CHEVRON EARNINGS $3.4 BLN

CHEVRON - Chevron Corporation (NYSE: CVX)  reported earnings of $3.4 billion ($1.78 per share – diluted) for second quarter 2018, compared with $1.5 billion ($0.77 per share – diluted) in the second quarter of 2017. Included in the current quarter was a receivable write-down of $270 million charged to operating expense. Foreign currency effects increased earnings in the 2018 second quarter by $265 million, compared with an increase of $3 million a year earlier.

Sales and other operating revenues in second quarter 2018 were $40 billion, compared to $33 billion in the year-ago period.

"Second quarter earnings were up significantly from a year ago," said Chairman and CEO Michael Wirth. "Results in 2018 benefited from higher crude oil prices, strong operations and higher production."

"Our cash flow continues to improve with higher upstream margins and volumes, combined with disciplined spending," Wirth added. "This enables us to initiate share repurchases, which are expected to be $3 billion per year based on our current outlook."

"We reached a milestone in Australia with the start of production from Wheatstone Train Two. All five trains in our Australian LNG projects are now operating.

"In downstream, Chevron Phillips Chemical Company LLC, the company's 50 percent-owned affiliate, ramped up its recently completed ethane cracker at Cedar Bayou to design capacity.

"We continue to make good progress with our portfolio optimization efforts,"Wirth continued. "In the second quarter, the company completed the sales of its upstream interests in the Elk Hills Field in California and the Democratic Republic of the Congo. Additionally, in July we announced our intent to market our U.K. Central North Sea assets."

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first six months of 2018 was $11.9 billion, compared with $8.7 billion in the corresponding 2017 period. Excluding working capital effects, cash flow from operations in 2018 was $14.2 billion, compared with $10.0 billion in the corresponding 2017 period. The 2017 results were retrospectively adjusted to conform to new accounting standards that became effective for the company in first quarter 2018.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first six months of 2018 were $9.2 billion, compared with $8.9 billion in the corresponding 2017 period. The amounts included $2.7 billion in 2018 and $2.1 billion in 2017 for the company's share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 88 percent of the companywide total in the first six months of 2018.

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Earlier:

2018, June, 27, 10:30:00 CHEVRON'S INVESTMENT FOR INDONESIA REUTERS - Indonesia’s deputy energy minister said on Tuesday Chevron Corp intended to cut planned investment in the Indonesia deepwater development (IDD) gas project to around $6 billion from $12.8 billion.

2018, June, 15, 10:35:00 CHEVRON STARTED IN AUSTRALIA REUTERS - Chevron Corp has started producing liquefied natural gas (LNG) at the second unit of its $34 billion Wheatstone development, marking the completion of its two megaprojects in Australia after cost-blowouts and delays.

2018, April, 30, 09:55:00 CHEVRON NET INCOME $3.638 BLN CHEVRON - Chevron Corporation (NYSE: CVX) reported earnings of $3.6 billion ($1.90 per share – diluted) for first quarter 2018, compared with $2.7 billion ($1.41 per share – diluted) in the first quarter of 2017. Foreign currency effects increased earnings in the 2018 first quarter by $129 million, compared with a decrease of $241 million a year earlier. Sales and other operating revenues in first quarter 2018 were $36 billion, compared to $32 billion in the year-ago period.

2018, April, 16, 09:10:00 CHEVRON - AUSTRALIA LNG: $54 BLN REUTERS - The $54 billion Gorgon project came on stream in March 2016 but suffered numerous unplanned shutdowns in its early stages.

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