Chevron reported fourth quarter results beating on revenue but missing on on earnings Friday. $CVX Production in the dynamic Permian basin in Texas and LNG in Australia is set to rise 4-7% in 2018.
Chevron reported fourth quarter results beating on revenue but missing on on earnings Friday. $CVX Production in the dynamic Permian basin in Texas and LNG in Australia is set to rise 4-7% in 2018.
Reaction: Chevron Corp NYSE: CVX
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Earnings
EPS 73 cents after adjusting for $2 billion in tax gains. Revenue rose 19% to $37.62 billion. Expectations were EPS of $1.29 on revenue of $37.55 billion.
Highlights
- Total production rose 2.6% to 2.74 million barrels of oil equivalent.
- Capital and exploratory spending rose 3.3% to $5.4 billion.
Upstream
- U.S. upstream earnings soared to $3.69 billion from $121 million
- International upstream earnings nearly doubled to $1.6 billion.
- Last quarter U.S. upstream operations incurred a loss of $26 million in third quarter 2017, compared with a loss of $212 million from a year earlier. The improvement reflected higher crude oil realizations.
Downstream
- U.S. downstream operations earned $1.2 billion after breaking even a year ago
- international downstream earnings sank 76% to $84 million.
- Last quarter U.S. downstream operations earned $640 million in third quarter 2017, compared with earnings of $523 million a year earlier. The increase in earnings was primarily due to higher margins on refined product sales.
Last Quarter Earnings: Chevron $CVX Earnings Mixed, Revenue Rises on Record Permian Production
TradersCommunity Preview: Big Oil Earnings on Tap With Exxon, Chevron and Conoco
Source: Chevron, AlphaStreet
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