Chevron's Earnings Rise, Helped By Merger Termination Fee

   By Allison Prang

Chevron Corp.'s (CVX) earnings rose, helped by $740 million in income from the Anadarko merger termination fee, but revenue fell 8%.

Net income was $4.31 billion, up 26% from the comparable quarter a year prior. Earnings were $2.27 a share, up from $1.78 a share. Analysts polled by FactSet were expecting $1.88 a share.

Revenue was $38.85 billion, down 8%. Analysts were expecting $40.12 billion.

Chevron said it also had a $180 million non-cash tax benefit from Alberta, Canada's, corporate income tax rate drop. Costs and other deductions were $32.92 billion, down 12%.

The company reported 3.08 million barrels per day in net oil-equivalent production. It increased 9.1% year over year.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

August 02, 2019 09:07 ET (13:07 GMT)

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