- Upstream volumes up 7 percent from
prior year
- Enters agreement to acquire Anadarko
Petroleum Corporation
Chevron Corporation (NYSE: CVX) today 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
Three MonthsEnded 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 (See
Attachment 1)
“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.”
UPSTREAM
Worldwide net oil-equivalent production was 3.04 million barrels
per day in first quarter 2019, an increase of 7 percent from 2.85
million barrels per day from a year ago.
U.S. Upstream
Three MonthsEnded March
31
Millions of dollars
2019 2018 Earnings
$748 $648
U.S. upstream operations earned $748 million in first quarter
2019, compared with $648 million a year earlier. The increase was
primarily due to higher crude oil production partially offset by
lower crude oil and natural gas realizations.
The company’s average sales price per barrel of crude oil and
natural gas liquids was $48 in first quarter 2019, down from $56 a
year earlier. The average sales price of natural gas was $1.64 per
thousand cubic feet in first quarter 2019, down from $2.02 in last
year’s first quarter.
Net oil-equivalent production of 884,000 barrels per day in
first quarter 2019 was up 151,000 barrels per day from a year
earlier. Production increases from shale and tight properties in
the Permian Basin in Texas and New Mexico, and major capital
projects and base business in the Gulf of Mexico, were partially
offset by normal field declines and the impact of asset sales. The
net liquids component of oil-equivalent production in first quarter
2019 increased 22 percent to 690,000 barrels per day, while net
natural gas production increased 17 percent to 1.16 billion cubic
feet per day.
International Upstream
Three MonthsEnded March
31
Millions of dollars
2019 2018
Earnings* $2,375 $2,704 *Includes foreign
currency effects $(168
)
$120
International upstream operations earned $2.38 billion in first
quarter 2019, compared with $2.70 billion a year ago. Foreign
currency effects had an unfavorable impact on earnings of $288
million between periods, largely due to the valuation of the
Venezuelan Bolivar. Higher natural gas sales volumes and prices
were partially offset by lower crude oil prices.
The average sales price for crude oil and natural gas liquids in
first quarter 2019 was $58 per barrel, down from $61 a year
earlier. The average sales price of natural gas was $6.57 per
thousand cubic feet in the quarter, compared with $5.85 in last
year’s first quarter.
Net oil-equivalent production of 2.15 million barrels per day in
first quarter 2019 was up 35,000 barrels per day from a year
earlier. Production increases from major capital projects,
including Wheatstone, base business, and shale and tight
properties, were partially offset by normal field declines and
production entitlement effects. The net liquids component of
oil-equivalent production was relatively flat at 1.19 million
barrels per day in the 2019 first quarter, while net natural gas
production increased 4 percent to 5.81 billion cubic feet per
day.
DOWNSTREAM
U.S. Downstream
Three MonthsEnded March
31
Millions of dollars
2019 2018 Earnings
$217 $442
U.S. downstream operations earned $217 million in first quarter
2019, compared with earnings of $442 million a year earlier. The
decrease was primarily due to lower margins on refined product
sales and lower earnings from the 50 percent-owned Chevron Philips
Chemical Company LLC, partially offset by lower operating expenses
due to the absence of a first quarter 2018 turnaround at the El
Segundo, California refinery.
Refinery crude oil input in first quarter 2019 decreased 7
percent to 861,000 barrels per day from the year-ago period,
primarily due to weather-related impacts at the El Segundo and
Richmond, California refineries. Refined product sales of 1.19
million barrels per day were up 1 percent from first quarter
2018.
International Downstream
Three MonthsEnded March
31
Millions of dollars
2019 2018 Earnings*
$35 $286 *Includes foreign currency effects $31
$11
International downstream operations earned $35 million in first
quarter 2019, compared with $286 million a year earlier. The
decrease in earnings was largely due to lower margins on refined
product sales. Foreign currency effects had a favorable impact on
earnings of $20 million between periods.
