- Cash flow from operations of $7.8 billion
- Share repurchases of $1.25 billion
Chevron Corporation (NYSE: CVX) today reported earnings of $2.6
billion ($1.36 per share - diluted) for third quarter 2019,
compared with $4.0 billion ($2.11 per share - diluted) in the third
quarter 2018. Included in the current quarter was a tax charge of
$430 million related to a cash repatriation. Foreign currency
effects increased earnings in the third quarter 2019 by $74
million.
Sales and other operating revenues in third quarter 2019 were
$35 billion, compared to $42 billion in the year-ago period.
Earnings Summary
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2019
2018
2019
2018
Earnings by business segment
Upstream
$
2,704
$
3,379
$
9,310
$
10,026
Downstream
828
1,373
1,809
2,939
All Other
(952
)
(705
)
(1,585
)
(1,871
)
Total (1)(2)
$
2,580
$
4,047
$
9,534
$
11,094
(1) Includes foreign currency effects
$
74
$
(51
)
$
(48
)
$
343
(2) Net income attributable to Chevron
Corporation (See Attachment 1)
“Third quarter earnings and cash flow were solid, but down from
our very strong results of a year ago,” said Michael Wirth,
Chevron’s chairman of the board and chief executive officer. “Lower
crude oil and natural gas prices more than offset a 3 percent
increase in net oil-equivalent production from last year's third
quarter.”
“Strong execution allows us to continue to deliver on our
financial priorities, which are to pay the dividend, fund our
superior portfolio of capital projects, further strengthen our
balance sheet and return cash to shareholders. In the third
quarter, we increased share repurchases to $1.25 billion, further
demonstrating our commitment to deliver strong shareholder returns
through the price cycle,” Wirth stated.
“We also advanced capital projects and added resource
opportunities. In September, we sanctioned a waterflood project in
the St. Malo Field in the Gulf of Mexico. We also acquired
deepwater exploration blocks in the Mexican Gulf of Mexico and
Brazil's Campos and Santos basins, strengthening our deepwater
exploration portfolio.
“Global demand for energy continues to grow, and we are
committed to meet this demand with less environmental impact. We
recently announced new goals to reduce net greenhouse gas emission
intensity from upstream oil and natural gas production,” Wirth
continued. “During the third quarter, we began capturing and
storing carbon dioxide at our Gorgon LNG facility in Australia, one
of the world’s largest greenhouse gas mitigation projects. Also,
construction is underway on a new solar farm, which will supply
low-carbon electricity to the Lost Hills Oil Field in
California.”
UPSTREAM
Worldwide net oil-equivalent production was 3.03 million barrels
per day in third quarter 2019, an increase of 3 percent from 2.96
million barrels per day from a year ago.
U.S. Upstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2019
2018
2019
2018
Earnings
$
727
$
828
$
2,371
$
2,314
U.S. upstream operations earned $727 million in third quarter
2019, compared with $828 million a year earlier. The decrease was
primarily due to lower crude oil and natural gas realizations, the
absence of third quarter 2018 asset sale gains, higher operating
expenses and higher tax items. These decreases were partially
offset by lower exploration and depreciation expenses, primarily
due to the absence of the third quarter 2018 write-off of the
Tigris Project in the Gulf of Mexico, and higher crude oil and
natural gas production.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $47 in third quarter 2019, down from $62 a
year earlier. The average sales price of natural gas was $0.95 per
thousand cubic feet in third quarter 2019, down from $1.80 in last
year’s third quarter.
Net oil-equivalent production of 934,000 barrels per day in
third quarter 2019 was up 103,000 barrels per day from a year
earlier. Production increases from shale and tight properties in
the Permian Basin in Texas and New Mexico were partially offset by
normal field declines in the base business. The net liquids
component of oil-equivalent production in third quarter 2019
increased 11 percent to 726,000 barrels per day, while net natural
gas production increased 17 percent to 1.24 billion cubic feet per
day, compared to last year's third quarter.
Third quarter unconventional net oil-equivalent production in
the Permian Basin was 455,000 barrels per day, representing growth
of 35 percent compared to a year ago.
International Upstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2019
2018
2019
2018
Earnings*
$
1,977
$
2,551
$
6,939
$
7,712
*Includes foreign currency effects
$
49
$
(42
)
$
(97
)
$
295
International upstream operations earned $1.98 billion in third
quarter 2019, compared with $2.55 billion a year ago. The decrease
in earnings was mostly due to lower crude oil and natural gas
realizations, and lower crude oil volumes, partially offset by
lower depreciation and tax expenses. Foreign currency effects had a
favorable impact on earnings of $91 million between periods.
