Chevron, the US-based energy company and the operator of the giant Gorgon and Wheatstone LNG projects in Australia, Reported a rise in the fourth quarter and full-year 2018 profit.
For the fourth quarter, Chevron’s profit reached $3.7 billion, up from $3.1 billion in the corresponding quarter of 2017.
For the twelve months of 2918, the profit reached $14.8 billion, which compares to $9.2 billion during the year 2017.
Michael Wirth , Chevron’s chairman and CEO, said, “earnings and cash flow continued to grow, and we delivered on all of our financial priorities.”
The company repurchased $1.75 billion of the company’s stock, during the second half of the year.
“We reached significant milestones with upstream major capital projects in 2018, including the start-up of Wheatstone Train Two, our fifth operated LNG train in Australia,” Wirth added.
Chevron’s net oil-equivalent production grew more than 7 percent in 2018 to a record 2.93 million barrels per day.
“We expect that 2019 production will continue to grow by 4 to 7 percent, excluding the impact of asset sales,” Wirth said.
U.S. upstream operations earned $964 million in the fourth quarter of 2018, compared with $3.69 billion a year earlier, with the international upstream operations earning $2.33 billion in the fourth quarter of 2018, compared with $1.60 billion a year ago.
U.S. downstream operations earned $256 million in the fourth quarter of 2018, compared with earnings of $1.20 billion a year earlier, with the international downstream operations earning $603 million in the fourth quarter of 2018, compared with $84 million a year earlier.