Chevron
Corporation (NYSE:CVX) is one of the world's
leading integrated energy companies. They are not only exploring and producing
crude oil and natural gas, but invest in profitable renewable energy and energy
efficiency solutions. They develop the energy resources of the future.
This morning the company released their second quarter financial earnings and the results didn’t meet the analyst’s expectations.
This morning the company released their second quarter financial earnings and the results didn’t meet the analyst’s expectations.
The net income for second quarter 2015 is $571 million, or $0.30 per share, compared
with earnings of $5.7 billion ($2.98 per share) in the 2014 second quarter.
Included in the quarter were impairments of $1.96 billion andother charges of approximately $670 million relating to project suspensions andadverse tax effects, all of which were non-cash charges stemming from adownward revision in the company’s longer-term crude oil price outlook.Partially offsetting were gains on asset sales totaling $1.80 billion in thecurrent quarter. Foreign currency effects decreased earnings in the 2015quarter by $251 million, compared with a decrease of $232 million a yearearlier.
Lower oil prices had hurt the oil giant and this inevitably reflected the reporting. This is the worst result for the last 13 years.
Included in the quarter were impairments of $1.96 billion andother charges of approximately $670 million relating to project suspensions andadverse tax effects, all of which were non-cash charges stemming from adownward revision in the company’s longer-term crude oil price outlook.Partially offsetting were gains on asset sales totaling $1.80 billion in thecurrent quarter. Foreign currency effects decreased earnings in the 2015quarter by $251 million, compared with a decrease of $232 million a yearearlier.
Lower oil prices had hurt the oil giant and this inevitably reflected the reporting. This is the worst result for the last 13 years.
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