Chevron Reports Third Quarter Net Income of $2.6 Billion

Chevron Corporation (NYSE: CVX) today reported earnings of $2.6 billion ($1.36 per share – diluted) for third quarter 2019, compared with $4.0 billion ($2.11 per share – diluted) in the third quarter 2018. Included in the current quarter was a tax charge of $430 million related to a cash repatriation. Foreign currency effects increased earnings in the third quarter 2019 by $74 million.

Sales and other operating revenues in third quarter 2019 were $35 billion, compared to $42 billion in the year-ago period.

Earnings Summary
 Three Months
Ended Sept. 30
Nine Months
Ended Sept. 30
Millions of dollars 2019  2018  2019  2018 
Earnings by business segment    
Upstream$2,704 $3,379 $9,310 $10,026 
Downstream 828  1,373  1,809  2,939 
All Other (952) (705) (1,585) (1,871)
Total (1)(2)$2,580 $4,047 $9,534 $11,094 
(1) Includes foreign currency effects$74 $(51)$(48)$343 
(2) Net income attributable to Chevron Corporation (See Attachment 1)

“Third quarter earnings and cash flow were solid, but down from our very strong results of a year ago,” said Michael Wirth, Chevron’s chairman of the board and chief executive officer. “Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year’s third quarter.”

“Strong execution allows us to continue to deliver on our financial priorities, which are to pay the dividend, fund our superior portfolio of capital projects, further strengthen our balance sheet and return cash to shareholders. In the third quarter, we increased share repurchases to $1.25 billion, further demonstrating our commitment to deliver strong shareholder returns through the price cycle,” Wirth stated.

“We also advanced capital projects and added resource opportunities. In September, we sanctioned a waterflood project in the St. Malo Field in the Gulf of Mexico. We also acquired deepwater exploration blocks in the Mexican Gulf of Mexico and Brazil’s Campos and Santos basins, strengthening our deepwater exploration portfolio.

“Global demand for energy continues to grow, and we are committed to meet this demand with less environmental impact. We recently announced new goals to reduce net greenhouse gas emission intensity from upstream oil and natural gas production,” Wirth continued. “During the third quarter, we began capturing and storing carbon dioxide at our Gorgon LNG facility in Australia, one of the world’s largest greenhouse gas mitigation projects. Also, construction is underway on a new solar farm, which will supply low-carbon electricity to the Lost Hills Oil Field in California.”



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