The average sales price for crude oil and natural gas liquids in
third quarter 2019 was $56 per barrel, down from $69 a year
earlier. The average sales price of natural gas was $5.62 per
thousand cubic feet in the quarter, compared with $6.73 in last
year’s third quarter.
Net oil-equivalent production of 2.10 million barrels per day in
third quarter 2019 was down 26,000 barrels per day from a year
earlier. Production increases from Wheatstone and other major
capital projects were more than offset by normal field declines and
the effect of asset sales. The net liquids component of
oil-equivalent production decreased 3 percent to 1.10 million
barrels per day in the 2019 third quarter, while net natural gas
production of 5.97 billion cubic feet per day was essentially
unchanged, compared to last year's third quarter.
DOWNSTREAM
U.S. Downstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2019
2018
2019
2018
Earnings
$
389
$
748
$
1,071
$
1,847
U.S. downstream operations earned $389 million in third quarter
2019, compared with earnings of $748 million a year earlier. The
decrease was due to higher operating expenses, primarily turnaround
and maintenance costs, and lower margins on refined product
sales.
Refinery crude oil input in third quarter 2019 increased 8
percent to 992,000 barrels per day from the year-ago period,
primarily due to the acquisition of the Pasadena refinery in Texas.
Refined product sales of 1.29 million barrels per day were up 5
percent from third quarter 2018, mainly due to higher gasoline
sales.
International Downstream
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2019
2018
2019
2018
Earnings*
$
439
$
625
$
738
$
1,092
*Includes foreign currency effects
$
27
$
(7
)
$
49
$
48
International downstream operations earned $439 million in third
quarter 2019, compared with $625 million a year earlier. The
decrease in earnings was largely due to the absence of 2018 gains
from the southern Africa asset sale, partially offset by higher
margins on refined product sales. Foreign currency effects had a
favorable impact on earnings of $34 million between periods.
Refinery crude oil input of 625,000 barrels per day in third
quarter 2019 decreased 85,000 barrels per day from the year-ago
period, mainly due to the sale of the company’s interest in the
Cape Town refinery in third quarter 2018 and crude unit maintenance
in the third quarter 2019 at the Singapore Refining Company.
Total refined product sales of 1.36 million barrels per day in
third quarter 2019 were down 5 percent from the year-ago period,
mainly due to the sale of the southern Africa refining and
marketing business in third quarter 2018.
ALL OTHER
Three Months Ended Sept.
30
Nine Months Ended Sept.
30
Millions of dollars
2019
2018
2019
2018
Net Charges*
$
(952
)
$
(705
)
$
(1,585
)
$
(1,871
)
*Includes foreign currency effects
$
(2
)
$
(2
)
$
0
$
0
All Other consists of worldwide cash management and debt
financing activities, corporate administrative functions, insurance
operations, real estate activities and technology companies.
Net charges in third quarter 2019 were $952 million, compared
with net charges of $705 million in the year-ago period. The change
between periods was mainly due to higher tax items, including a tax
charge of $430 million related to a cash repatriation, partially
offset by lower corporate costs. Foreign currency effects did not
impact earnings between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first nine months of 2019 was
$21.7 billion, compared with $21.5 billion in the corresponding
2018 period. Excluding working capital effects, cash flow from
operations in 2019 was $20.5 billion, compared with $23.3 billion
in the corresponding 2018 period.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first nine months of
2019 were $15.0 billion, compared with $14.3 billion in the
corresponding 2018 period. The amounts included $4.6 billion in
2019 and $4.1 billion in 2018 for the company’s share of
expenditures by affiliates, which did not require cash outlays by
the company. Expenditures for upstream represented 85 percent of
the companywide total in 2019. Included in 2019 were $0.4 billion
of inorganic expenditures, primarily associated with the
acquisition of the Pasadena refinery in Texas.
NOTICE
Chevron’s discussion of third quarter 2019 earnings with
security analysts will take place on Friday, November 1, 2019, at
8:00 a.m. PDT. A webcast of the meeting will be available in a
listen-only mode to individual investors, media, and other
interested parties on Chevron’s website at www.chevron.com under the “Investors” section.
