Low oil prices pull Chevron’s 4Q profit down

Chevron Corporation on Friday reported earnings of $3.5 billion for fourth quarter 2014, compared with $4.9 billion in the 2013 fourth quarter. Full-year 2014 earnings were $19.2 billion compared with $21.4 billion in 2013.

Sales and other operating revenues in fourth quarter 2014 were $42 billion, compared to $54 billion in the year-ago period.

“Our 2014 earnings were down from the previous year, largely due to the sharp decline in crude oil prices,” said Chairman and CEO John Watson. “Improved downstream results and higher gains on asset sales related to our divestment program partially offset the effect of lower crude prices.”

“In 2014, we continued to fund investments in key major capital projects under construction and raised the dividend payout on our common shares for the 27th
consecutive year,” Watson added.

“We enter 2015 with the financial strength to meet the challenges of a volatile crude price environment and with significant efforts underway to manage to a lower cost structure and capital spend rate.”

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