Chevron's Earnings Get $2 Billion Boost from Tax Law
February 02 2018 - 9:40AM
Dow Jones News
By Cara Lombardo
Chevron's earnings rose in the latest quarter, driven by the
impact of the new U.S. tax law.
Chevron reported a profit of $3.1 billion, or $1.64 a share,
compared with $415 million, or 22 cents a share, a year ago. The
earnings included a $2 billion tax benefit due to changes in the
U.S. tax law.
The oil giant's fourth-quarter revenue increased 19% from a year
ago to $37.6 billion, which is what analysts polled by Thomson
Reuters had expected.
Chief Executive Michael Wirth, in his second day in the post,
said the company has been reducing capital expenditures, cutting
costs and ramping up new projects. He also said higher commodity
prices helped results.
The oil giant added about 1.54 billion barrels of net-oil
equivalent proved reserves in 2017, or about 155% of the amount it
produced, with the largest additions coming from the U.S.'s Permian
Basin and the Gorgon project in Australia.
Chevron's production increased about 5% in 2017, including the
effect of asset sales. The company expects it to increase by 4% to
7% in 2018.
The company's board of directors approved a dividend increase of
4 cents, bringing the quarterly dividend payable in March to $1.12
per share.
Chevron shares, up 12% in the past year, slid 2.2% in premarket
trading.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
February 02, 2018 09:25 ET (14:25 GMT)
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