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Chevron Announces Fourth Quarter and 2019 Results

Gasoil News - Published on Tue, 11 Feb 2020

Image Source: Chevron
Chevron Corporation reported a loss of USD 6.6 billion for fourth quarter 2019, compared with earnings of USD 3.7 billion in the fourth quarter 2018. Included in the current quarter were previously announced upstream impairments and write-offs totaling USD 10.4 billion associated with Appalachia shale, Kitimat LNG, Big Foot and other projects. The company also recognized a USD 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 USD 256 million.

Full-year 2019 earnings were USD 2.9 billion, compared with USD 14.8 billion in 2018. Included in 2019 were net charges for special items of USD 8.7 billion, compared to net charges of USD 1.2 billion for special items in 2018. Foreign currency effects decreased earnings in 2019 by USD 304 million.

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Posted By : Yogender Pancholi on Tue, 11 Feb 2020
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