Dow 30 component Chevron Corporation (CVX
), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide.
Chevron reported a loss of $6.6Bn loss due to $10.4 billion write-offs related to its shale gas production, primarily in Appalachia as reported in its Q4 earnings release, last week. The company earned $1.49/share excluding items, down from $1.95 per share a year earlier. Revenue of $36.35 billion was reported versus $38.639 billion expected by Refinitiv.
As per reports, total earnings for 2019 dropped by 80%, to $2.924 billion, in comparison to $14.824 billion in 2018. Oil-equivalent production of 3.08 million barrels per day remains unchanged year over year. Chevron informed that the average sale price per barrel of oil and natural gas liquids decreased 16% from 2018, at $47.
“Cash flow from operations remained strong in 2019, allowing the company to deliver on all our financial priorities. 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.” stated Chairman and CEO Michael Wirth in a statement.
The company’s shares dropped 3.85% on Friday after the release.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com
with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive!
Join us at Vista Partners!
to receive email updates.
Post View Count : 2253