Additional financial and operating information and other
complementary materials will be available under “Events and
Presentations” in the “Investors” section on the Chevron
website.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “may,” “could,” “should,”
“will,” “budgets,” “outlook,” “trends,” ”guidance,” “focus,” “on
schedule,” “on track,” "is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised” and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and expenditure reductions; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; technological developments; the
results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during extended periods of low prices for crude oil and natural
gas; the inability or failure of the company’s joint-venture
partners to fund their share of operations and development
activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company’s operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries and other producing countries, or other natural
or human causes beyond the company’s control; changing economic,
regulatory and political environments in the various countries in
which the company operates; general domestic and international
economic and political conditions; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes required by existing or future
environmental statutes and regulations, including international
agreements and national or regional legislation and regulatory
measures to limit or reduce greenhouse gas emissions; the potential
liability resulting from pending or future litigation; the
company’s future acquisitions or dispositions of assets or shares
or the delay or failure of such transactions to close based on
required closing conditions; the potential for gains and losses
from asset dispositions or impairments; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the effects of changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; the company's ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 18 through 21 of the company’s 2018 Annual Report
on Form 10-K and in subsequent filings with the U.S. Securities and
Exchange Commission. Other unpredictable or unknown factors not
discussed in this news release could also have material adverse
effects on forward-looking statements.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 1
(Millions of Dollars, Except
Per-Share Amounts)
(unaudited)
CONSOLIDATED
STATEMENT OF INCOME
Three Months Ended September
30
Nine Months Ended September
30
REVENUES AND OTHER INCOME
2019
2018
2019
2018
Sales and other operating revenues
$
34,779
$
42,105
$
105,291
$
118,564
Income from equity affiliates
1,172
1,555
3,430
4,685
Other income
165
327
1,445
738
Total Revenues and Other Income
36,116
43,987
110,166
123,987
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products
19,882
24,681
60,420
70,658
Operating expenses *
6,400
6,161
18,731
18,001
Exploration expenses
168
625
498
960
Depreciation, depletion and
amortization
4,361
5,380
12,789
14,167
Taxes other than on income
1,059
1,259
3,167
3,966
Interest and debt expense
197
182
620
558
Total Costs and Other
Deductions
32,067
38,288
96,225
108,310
Income Before Income Tax
Expense
4,049
5,699
13,941
15,677
Income tax expense
1,469
1,643
4,429
4,540
Net Income
2,580
4,056
9,512
11,137
Less: Net income (loss) attributable to
noncontrolling interests
—
9
(22
)
43
NET INCOME ATTRIBUTABLE TO CHEVRON
CORPORATION
$
2,580
$
4,047
$
9,534
$
11,094
PER-SHARE OF COMMON STOCK
Net Income Attributable to Chevron
Corporation
- Basic
$
1.38
$
2.13
$
5.06
$
5.84
- Diluted
$
1.36
$
2.11
$
5.02
$
5.79
Weighted Average Number of Shares
Outstanding (000's)
- Basic
1,880,607
1,900,717
1,885,931
1,899,044
- Diluted
1,893,928
1,917,474
1,899,193
1,916,562
* Includes operating expense, selling,
general and administrative expense, and other components of net
periodic benefit costs
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 2
(Millions of Dollars)
(unaudited)
EARNINGS BY MAJOR
OPERATING AREA
Three Months Ended September
30
Nine Months Ended September
30
2019
2018
2019
2018
Upstream
United States
$
727
$
828
$
2,371
$
2,314
International
1,977
2,551
6,939
7,712
Total Upstream
2,704
3,379
9,310
10,026
Downstream
United States
389
748
1,071
1,847
International
439
625
738
1,092
Total Downstream
828
1,373
1,809
2,939
All Other (1)
(952
)
(705
)
(1,585
)
(1,871
)
Total (2)
$
2,580
$
4,047
$
9,534
$
11,094
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Sept. 30, 2019
Dec 31, 2018
Cash and Cash Equivalents
$
11,697
$
9,342
Time Deposits
$
—
$
950
Marketable Securities
$
58
$
53
Total Assets
$
256,537
$
253,863
Total Debt
$
32,851
$
34,459
Total Chevron Corporation Stockholders'
Equity
$
155,841
$
154,554
Three Months Ended September
30
Nine Months Ended September
30
CAPITAL AND
EXPLORATORY EXPENDITURES (3)
2019
2018
2019
2018
United States
Upstream
$
2,102
$
1,903
$
5,929
$
5,166
Downstream
327
377
1,381
1,155
Other
102
72
233
156
Total United States
2,531
2,352
7,543
6,477
International
Upstream
2,137
2,639
6,873
7,524
Downstream
284
132
550
341
Other
4
1
12
3
Total International
2,425
2,772
7,435
7,868
Worldwide
$
4,956
$
5,124
$
14,978
$
14,345
(1) Includes worldwide cash management and
debt financing activities, corporate administrative functions,
insurance operations, real estate activities, and technology
companies.
