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Chevron announces 4Q19 results

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Oilfield Technology,

Chevron Corp. has reported a loss of US$6.6 billion (US$3.51) per share - diluted) for 4Q19, compared with earnings of US$3.7 billion (US$1.95 per share - diluted) in 4Q18.

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.

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