14:10:00

CHEVRON EARNINGS $1.45 BLN

Chevron Corporation (NYSE: CVX) reported earnings of $1.5 billion ($0.77 per share – diluted) for second quarter 2017, compared with a loss of $1.5 billion ($0.78 per share – diluted) in the second quarter of 2016. Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier.

 

 CHEVRON NET INCOME $2.7 BLN
2017, May, 1, 12:10:00

CHEVRON NET INCOME $2.7 BLN

Chevron Corporation (NYSE: CVX) reported earnings of $2.7 billion ($1.41 per share – diluted) for first quarter 2017, compared with a loss of $725 million ($0.39 per share – diluted) in the 2016 first quarter. Included in the quarter was a gain of approximately $600 million from the sale of an upstream asset. Foreign currency effects decreased earnings in first quarter 2017 by $241 million, compared with a decrease of $319 million a year earlier.

 

 CHEVRON NET LOSS $497 MLN
2017, January, 30, 18:40:00

CHEVRON NET LOSS $497 MLN

Chevron's full-year 2016 results were a loss of $497 million ($0.27 per share – diluted) compared with earnings of $4.6 billion ($2.45 per share – diluted) in 2015.

 

 

Tags: CHEVRON, INCOME