Chevron Reports Second Quarter Net Income Of $1.5 Billion

Chevron Corporation (NYSE:CVX) today reported earnings of $1.5 billion ($0.77 per share - diluted) for second quarter 2017, compared with a loss of $1.5 billion ($0.78 per share - diluted) in the second quarter of 2016. Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier.

Sales and other operating revenues in second quarter 2017 were $33 billion, compared to $28 billion in the year-ago period.

Earnings Summary
   
Three Months

Ended June 30
  Six Months

Ended June 30
Millions of dollars   2017     2016     2017     2016  
Earnings by Business Segment    
Upstream $853 $(2,462 ) $2,370 $(3,921 )
Downstream 1,195 1,278 2,121 2,013
All Other   (598 )   (286 )   (359 )   (287 )
Total (1)(2)   $1,450     $(1,470 )   $4,132     $(2,195 )
(1) Includes foreign currency effects $3 $279 $(238 ) $(40 )
(2) Net income (loss) attributable to Chevron Corporation (See Attachment 1)

"Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive," said Chairman and CEO John Watson. "We're delivering higher production with lower capital and operating expenditures."

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