Chevron Corporation have reported earnings of US$2.0 billion (US$1.03 per share – diluted) for third quarter 2017, compared with US$1.3 billion (US$0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of US$675 million and an asset write-off of US$220 million. Foreign currency effects decreased earnings in the 2017 third quarter by US$112 million, compared with an increase of US$72 million a year earlier.
Sales and other operating revenues in third quarter 2017 were US$34 billion, compared to US$29 billion in the year-ago period.
“We continue to see improvement in the underlying pattern of earnings and cash flow,” said Chairman and CEO John Watson. “Cash flow is at a positive inflection point, with oil and gas production increasing and capital spending falling,” Watson added. “We’re completing projects that have been under construction and ramping up production, notably at our Gorgon LNG Project in Australia. And our shale and tight rock drilling activity in the Permian Basin is exceeding expectations.” “We expect this pattern to continue,” Watson commented. “Earlier this month, we announced first LNG production from our Wheatstone LNG development in Australia.”