Summary
Chevron Corporation's 2018 10-K filing reveals a strong financial performance, driven by higher crude oil and natural gas prices which significantly boosted upstream earnings. Total revenues increased substantially, reflecting improved commodity pricing and increased production volumes. The company managed its operations effectively across its global portfolio, demonstrating resilience in a volatile energy market. Key strategic initiatives continue to focus on capital discipline and shareholder returns, including dividends and share repurchases. The company is well-positioned with a robust reserve base and ongoing development projects, aiming to deliver superior shareholder value while navigating the evolving energy landscape.
Financial Highlights
48 data pointsBeta
Financial Statements
Beta
| Revenue | $158.90B |
| Cost of Revenue | $94.58B |
| Gross Profit | $64.32B |
| R&D Expenses | $453.00M |
| SG&A Expenses | $3.84B |
| Operating Expenses | $145.76B |
| Interest Expense | $748.00M |
| Net Income | $14.82B |
| EPS (Basic) | $7.81 |
| EPS (Diluted) | $7.74 |
| Shares Outstanding (Basic) | 1.90B |
| Shares Outstanding (Diluted) | 1.91B |
Key Highlights
- 1Chevron reported a net income of $14.82 billion in 2018, a significant increase from $9.20 billion in 2017, primarily due to higher crude oil and natural gas realizations.
- 2Worldwide oil-equivalent production increased by 7% to 2.93 million barrels per day in 2018.
- 3Upstream earnings were particularly strong, reaching $13.32 billion, driven by robust performance in both U.S. and international operations.
- 4Downstream earnings contributed $3.80 billion, though slightly lower than the previous year, still reflecting solid operational performance.
- 5Capital and exploratory expenditures totaled $20.1 billion, with a significant portion allocated to upstream activities and major projects like the Tengizchevroil Future Growth Project in Kazakhstan.
- 6The company maintained a strong balance sheet with total debt decreasing to $34.5 billion and an interest coverage ratio of 23.4.
- 7Chevron continued its commitment to shareholder returns by increasing its annual dividend for the 31st consecutive year and repurchasing $1.75 billion of its common stock in 2018.