Summary
Chevron Corporation reported a significant net loss attributable to the corporation of $1.47 billion for the second quarter of 2016, a sharp decline from the $571 million profit recorded in the same period of 2015. This loss, translating to $0.78 per diluted share, was driven by a challenging operating environment, primarily characterized by lower crude oil and natural gas prices impacting the Upstream segment. For the first six months of 2016, the company reported a net loss of $2.20 billion compared to a profit of $3.14 billion in the prior year. Despite the substantial net loss, the company maintained its dividend payment of $1.07 per share. Capital expenditures were reduced significantly, reflecting the company's response to lower commodity prices. The Downstream segment continued to provide profitability, though it also saw reduced earnings compared to the prior year, largely due to lower gains on asset sales and refining margins. Investors should note the ongoing impact of lower commodity prices on earnings and cash flows, as well as the company's cost-reduction efforts and capital discipline.
Financial Highlights
46 data points| Revenue | $29.28B |
| SG&A Expenses | $1.03B |
| Operating Expenses | $31.35B |
| Interest Expense | $79.00M |
| Net Income | -$1.47B |
| EPS (Basic) | $-0.78 |
| EPS (Diluted) | $-0.78 |
| Shares Outstanding (Basic) | 1.87B |
| Shares Outstanding (Diluted) | 1.87B |
Key Highlights
- 1Net loss attributable to Chevron Corporation of $1.47 billion ($0.78 per diluted share) for Q2 2016, compared to a net income of $571 million ($0.30 per diluted share) in Q2 2015.
- 2Six-month net loss attributable to Chevron Corporation of $2.20 billion ($1.17 per diluted share), compared to a net income of $3.14 billion ($1.67 per diluted share) in the first six months of 2015.
- 3Total Revenues and Other Income decreased to $29.28 billion in Q2 2016 from $40.36 billion in Q2 2015.
- 4Upstream segment reported a loss of $2.46 billion in Q2 2016, an increase from the $2.22 billion loss in Q2 2015, primarily due to lower crude oil and natural gas realizations.
- 5Downstream segment earnings decreased to $1.28 billion in Q2 2016 from $2.96 billion in Q2 2015, impacted by lower gains on asset sales and reduced margins.
- 6Cash provided by operating activities significantly decreased to $3.7 billion for the first six months of 2016 from $9.5 billion in the same period of 2015.
- 7Capital and exploratory expenditures were reduced to $12.0 billion for the first six months of 2016, down from $17.3 billion in the prior year.