Chevron posts rising profit

Chevron, the US-based energy company and the operator of the giant Gorgon and Wheatstone LNG projects in Australia, Reported a rise in the fourth quarter and full-year 2018 profit. 

For the fourth quarter, Chevron’s profit reached $3.7 billion, up from $3.1 billion in the corresponding quarter of 2017.

For the twelve months of 2918, the profit reached $14.8 billion, which compares to $9.2 billion during the year 2017.

Michael Wirth, Chevron’s chairman and CEO, said, “earnings and cash flow continued to grow, and we delivered on all of our financial priorities.”

The company repurchased $1.75 billion of the company’s stock, during the second half of the year.

“We reached significant milestones with upstream major capital projects in 2018, including the start-up of Wheatstone Train Two, our fifth operated LNG train in Australia,” Wirth added.

Chevron’s net oil-equivalent production grew more than 7 percent in 2018 to a record 2.93 million barrels per day.

“We expect that 2019 production will continue to grow by 4 to 7 percent, excluding the impact of asset sales,” Wirth said.

U.S. upstream operations earned $964 million in the fourth quarter of 2018, compared with $3.69 billion a year earlier, with the international upstream operations earning $2.33 billion in the fourth quarter of 2018, compared with $1.60 billion a year ago.

U.S. downstream operations earned $256 million in the fourth quarter of 2018, compared with earnings of $1.20 billion a year earlier, with the international downstream operations earning $603 million in the fourth quarter of 2018, compared with $84 million a year earlier.

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