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
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.
Earnings Summary
Three Months Ended Dec.
31
Year Ended Dec. 31
Millions of dollars
2019
2018
2019
2018
Earnings by business segment
Upstream
$(6,734)
$3,290
$2,576
$13,316
Downstream
672
859
2,481
3,798
All Other
(548)
(419)
(2,133)
(2,290)
Total (1)(2)
$(6,610)
$3,730
$2,924
$14,824
(1) Includes foreign currency effects
$(256)
$268
$(304)
$611
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“Cash flow from operations remained strong in 2019, allowing the
company to deliver on all our financial priorities,” said Michael
K. Wirth, Chevron’s chairman of the board and chief executive
officer. “We paid $9 billion in dividends, repurchased $4 billion
of shares, funded our capital program and successfully captured
several inorganic investment opportunities, all while reducing debt
by more than $7 billion. Earlier this week, we announced a
quarterly dividend increase of $0.10 per share, reinforcing our
commitment to growing shareholder returns.”
“Organic capital spending held flat at $20 billion in 2019,
further demonstrating our commitment to capital discipline. Within
this program, we continued the ramp-up of the Permian Basin in
Texas and New Mexico and progressed our Future Growth Project at
the company’s 50 percent-owned affiliate, Tengizchevroil, in
Kazakhstan. For the first time in the company’s history, annual
production exceeded 3 million barrels per day of oil equivalent,"
Wirth added.
The company added approximately 494 million barrels of net
oil-equivalent proved reserves in 2019. These additions, which are
subject to final reviews, are net of reductions associated with the
company's decisions to reduce funding for various gas-related
opportunities and asset sales. The largest additions were from the
LNG Projects in Australia and deepwater fields in the Gulf of
Mexico. The company will provide additional details relating to
2019 reserve additions in its Annual Report on Form 10-K scheduled
for filing with the SEC on February 21, 2020.
Significant downstream developments in 2019 included the
acquisition of the Pasadena refinery in Texas, and the signing of a
conditional agreement to acquire a network of terminals and service
stations in Australia. Additionally, Chevron Phillips Chemical
Company LLC, the company's 50 percent-owned affiliate, announced
plans to jointly develop petrochemical projects in the U.S. Gulf
Coast and Qatar.
"In 2019, in addition to flaring and methane emission reduction
targets, the company also established new performance goals to
reduce net greenhouse gas emission intensity from upstream oil and
natural gas production. We entered agreements to increase renewable
energy in support of our business and invested in emerging low
carbon technologies through our Future Energy Fund and other
partnerships,” Wirth stated.
At year-end, balances of cash, cash equivalents, time deposits
and marketable securities totaled $5.7 billion, a decrease of $4.6
billion from the end of 2018. Total debt at December 31, 2019 stood
at $27.0 billion, a decrease of $7.5 billion from a year
earlier.
UPSTREAM
Worldwide net oil-equivalent production was 3.08 million barrels
per day in fourth quarter 2019, unchanged from a year ago.
Worldwide net oil-equivalent production for the full year 2019 was
3.06 million barrels per day, an increase of over 4 percent from
2.93 million barrels per day from the prior year.
U.S. Upstream
Three Months Ended Dec.
31
Year Ended Dec. 31
Millions of dollars
2019
2018
2019
2018
Earnings
$(7,465)
$964
$(5,094)
$3,278
U.S. upstream recorded a loss of $7.5 billion in fourth quarter
2019, compared with earnings of $964 million a year earlier. The
decrease was primarily due to $8.2 billion in impairment charges
primarily associated with Appalachia shale and Big Foot. Also
contributing to the decrease were lower crude oil and natural gas
realizations. Partially offsetting these items were higher crude
oil and natural gas production.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $47 in fourth quarter 2019, down from $56 a
year earlier. The average sales price of natural gas was $1.10 per
thousand cubic feet in fourth quarter 2019, down from $2.01 in last
year’s fourth quarter.
Net oil-equivalent production of 998,000 barrels per day in
fourth quarter 2019 was up 140,000 barrels per day from a year
earlier. Production increases from shale and tight properties in
the Permian Basin in Texas and New Mexico were partially offset by
normal field declines in the base business. The net liquids
component of oil-equivalent production in fourth quarter 2019
increased 14 percent to 771,000 barrels per day, while net natural
gas production increased 24 percent to 1.36 billion cubic feet per
day, compared to last year's fourth quarter.