(2) Net Income Attributable to Chevron
Corporation (See Attachment 1).
(3) Includes interest in affiliates:
United States
$
85
$
61
$
256
$
218
International
1,349
1,350
4,322
3,897
Total
$
1,434
$
1,411
$
4,578
$
4,115
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 3
(Billions of Dollars)
(unaudited)
SUMMARIZED STATEMENT OF CASH FLOWS
(Preliminary)1
Nine Months Ended September
30
OPERATING ACTIVITIES
2019
2018
Net Income
$
9.5
$
11.1
Adjustments
Depreciation, depletion and
amortization
12.8
14.2
Distributions less than income from equity
affiliates
(1.9
)
(2.5
)
Loss (gain) on asset retirements and
sales
(0.1
)
(0.6
)
Deferred income tax provision
1.0
0.8
Net decrease (increase) in operating
working capital
1.1
(1.9
)
Other operating activity
(0.8
)
0.3
Net Cash Provided by Operating
Activities
$
21.7
$
21.5
INVESTING ACTIVITIES
Capital expenditures
(9.9
)
(9.8
)
Proceeds and deposits related to asset
sales and returns of investment
1.1
2.1
Other investing activity(2)
—
—
Net Cash Used for Investing
Activities
$
(8.8
)
$
(7.7
)
FINANCING ACTIVITIES
Net change in debt
(1.9
)
(2.8
)
Cash dividends — common stock
(6.7
)
(6.4
)
Net sales (purchases) of treasury
shares
(1.8
)
0.3
Distributions to noncontrolling
interests
—
(0.1
)
Net Cash Used for Financing
Activities
$
(10.5
)
$
(8.9
)
EFFECT OF EXCHANGE RATE CHANGES ON
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
—
(0.1
)
NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH
$
2.3
$
4.8
(1) Totals may not match sum of parts due
to presentation in billions.
(2) Primarily net maturities of time
deposits, partly offset by borrowings of loans by equity
affiliates.
CHEVRON CORPORATION -
FINANCIAL REVIEW
Attachment 4
(unaudited)
OPERATING
STATISTICS (1)
Three Months Ended September
30
Nine Months Ended September
30
NET LIQUIDS PRODUCTION (MB/D):
(2)
2019
2018
2019
2018
United States
726
654
709
599
International
1,104
1,133
1,147
1,155
Worldwide
1,830
1,787
1,856
1,754
NET NATURAL GAS PRODUCTION (MMCF/D):
(3)
United States
1,243
1,061
1,178
1,011
International
5,972
5,951
5,995
5,731
Worldwide
7,215
7,012
7,173
6,742
TOTAL NET OIL-EQUIVALENT PRODUCTION
(MB/D): (4)
United States
934
831
906
768
International
2,099
2,125
2,146
2,110
Worldwide
3,033
2,956
3,052
2,878
SALES OF NATURAL GAS (MMCF/D):
United States
3,945
3,334
3,980
3,343
International
5,923
5,681
5,922
5,379
Worldwide
9,868
9,015
9,902
8,722
SALES OF NATURAL GAS LIQUIDS
(MB/D):
United States
233
188
213
178
International
102
96
111
96
Worldwide
335
284
324
274
SALES OF REFINED PRODUCTS
(MB/D):
United States
1,294
1,234
1,255
1,220
International (5)
1,356
1,435
1,344
1,449
Worldwide
2,650
2,669
2,599
2,669
REFINERY INPUT (MB/D):
United States
992
915
939
900
International
625
710
630
721
Worldwide
1,617
1,625
1,569
1,621
(1) Includes interest in affiliates.
(2) Includes net production of synthetic
oil:
Canada
53
54
51
53
Venezuela Affiliate
0
24
4
24
(3) Includes natural gas consumed in
operations (MMCF/D):
United States
34
34
34
34
International
611
567
611
569
(4) Oil-equivalent production is the sum
of net liquids production, net natural gas production and synthetic
production. The oil-equivalent gas conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil.
(5) Includes share of affiliate sales
(MB/D):
399
368
377
369
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191101005134/en/
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