press releaseChevron Announces First Quarter 2020 Results

  • First quarter earnings of $3.6 billion
  • Cash flow from operations of $4.7 billion
  • Taking actions to protect the dividend, sustain long-term value and preserve cash
  • Further reducing 2020 capital expenditure guidance to as low as $14 billion
  • Completed asset sales in the Philippines and Azerbaijan

San Ramon, Calif., May 1, 2020 – Chevron Corporation (NYSE: CVX) today reported earnings of $3.6 billion ($1.93 per share - diluted) for first quarter 2020, compared with earnings of $2.6 billion ($1.39 per share - diluted) in the first quarter 2019. Included in the current quarter was a gain of $240 million associated with the sale of upstream assets in the Philippines and favorable tax items totaling $440 million attributable to international upstream. Foreign currency effects increased earnings in the first quarter 2020 by $514 million.

Sales and other operating revenues in first quarter 2020 were $30 billion, compared to $34 billion in the year-ago period.

Read the full press release with tables.

Published: May 2020