Fourth quarter unconventional net oil-equivalent production in
the Permian Basin was 514,000 barrels per day, representing growth
of 36 percent compared to a year ago.
International Upstream
Three Months Ended Dec.
31
Year Ended Dec. 31
Millions of dollars
2019
2018
2019
2018
Earnings*
$731
$2,326
$7,670
$10,038
*Includes foreign currency effects
$(226)
$250
$(323)
$545
International upstream operations earned $731 million in fourth
quarter 2019, compared with $2.3 billion a year ago. The decrease
in earnings was partially due to write-offs and impairment charges
of $2.2 billion associated with Kitimat LNG and other gas projects,
partly offset by a gain of $1.2 billion on the sale of the U.K.
Central North Sea assets and the absence of a fourth quarter 2018
asset write-off. Also contributing to the decrease were lower
natural gas realizations and volumes, partially offset by lower
depreciation expenses. Foreign currency effects had an unfavorable
impact on earnings of $476 million between periods.
The average sales price for crude oil and natural gas liquids in
fourth quarter 2019 was $57 per barrel, down from $59 a year
earlier. The average sales price of natural gas was $5.71 per
thousand cubic feet in the quarter, compared with $6.81 in last
year’s fourth quarter.
Net oil-equivalent production of 2.08 million barrels per day in
fourth quarter 2019 was down 145,000 barrels per day from a year
earlier due to the effect of asset sales, major turnarounds and
normal field declines. The net liquids component of oil-equivalent
production decreased 6 percent to 1.12 million barrels per day in
the 2019 fourth quarter, while net natural gas production of 5.75
billion cubic feet per day decreased 8 percent, compared to last
year's fourth quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended Dec.
31
Year Ended Dec. 31
Millions of dollars
2019
2018
2019
2018
Earnings
$488
$256
$1,559
$2,103
U.S. downstream operations earned $488 million in fourth quarter
2019, compared with earnings of $256 million a year earlier. The
increase was mainly due to higher margins on refined product sales
and lower operating expenses.
Refinery crude oil input in fourth quarter 2019 increased 6
percent to 975,000 barrels per day from the year-ago period,
primarily due to the acquisition of the Pasadena refinery in Texas,
partially offset by turnaround activity at the El Segundo,
California refinery. Refined product sales of 1.23 million barrels
per day were up 2 percent from fourth quarter 2018.
International Downstream
Three Months Ended Dec.
31
Year Ended Dec. 31
Millions of dollars
2019
2018
2019
2018
Earnings*
$184
$603
$922
$1,695
*Includes foreign currency effects
$(32)
$23
$17
$71
International downstream operations earned $184 million in
fourth quarter 2019, compared with $603 million a year earlier. The
decrease in earnings was largely due to lower margins on refined
product sales, partially offset by favorable tax items. Foreign
currency effects had an unfavorable impact on earnings of $55
million between periods.
Refinery crude oil input of 576,000 barrels per day in fourth
quarter 2019 decreased 89,000 barrels per day from the year-ago
period, mainly due to the major planned turnaround at the Star
Petroleum Refining Company in Thailand.
Refined product sales of 1.28 million barrels per day in fourth
quarter 2019 were down 9 percent from the year-ago period, mainly
due to lower diesel and gasoline sales.
ALL OTHER
Three Months Ended Dec.
31
Year Ended Dec. 31
Millions of dollars
2019
2018
2019
2018
Net Charges*
$(548)
$(419)
$(2,133)
$(2,290)
*Includes foreign currency effects
$2
$(5)
$2
$(5)
All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
Net charges in fourth quarter 2019 were $548 million, compared
with $419 million in the year-ago period. The change between
periods was mainly due to higher tax items. Foreign currency
effects were immaterial between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in 2019 was $27.3 billion, compared
with $30.6 billion in 2018. Excluding working capital effects, cash
flow from operations in 2019 was $25.8 billion, compared with $31.3
billion in 2018.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in 2019 were $21.0 billion,
compared with $20.1 billion in 2018. The amounts included $6.1
billion in 2019 and $5.7 billion in 2018 for the company’s share of
expenditures by affiliates, which did not require cash outlays by
the company. Expenditures for upstream represented 85 percent of
the companywide total in 2019. Included in 2019 were $0.8 billion
of inorganic expenditures, primarily associated with the
acquisition of the Pasadena refinery in Texas and upstream lease
bonus payments.