Refinery crude oil input of 669,000 barrels per day in first
quarter 2019 decreased 43,000 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.
Total refined product sales of 1.42 million barrels per day in
first quarter 2019 were down 1 percent from the year-ago
period.
ALL OTHER
Three MonthsEnded March
31
Millions of dollars
2019 2018
Net Charges* $(726 ) $(442 ) *Includes foreign
currency effects $0 $(2 )
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 first quarter 2019 were $726 million, compared
with $442 million in the year-ago period. The change between
periods was mainly due to higher corporate charges and higher
interest expenses. Foreign currency effects had a favorable impact
on earnings of $2 million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first three months of 2019 was
$5.1 billion, compared with $5.0 billion in the corresponding 2018
period. Excluding working capital effects, cash flow from
operations in 2019 was $6.3 billion, compared with $7.1 billion in
the corresponding 2018 period.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first three months
of 2019 were $4.7 billion, compared with $4.4 billion in the
corresponding 2018 period. The amounts included $1.5 billion in
2019 and $1.3 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 89 percent of
the companywide total in 2019.
NOTICE
Chevron’s discussion of first quarter 2019 earnings with
security analysts will take place on Friday, April 26, 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.
Key factors that could cause actual results to differ materially
from those projected in the forward-looking statements relating to
Chevron’s announced acquisition of Anadarko include, among others,
the ability to obtain the requisite Anadarko stockholder approval;
uncertainties as to the timing to consummate the potential
transaction; the risk that a condition to closing the potential
transaction may not be satisfied; the risk that regulatory
approvals are not obtained or are obtained subject to conditions
that are not anticipated by the parties; the effects of disruption
to Chevron’s or Anadarko’s respective businesses; the effects of
industry, market, economic, political or regulatory conditions
outside of Chevron’s or Anadarko’s control; transaction costs;
Chevron’s ability to achieve the benefits from the proposed
transaction, including the anticipated annual operating cost and
capital synergies; Chevron’s ability to promptly, efficiently and
effectively integrate acquired operations into its own operations;
unknown liabilities; and the diversion of management time on
transaction-related issues. Other important factors that could
cause actual results to differ materially from those in the
forward-looking statements are, among others, 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, 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
other pending or future litigation; the company’s future
acquisition or disposition 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. 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 March 31 REVENUES AND OTHER
INCOME 2019 2018 Sales and other operating
revenues
$ 34,189 $ 35,968 Income from equity
affiliates
1,062 1,637 Other income
(51 ) 159
Total Revenues and Other Income 35,200 37,764
COSTS AND OTHER DEDUCTIONS Purchased crude oil and products
19,703 21,233 Operating expenses *
5,971 5,508
Exploration expenses
189 158 Depreciation, depletion and
amortization
4,094 4,289 Taxes other than on income
1,061 1,344 Interest and debt expense
225 159
Total Costs and Other
Deductions
31,243 32,691
Income Before Income Tax Expense
3,957 5,073 Income tax expense
1,315 1,414
Net Income 2,642 3,659 Less: Net (loss) income
attributable to noncontrolling interests
(7 ) 21
NET INCOME ATTRIBUTABLE TO CHEVRON
CORPORATION
