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Chevron Q3 earnings $2 billion, will cut 7,000 jobs

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Staff writer ▼ | October 30, 2015
Chevron Corporation reported earnings of $2 billion, $1.09 per diluted share, for third quarter 2015, compared with earnings of $5.6 billion, $2.95 per diltued share in Q3 2014.
Chevron
Chevron Corporation   The company substantially lower earnings
Foreign currency effects increased earnings in the 2015 quarter by $394 million, compared with an increase of $366 million a year earlier.

Sales and other operating revenues in third quarter 2015 were $33 billion, compared to $52 billion in the year-ago period.

“Third quarter earnings were down substantially from a year ago,” said chairman and CEO John Watson.

“While downstream earnings remained strong, lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability. We are focused on improving results by changing outcomes within our control.

"Operating and administrative expenses are 7 percent lower than last year, and we expect further reductions in the quarters ahead.”

“We expect capital and exploratory expenditures for 2016 to be $25-28 billion, roughly 25 percent lower than this year’s budget. We expect further reductions in spending for 2017 and 2018, to the $20 to $24 billion range, depending on business conditions at the time.

With the lower investment, we anticipate reducing our employee workforce by 6–7,000.”


 

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