Chevron Corporation has reported earnings of $2.6 billion ($1.39 per share – diluted) for first quarter 2019, compared with $3.6 billion ($1.90 per share – diluted) in the first quarter of 2018. Foreign currency effects decreased earnings in the 2019 first quarter by $137 million.
Sales and other operating revenues in first quarter 2019 were $34 billion, compared to $36 billion in the year-ago period.
Earnings Summary
| Earnings Summary | Three Months Ended March 31 | |
|---|---|---|
| Millions of dollars | 2019 | 2018 |
| Earnings by business segment | ||
| Upstream | $3,123 | $3,352 |
| Downstream | 252 | 728 |
| All Other | (726) | (442) |
| Total (1)(2) | $2,649 | $3,638 |
| (1) Includes foreign currency effects | $(137) | $129 |
| (2) Net income attributable to Chevron Corporation |
“Upstream production volumes were up 7 percent from a year ago, primarily in the Permian Basin and at Wheatstone in Australia. The company’s net oil-equivalent production exceeded 3 million barrels per day for the second quarter in a row. First quarter earnings declined from a year ago, largely due to lower crude oil prices and weaker downstream and chemicals margins,” said Michael Wirth, Chevron’s chairman of the board and chief executive officer.
“We continue to high-grade our portfolio,” Wirth added. “In the first quarter we sold our interests in the Rosebank field in the United Kingdom and the Frade field in Brazil. In early April we concluded the sale of our upstream interests in Denmark.”
Additionally, the company recently announced that it entered into a definitive agreement with Anadarko Petroleum Corporation to acquire all of its outstanding shares. Wirth commented, “The combination of Anadarko’s high-quality assets and people with Chevron’s portfolio strengthens our leading position in the Permian, builds greater deepwater Gulf of Mexico capabilities and will grow our LNG business. We believe this transaction will unlock significant value for shareholders.”
