Chevron Corporation has reported earnings of US$3.4 billion (US$1.78 per share – diluted) for Q2 2018, compared with US$1.5 billion (US$0.77 per share – diluted) in Q2 of 2017.
Included in the current quarter was a receivable write-down of US$270 million charged to operating expense. Foreign currency effects increased earnings in Q2 of 2018 by US$265 million, compared with an increase of US$3 million a year earlier.
Sales and other operating revenues in Q2 of 2018 were US$40 billion, compared to US$33 billion in the year-ago period.
“[Q2] earnings were up significantly from a year ago,” said Chairman and CEO Michael Wirth. “Results in 2018 benefited from higher crude oil prices, strong operations, and higher production.”
“Our cash flow continues to improve with higher upstream margins and volumes, combined with disciplined spending,” Wirth added. “This enables us to initiate share repurchases, which are expected to be US$3 billion per year based on our current outlook.”
“We reached a milestone in Australia with the start of production from Wheatstone Train Two. All five trains in our Australian LNG projects are now operating.”
“In downstream, Chevron Phillips Chemical Company LLC, the company’s 50% owned affiliate, ramped up its recently completed ethane cracker at Cedar Bayou to design capacity.”
“We continue to make good progress with our portfolio optimisation efforts,” Wirth continued. “In the [Q2], the company completed the sales of its upstream interests in the Elk Hills Field in California and the Democratic Republic of the Congo. Additionally, in July we announced our intent to market our UK Central North Sea assets.”
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