Chevron announces 4Q19 results
Published by Nicholas Woodroof,
Included in the current quarter were previously announced upstream impairments and write-offs totalling US$10.4 billion associated with Appalachia shale, Kitimat LNG, Big Foot and other projects. The company also recognised a US$1.2 billion gain on the sale of the UK Central North Sea assets in the fourth quarter. Foreign currency effects decreased earnings in 4Q19 by US$256 million.
Full-year 2019 earnings were US$2.9 billion (US$1.54 per share - diluted), compared with US$14.8 billion (US$7.74 per share - diluted) in 2018. Included in 2019 were net charges for special items of US$8.7 billion, compared to net charges of US$1.2 billion for special items in 2018. Foreign currency effects decreased earnings in 2019 by US$304 million.
Sales and other operating revenues in fourth quarter 2019 were US$35 billion, compared to US$40 billion in the year-ago period.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03022020/chevron-announces-4q19-results/
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