Chevron Announces Fourth Quarter 2019 Results
Delivers on core financial priorities, demonstrates commitment to capital discipline and superior shareholder returns
- Fourth quarter loss $6.6 billion; earnings excluding special items and FX $2.8 billion
- Annual earnings $2.9 billion; earnings excluding special items and FX $11.9 billion
- Cash flow from operations of $27.3 billion in 2019
- Record annual net oil-equivalent production of 3.06 million barrels per day
- Dividends and share repurchases of $13.0 billion in 2019
San Ramon, Calif., Jan. 31, 2020 – Chevron Corporation (NYSE: CVX) today reported a loss of $6.6 billion ($(3.51) per share - diluted) for fourth quarter 2019, compared with earnings of $3.7 billion ($1.95 per share - diluted) in the fourth quarter 2018. Included in the current quarter were previously announced upstream impairments and write-offs totaling $10.4 billion associated with Appalachia shale, Kitimat LNG, Big Foot and other projects. The company also recognized a $1.2 billion gain on the sale of the U.K. Central North Sea assets in the fourth quarter. Foreign currency effects decreased earnings in the fourth quarter 2019 by $256 million.
Full-year 2019 earnings were $2.9 billion ($1.54 per share - diluted), compared with $14.8 billion ($7.74 per share - diluted) in 2018. Included in 2019 were net charges for special items of $8.7 billion, compared to net charges of $1.2 billion for special items in 2018. Foreign currency effects decreased earnings in 2019 by $304 million.
Earnings excluding special items and FX reflect net income (loss) excluding special items and foreign currency effects. For a reconciliation of earnings excluding special items and FX, see Attachment 5.
Sales and other operating revenues in fourth quarter 2019 were $35 billion, compared to $40 billion in the year-ago period.
Published: January 2020