Chevron Reports Fourth Quarter Earnings of $3.1 Billion, Annual Earnings of $9.2 Billion
- Strong cash flow drives dividend increase of $0.04 per share
- Reserves replacement tops 150 percent
- Production grows 5 percent; 4 to 7 percent growth targeted for 2018
San Ramon, Calif., Feb. 2, 2018 – Chevron Corporation (NYSE: CVX) today 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.
Published: February 2018