Chevron Corporation (NYSE:CVX) reported second-quarter earnings Friday, which failed to excite investors as Friday stumbled to a close.
The San Ramon, Calif-based reported earnings of $4.3 billion ($2.27 per share - diluted) for second quarter 2019, compared with $3.4 billion ($1.78 per share - diluted) in the second quarter of 2018.
Included in the current quarter were earnings of $740 million associated with the Anadarko merger termination fee and a non-cash tax benefit of $180 million related to a reduction in the corporate income tax rate in the oil-rich Canadian province of Alberta. Foreign currency effects increased earnings in the 2019 second quarter by $15 million.
Sales and other operating revenues in second quarter 2019 were $36 billion, compared to $40 billion in the year-ago period.
Said CEO Michael Wirth, "Our strong financial and operational results reflect consistent execution, allowing us to pay our dividend, fund our attractive capital program, further strengthen our balance sheet and return surplus cash to our shareholders.
"After suspending our share repurchases while in merger discussions with Anadarko, we resumed buybacks in May and expect to be at our planned repurchase rate of $5 billion per year in the third quarter," Wirth added.
Additionally, Chevron Phillips Chemical Company LLC, the company's 50%-owned affiliate, recently announced plans to jointly develop petrochemical projects in the U.S. Gulf Coast and Qatar with start-ups expected in 2024 and 2025, respectively.
Chevron stock lost two cents in the last hour of trade for the week to $120.72.
Related Stories
