Chevron Corp. reported fourth-quarter 2017 earnings of $3.1 billion, or $1.64 per share diluted, compared with $415 million, or 22 cents per share, in the fourth quarter 2016.
Earnings for the quarter included noncash provisional tax benefits of $2.02 billion related to U.S. tax reform and a noncash charge of $190 million related to a former mining asset. Foreign currency effects decreased earnings in the quarter by $96 million, the company said.
Worldwide net oil-equivalent production was 2.74 million barrels per day in the fourth quarter 2017, compared with 2.67 MMbbl/d from a year ago. Net oil-equivalent production for the full year 2017 was 2.73 MMbbl/d, compared with 2.59 MMbbl/d in the prior year.
Net oil-equivalent production in the U.S. was 671,000 bbl/d in the fourth quarter 2017, down 11,000 bbl/d from a year earlier.
"Our net oil-equivalent production grew by 5 percent in 2017, including the effects of asset sales," Chairman and CEO Michael Wirth said. "Importantly, we expect that our 2018 production will continue to grow by 4 to 7 percent, driven primarily by Australian LNG and the acceleration of development activities in the Permian, where investment economics continue to improve."
The company's average sales price per barrel of crude oil and natural gas liquids was $50 in the fourth quarter 2017, up from $40 a year earlier. The average sales price of natural gas was $1.86/Mcf in fourth quarter 2017, compared with $1.98/Mcf in the prior year's fourth quarter.
The company added approximately 1.54 billion barrels of net oil-equivalent proved reserves in 2017. Although still subject to final reviews, these additions equate to approximately 155% of net oil-equivalent production for the year.
Full-year 2017 earnings were $9.2 billion, or $4.85 per share diluted, compared with a loss of $497 million, or 27 cents per share, in 2016.
Noncash provisional tax benefits in 2017 included $2.02 billion related to U.S. tax reform, gains on asset sales of $1.44 billion and impairments and other noncash charges of $840 million. Foreign currency effects decreased earnings in 2017 by $446 million.
