Chevron Reports Q4 2019 Loss Of $6.6bn
Chevron corporation reported a fourth-quarter 2019 loss of $6.6 billion compared with earnings of $3.7 billion in fourth-quarter 2018. Full-year 2019 earnings were $2.9 billion compared with earnings of $14.8 billion in 2018.
Included in the current quarter were previously reported upstream impairments and write-offs totaling $10.4billion 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 UK Central North Sea assets in the fourth quarter. Foreign currency effects decreased earnings in the fourth quarter 2019 by $256 million.
Full-year earnings included 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.
Sales and other operating revenues in fourth quarter 2019 were $35 billion, compared to $40 billion in the year-ago period.
“Cash flow from operations remained strong in 2019,” 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.”