NOTICE
Chevron’s discussion of fourth quarter 2019 earnings with
security analysts will take place on Friday, January 31, 2020, at
8:00 a.m. PST. A webcast of the meeting will be available in a
listen-only mode to individual investors, media, and other
interested parties on Chevron’s website at www.chevron.com under the “Investors” section.
Additional financial and operating information and other
complementary materials will be available under “Events and
Presentations” in the “Investors” section on the Chevron
website.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
This press release includes earnings excluding special items and
FX, which reflect earnings excluding significant non-operational
items including impairment charges, write-offs, gains on asset
sales, unusual tax items, the Anadarko merger termination fee,
foreign currency effects and other special items. We believe it is
useful for investors to consider these figures in comparing the
underlying performance of our business across periods. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for net income (loss) as
prepared in accordance with U.S. GAAP. A reconciliation to net
income (loss) attributable to Chevron Corporation is shown in
Attachment 5.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “may,” “could,” “should,”
“will,” “budgets,” “outlook,” “trends,” ”guidance,” “focus,” “on
schedule,” “on track,” “is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised” and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and efficiencies associated with
enterprise transformation initiatives; actions of competitors or
regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; technological developments; the results of
operations and financial condition of the company's suppliers,
vendors, partners and equity affiliates, particularly during
extended periods of low prices for crude oil and natural gas; the
inability or failure of the company’s joint-venture partners to
fund their share of operations and development activities; the
potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of the
company’s operations due to war, accidents, political events, civil
unrest, severe weather, cyber threats and terrorist acts, crude oil
production quotas or other actions that might be imposed by the
Organization of Petroleum Exporting Countries and other producing
countries, or other natural or human causes beyond the company’s
control; changing economic, regulatory and political environments
in the various countries in which the company operates; general
domestic and international economic and political conditions; the
potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation;
significant operational, investment or product changes required by
existing or future environmental statutes and regulations,
including international agreements and national or regional
legislation and regulatory measures to limit or reduce greenhouse
gas emissions; the potential liability resulting from pending or
future litigation; the company’s future acquisitions or
dispositions of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government-mandated sales, divestitures,
recapitalizations, industry-specific taxes, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; material reductions in corporate liquidity and access to
debt markets; the effects of changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; the company's ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 18 through 21 of the company’s 2018 Annual Report
on Form 10-K and in subsequent filings with the U.S. Securities and
Exchange Commission. Other unpredictable or unknown factors not
discussed in this news release could also have material adverse
effects on forward-looking statements.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 1
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months Ended December
31
Year Ended December 31
REVENUES AND OTHER INCOME
2019
2018
2019
2018
Sales and other operating revenues
$
34,574
$
40,338
$
139,865
$
158,902
Income from equity affiliates
538
1,642
3,968
6,327
Other income
1,238
372
2,683
1,110
Total Revenues and Other Income
36,350
42,352
146,516
166,339
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
19,693
23,920
80,113
94,578
Operating expenses *
7,214
6,941
25,945
24,942
Exploration expenses
272
250
770
1,210
Depreciation, depletion and
amortization
16,429
5,252
29,218
19,419
Taxes other than on income
969
901
4,136
4,867
Interest and debt expense
178
190
798
748
Total Costs and Other
Deductions
44,755
37,454
140,980
145,764
Income (Loss) Before Income Tax
Expense
(8,405
)
4,898
5,536
20,575
Income tax expense (benefit)
(1,738
)
1,175
2,691
5,715
Net Income (Loss)
(6,667
)
3,723
2,845
14,860
Less: Net income (loss) attributable to
noncontrolling interests
(57
)
(7
)
(79
)
