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.
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