Chevron Reports Fourth Quarter Net Income of $3.7 Billion, Annual Earnings of $14.8 Billion
- Record annual net oil-equivalent production of 2.93 million barrels per day, 7 percent higher than a year earlier; 4 to 7 percent growth targeted for 2019
- Reserves replacement of 136 percent
- Dividend increase of $0.07 per share
- Share repurchases of $1.0 billion in fourth quarter
San Ramon, Calif., Feb. 1, 2019 – Chevron Corporation (NYSE: CVX) today reported earnings of $3.7 billion ($1.95 per share – diluted) for fourth quarter 2018, compared with $3.1 billion ($1.64 per share – diluted) in the fourth quarter of 2017, which included $2.02 billion in tax benefits related to U.S. tax reform. Included in the current quarter was an asset write-off totaling $270 million. Foreign currency effects increased earnings in the 2018 fourth quarter by $268 million.
Full-year 2018 earnings were $14.8 billion ($7.74 per share – diluted), compared with $9.2 billion ($4.85 per share – diluted) in 2017. Included in 2018 were impairments and other charges of $1.59 billion and a gain on an asset sale of $350 million. Foreign currency effects increased earnings in 2018 by $611 million.
Sales and other operating revenues in fourth quarter 2018 were $40 billion, compared to $36 billion in the year-ago period.
Published: February 2019