$ 2,649 $ 3,638
PER-SHARE OF COMMON
STOCK Net Income Attributable to Chevron Corporation
- Basic $ 1.40 $ 1.92
- Diluted
$ 1.39 $ 1.90
Weighted Average Number of
Shares Outstanding (000's) - Basic 1,888,002
1,895,990
- Diluted 1,900,748 1,913,218 * 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 March 31 2019 2018
Upstream United States
$ 748 $ 648 International
2,375 2,704 Total Upstream
3,123
3,352 Downstream United States
217 442 International
35 286 Total Downstream
252 728
All Other (1)
(726 ) (442 )
Total
(2) $ 2,649 $ 3,638
SELECTED BALANCE
SHEET ACCOUNT DATA (Preliminary)
Mar 31,2019
Dec 31,2018
Cash and Cash Equivalents
$ 8,699 $ 9,342 Time
Deposits
$ - $ 950 Marketable Securities
$
56 $ 53 Total Assets
$ 256,809 $ 253,863 Total
Debt
$ 33,087 $ 34,459 Total Chevron Corporation
Stockholders' Equity
$ 155,045 $ 154,554
Three Months Ended March 31
CAPITAL AND
EXPLORATORY EXPENDITURES (3)
2019 2018 United States Upstream
$
1,871 $ 1,576 Downstream
383 399 Other
79
36
Total United States 2,333 2,011
International Upstream
2,321 2,313 Downstream
77 81 Other
3 -
Total
International 2,401 2,394
Worldwide
$ 4,734 $ 4,405
(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
$ 90 $ 108 International
1,442 1,187
Total
$ 1,532 $ 1,295
CHEVRON CORPORATION -
FINANCIAL REVIEW Attachment 3 (Billions of
Dollars) (unaudited)
SUMMARIZED
STATEMENT OF CASH FLOWS (Preliminary)
Three Months Ended March 31
OPERATING ACTIVITIES
2019 2018 Net Income
$ 2.6 $ 3.7
Adjustments Depreciation, depletion and amortization
4.1 4.3
Distributions less than income from equity affiliates
(0.5
) (1.0 ) Loss (gain) on asset retirements and sales
0.1 - Deferred income tax provision
0.1 0.4 Net
decrease (increase) in operating working capital
(1.2
) (2.1 ) Other operating activity
(0.1 ) (0.3
)
Net Cash Provided by Operating Activities $
5.1 $ 5.0
INVESTING ACTIVITIES
Capital expenditures
(3.0 ) (3.0 ) Proceeds and
deposits related to asset sales and returns of investment
0.3 0.1 Other investing activity (1)
0.7 -
Net Cash Used for Investing Activities $
(2.0 ) $ (2.9 )
FINANCING ACTIVITIES
Net change in debt
(1.6 ) 1.0 Cash dividends - common
stock
(2.2 ) (2.1 ) Other financing activity
-
0.5
Net Cash Used for Financing Activities
$ (3.8 ) $ (0.6 )
EFFECT OF
EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS - -
AND RESTRICTED CASH NET CHANGE IN CASH, CASH EQUIVALENTS
AND RESTRICTED CASH (2) $ (0.8 ) $
1.6 (1) Primarily net maturities of time deposits. (2) May not
match sum of parts due to presentation in billions.
CHEVRON CORPORATION - FINANCIAL REVIEW
Attachment 4 (unaudited)
Three Months
OPERATING
STATISTICS (1)
Ended March 31 NET LIQUIDS PRODUCTION (MB/D):
(2) 2019 2018 United States
690
567 International
1,185 1,186
Worldwide
1,875 1,753
NET NATURAL GAS PRODUCTION
(MMCF/D): (3) United States
1,162 993
International
5,813 5,600
Worldwide
6,975 6,593
TOTAL NET OIL-EQUIVALENT
PRODUCTION (MB/D): (4) United States
884 733
International
2,154 2,119
Worldwide
3,038 2,852
SALES OF NATURAL GAS
(MMCF/D): United States
4,255 3,408 International
5,836 5,475
Worldwide 10,091
8,883
SALES OF NATURAL GAS LIQUIDS (MB/D): United
States
201 155 International
112 95
Worldwide 313 250
SALES OF REFINED
PRODUCTS (MB/D): United States
1,191 1,185 International
(5)
1,415 1,436
Worldwide 2,606
2,621
REFINERY INPUT (MB/D): United States
861
930 International
669 712
Worldwide
1,530 1,642 (1) Includes interest in
affiliates. (2) Includes net production of synthetic oil: Canada
50 55 Venezuela Affiliate
23 24 (3) Includes natural
gas consumed in operations (MMCF/D): United States
38 37
International
607 572
(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):
391 361
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Sean Comey 1-925-842-5509
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