U.S. oil major Chevron slumped to a $6.6 billion quarterly loss compared to 4Q 2019 $3.7 billion profit, citing previously announced impairments on several projects.
"Included in the [4Q 2019] were previously announced upstream impairments and write-offs totaling $10.4 billion associated with Appalachia shale, Kitimat LNG, Big Foot, and other projects,” Chevron said.
The company also recognized a $1.2 billion gain on the sale of the U.K. Central North Sea assets in the fourth quarter. Foreign currency effects decreased earnings in the fourth quarter of 2019 by $256 million.
Full-year 2019 earnings were $2.9 billion ($1.54 per share - diluted), compared with $14.8 billion ($7.74 per share - diluted) in 2018.
Chevron's worldwide net oil-equivalent production was 3.08 million barrels per day in the fourth quarter of 2019, unchanged from a year ago.
Worldwide net oil-equivalent production for the full year 2019 was 3.06 million barrels per day, an increase of over 4 percent from 2.93 million barrels per day from the prior year. This is the first time in the company’s history that annual production exceeded 3 million barrels per day of oil equivalent, according to Chevron.