36
NET INCOME (LOSS) ATTRIBUTABLE
TO
CHEVRON CORPORATION
$
(6,610
)
$
3,730
$
2,924
$
14,824
* Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs
PER-SHARE OF
COMMON STOCK
Net Income (Loss) Attributable to
Chevron Corporation
- Basic
$
(3.51
)
$
1.97
$
1.55
$
7.81
- Diluted
$
(3.51
)
$
1.95
$
1.54
$
7.74
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,872,317
1,893,405
1,882,499
1,897,623
- Diluted
1,872,317
1,906,823
1,895,126
1,914,107
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended December
31
Year Ended December 31
2019
2018
2019
2018
Upstream
United States
$
(7,465
)
$
964
$
(5,094
)
$
3,278
International
731
2,326
7,670
10,038
Total Upstream
(6,734
)
3,290
2,576
13,316
Downstream
United States
488
256
1,559
2,103
International
184
603
922
1,695
Total Downstream
672
859
2,481
3,798
All Other (1)
(548
)
(419
)
(2,133
)
(2,290
)
Total (2)
$
(6,610
)
$
3,730
$
2,924
$
14,824
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Dec 31, 2019
Dec 31, 2018
Cash and Cash Equivalents
$
5,686
$
9,342
Time Deposits
$
—
$
950
Marketable Securities
$
63
$
53
Total Assets
$
237,428
$
253,863
Total Debt
$
26,973
$
34,459
Total Chevron Corporation Stockholders'
Equity
$
144,213
$
154,554
Three Months Ended December
31
Year Ended December 31
CAPITAL AND
EXPLORATORY EXPENDITURES (3)
2019
2018
2019
2018
United States
Upstream
$
2,268
$
1,962
$
8,197
$
7,128
Downstream
487
427
1,868
1,582
Other
132
87
365
243
Total United States
2,887
2,476
10,430
8,953
International
Upstream
2,754
3,005
9,627
10,529
Downstream
370
270
920
611
Other
5
10
17
13
Total International
3,129
3,285
10,564
11,153
Worldwide
$
6,016
$
5,761
$
20,994
$
20,106
(1) Includes worldwide cash management and
debt financing activities,
corporate administrative functions,
insurance operations, real estate activities, and technology
companies.
(2) Net Income Attributable to Chevron
Corporation (See Attachment 1).
(3) Includes interest in affiliates:
United States
$
112
$
84
$
368
$
302
International
1,422
1,517
5,744
5,414
Total
$
1,534
$
1,601
$
6,112
$
5,716
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 3
(Billions of Dollars)
(unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)1
Year Ended December 31
OPERATING ACTIVITIES
2019
2018
Net Income
$
2.8
$
14.9
Adjustments
Depreciation, depletion and
amortization
29.2
19.4
Distributions less than income from equity
affiliates
(2.1
)
(3.6
)
Loss (gain) on asset retirements and
sales
(1.4
)
(0.6
)
Deferred income tax provision
(2.0
)
1.1
Net decrease (increase) in operating
working capital
1.5
(0.7
)
Other operating activity
(0.8
)
0.2
Net Cash Provided by Operating
Activities
$
27.3
$
30.6
INVESTING ACTIVITIES
Capital expenditures
(14.1
)
(13.8
)
Proceeds and deposits related to asset
sales and returns of investment
3.0
2.4
Net maturities of (investments in) time
deposits
1.0
(1.0
)
Other investing activity(2)
(1.2
)
0.1
Net Cash Used for Investing
Activities
$
(11.5
)
$
(12.3
)
FINANCING ACTIVITIES
Net change in debt
(7.8
)
(4.5
)
Cash dividends — common stock
(9.0
)
(8.5
)
Net sales (purchases) of treasury
shares
(2.9
)
(0.6
)
Distributions to noncontrolling
interests
—
(0.1
)
Net Cash Used for Financing
Activities
$
(19.8
)
$
(13.7
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
0.3
(0.1
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
(3.6
)
$
4.5
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily borrowings of loans by
equity affiliates.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended December
31
Year Ended December 31
NET LIQUIDS PRODUCTION (MB/D):
(2)
2019
2018
2019
2018
United States
771
674
724
618
International
1,122
1,188
1,141
1,164
Worldwide
1,893
1,862
1,865
1,782
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,363
1,101
1,225
1,034
International
5,747
6,227
5,932
5,855
Worldwide
7,110
7,328
7,157
6,889
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
998
858
929
791
International
2,080
2,225
2,129
2,139
Worldwide
3,078
3,083
3,058
2,930
SALES OF NATURAL GAS (MMCF/D):
United States
4,121
3,891
4,016
3,481
International
5,713
6,271
5,869
5,604
Worldwide
9,834
10,162
9,885
9,085
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
284
203
231
184
International
92
95
106
96
Worldwide
376
298
337
280
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,234
1,211
1,250
1,218
International (5)
1,278
1,400
1,327
1,437
Worldwide
2,512
2,611
2,577
2,655
REFINERY INPUT (MB/D):
United States
975
918
947
905
International
576
665
617
706
Worldwide
1,551
1,583
1,564
1,611
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
58
55
53
53
Venezuela Affiliate
0
24
3
24
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
41
35
36
35
International
577
629
602
584
(4) Oil-equivalent production is the sum
of net liquids production, net natural gas production and synthetic
production.
