Chevron Production To Grow on Australia LNG and Permian

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.

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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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