Chevron Rakes $3.7bn Net Income and $14.8bn Annual earnings in 2018

, Magazine

Chevron Corporation has reported earnings of $3.7 billion ($1.95 per share – diluted) for fourth quarter 2018, compared with $3.1 billion ($1.64 per share – diluted) in the fourth quarter of 2017, which included $2.02 billion in tax benefits related to U.S. tax reform.

Total disclosed that included in the current quarter was an asset write-off totaling $270 million, adding that foreign currency effects increased earnings in the 2018 fourth quarter by $268 million.

Full-year 2018 earnings were $14.8 billion ($7.74 per share – diluted), compared with $9.2 billion ($4.85 per share – diluted) in 2017.

In a statement obtained by Vanguard, Chevron stated: “Included in 2018 were impairments and other charges of $1.59 billion and a gain on an asset sale of $350 million. Foreign currency effects increased earnings in 2018 by $611 million.

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Sales and other operating revenues in fourth quarter 2018 were $40 billion, compared to $36 billion in the year-ago period.” “Financial and operational results were strong in 2018,” said Michael K. Wirth, Chevron’s board chairman and chief executive officer.

“Earnings and cash flow continued to grow, and we delivered on all of our financial priorities. We increased the dividend, funded an attractive capital program, strengthened the balance sheet and returned surplus cash to our shareholders. During the second half of the year, we repurchased $1.75 billion of the company’s stock, and earlier this week, we announced a quarterly dividend increase of $0.07 per share.