Chevron Corporation 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.
Sales and other operating revenues in the fourth quarter 2009 were $48 billion, compared with $43 billion in the year ago quarter. For the full year 2009, sales and other operating revenues were $167 billion, versus $265 billion in 2008. The decrease in the twelve month period was primarily due to lower prices for crude oil, natural gas and refined products.
"Earnings decreased in 2009 as a result of lower crude oil and natural gas prices and a decline in refined product sales margins, driven by a weak global economy," said Chevron’s Chairman and CEO, John Watson. "In this challenging environment, Chevron's successes in operational reliability and cost management made valuable contributions to our bottom line. Our financial strength enabled continued investment in our excellent portfolio of capital and exploratory projects and an increase in the annual dividend on our common shares for the 22nd consecutive year.....Read the entire article.
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