The oil-equivalent gas conversion ratio is
6,000 cubic feet of natural gas = 1 barrel of crude oil.
(5) Includes share of affiliate sales
(MB/D):
385
383
379
373
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 5
(Millions of Dollars)
(unaudited)
RECONCILIATION OF
NON-GAAP MEASURES
Three Months Ended
Dec. 31, 2019
Three Months Ended
Dec. 31, 2018
Year Ended
Dec. 31, 2019
Year Ended
Dec. 31, 2018
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
Pre- Tax
Income Tax
After- Tax
REPORTED
EARNINGS
U.S. Upstream
$
(7,465
)
$
964
$
(5,094
)
$
3,278
Int'l Upstream
731
2,326
7,670
10,038
U.S. Downstream
488
256
1,559
2,103
Int'l Downstream
184
603
922
1,695
All Other
(548
)
(419
)
(2,133
)
(2,290
)
Net Income (Loss) Attributable to
Chevron
$
(6,610
)
$
3,730
$
2,924
$
14,824
SPECIAL
ITEMS
U.S. Upstream
Impairments
$
(10,639
)
$
2,469
$
(8,170
)
$
—
$
—
$
—
$
(10,639
)
$
2,469
$
(8,170
)
$
(158
)
$
38
$
(120
)
Write-offs
—
—
—
—
—
—
—
—
—
(724
)
174
(550
)
Int'l Upstream
Asset sale gains
1,319
(119
)
1,200
—
—
—
1,319
(119
)
1,200
—
—
—
Impairments
(476
)
(94
)
(570
)
—
—
—
(476
)
(94
)
(570
)
(308
)
108
(200
)
Write-offs
(1,988
)
378
(1,610
)
(270
)
—
(270
)
(1,988
)
378
(1,610
)
(270
)
—
(270
)
Receivable write-down
—
—
—
—
—
—
—
—
—
(270
)
—
(270
)
Contractual settlement
—
—
—
—
—
—
—
—
—
(180
)
—
(180
)
Tax Items
—
—
—
—
—
—
—
180
180
—
—
—
Int'l Downstream
Asset sale gains
—
—
—
—
—
—
—
—
—
350
—
350
All Other
Tax Items
—
—
—
—
—
—
—
(430
)
(430
)
—
—
—
Anadarko merger termination fee
—
—
—
—
—
—
1,000
(260
)
740
—
—
—
Total Special Items
$
(11,784
)
$
2,634
$
(9,150
)
$
(270
)
$
—
$
(270
)
$
(10,784
)
$
2,124
$
(8,660
)
$
(1,560
)
$
320
$
(1,240
)
FOREIGN CURRENCY
EFFECTS
Int'l Upstream
$
(226
)
$
250
$
(323
)
$
545
Int'l Downstream
(32
)
23
17
71
All Other
2
(5
)
2
(5
)
Total Foreign Currency Effects
$
(256
)
$
268
$
(304
)
$
611
EARNINGS
EXCLUDING SPECIAL ITEMS AND FX*
U.S. Upstream
$
705
$
964
$
3,076
$
3,948
Int'l Upstream
1,937
2,346
8,793
10,413
U.S. Downstream
488
256
1,559
2,103
Int'l Downstream
216
580
905
1,274
All Other
(550
)
(414
)
(2,445
)
(2,285
)
Total Earnings
Excluding Special Items and FX
$
2,796
$
3,732
$
11,888
$
15,453
Total Earnings Excluding Special Items and
FX per share
$
1.49
$
1.95
$
6.27
$
8.07
* Earnings excluding special items and FX
is defined as Net Income (loss) attributable to Chevron Corporation
excluding special items and foreign currency effects
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200131005108/en/
Sean Comey -- +1 925-842-5509
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