Summary
Chevron Corporation reported a significant turnaround in its financial performance for the nine months ended September 30, 2017, compared to the same period in 2016. Net income attributable to Chevron Corporation swung from a loss of $912 million in 2016 to a profit of $6.08 billion in 2017. This improvement was driven by a strong rebound in the Upstream segment, which moved from a substantial loss to a significant profit, largely due to higher crude oil realizations and increased natural gas sales volumes. The Downstream segment also showed robust growth, with earnings increasing by over 27% for the nine-month period, benefiting from higher refined product margins and gains on asset sales. For the third quarter of 2017, net income attributable to Chevron Corporation was $1.95 billion, up from $1.28 billion in the prior year's quarter, showcasing continued operational strength. The company's revenue also saw a substantial increase year-over-year, reflecting improved commodity prices and operational performance across both its Upstream and Downstream segments. While capital expenditures remained significant, they were down from the previous year, indicating a strategic focus on cost management and efficiency. The company's liquidity remains strong, with a substantial amount of cash and cash equivalents, and a manageable debt level.
Financial Highlights
48 data points| Revenue | $33.89B |
| Cost of Revenue | $18.78B |
| Gross Profit | $15.12B |
| SG&A Expenses | $1.11B |
| Operating Expenses | $33.55B |
| Interest Expense | $35.00M |
| Net Income | $1.95B |
| EPS (Basic) | $1.03 |
| EPS (Diluted) | $1.03 |
| Shares Outstanding (Basic) | 1.88B |
| Shares Outstanding (Diluted) | 1.90B |
Key Highlights
- 1Net income attributable to Chevron Corporation for the nine months ended September 30, 2017, was $6.08 billion, a significant improvement from a net loss of $912 million in the same period of 2016.
- 2Third-quarter 2017 net income was $1.95 billion ($1.03 per share), compared to $1.28 billion ($0.68 per share) in the third quarter of 2016.
- 3Upstream segment earnings for the nine months improved to $2.86 billion from a loss of $3.47 billion in the prior year, driven by higher crude oil realizations and increased natural gas sales.
- 4Downstream segment earnings for the nine months increased to $3.94 billion from $3.08 billion in the prior year, benefiting from higher refined product margins and gains on asset sales.
- 5Total revenues and other income increased to $104.1 billion for the nine months ended September 30, 2017, from $82.97 billion in the same period of 2016.
- 6Capital expenditures for the first nine months of 2017 were $10.1 billion, down from $14.5 billion in the comparable period of 2016, reflecting cost management efforts.
- 7The company's debt ratio decreased to 22.2% at September 30, 2017, from 24.1% at December 31, 2016, indicating reduced leverage.