- Upstream earnings of $4.0 billion increase $851 million on higher prices for crude oil and higher production
- Net oil-equivalent production increases more than 9 percent due mainly to ramp-up of new projects
- Downstream operations lose $613 million on weak refined product margins
SAN RAMON, Calif., January 29, 2010 - Chevron Corporation (NYSE: CVX) today reported earnings of $3.07 billion ($1.53 per share - diluted) for the fourth quarter 2009, compared with $4.90 billion ($2.44 per share - diluted) in the fourth quarter 2008. Earnings in the 2008 quarter included a gain of approximately $600 million on an upstream asset-exchange transaction. Foreign-currency effects reduced earnings in the 2009 quarter by $67 million, compared with a benefit to income of $478 million a year earlier.
Full-year 2009 earnings were $10.48 billion ($5.24 per share - diluted), down 56 percent from $23.93 billion ($11.67 per share - diluted) in 2008.
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