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Chevron swings to $6.6 billion quarterly loss

Chevron swings to $6.6 billion quarterly loss

San Ramon, February 3 - Neftegaz.RU. Chevron sank to a loss in the Q4 of 2019 from a profit in the same period of 2018 due to impairments and write-offs and lower crude oil and gas prices. The company reported a loss of $6.6 billion for Q4 2019, compared with earnings of $3.7 billion in the Q4 2018.

Included in the current quarter were previously announced upstream impairments and write-offs totaling $10.4 billion 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 U.K. Central North Sea assets in the Q4. Foreign currency effects decreased earnings in the Q4 2019 by $256 million. The company’s revenues dropped to $36.4 billion in 4Q 2019 from $42.4 billion in 4Q 2018.

Full-year 2019 earnings were $2.9 billion, compared with $14.8 billion in 2018. Included in 2019 were 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 Q4 2019 were $35 billion, compared to $40 billion in the year-ago period. “Cash flow from operations remained strong in 2019, allowing the company to deliver on all our financial priorities,” said Michael Wirth, Chevron’s CEO.

“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 we announced a quarterly dividend increase of $0.10 per share, reinforcing our commitment to growing shareholder returns.”

Worldwide net oil-equivalent production was 3.08 million barrels per day in Q4 2019, unchanged from a year ago.The company’s average sales price per barrel of crude oil and natural gas liquids was $47, down from $56 a year earlier. The average sales price of natural gas was $1.10 per thousand cubic feet, down from $2.01 in last year’s 4th quarter.

Net oil-equivalent production of 998,000 barrels per day in Q4 2019 was up 140,000 barrels per day from a year earlier.