-
Fourth quarter loss of
$665 million ; adjusted loss of$11 million - Annual capital spending down 35 percent
- Increased 2020 dividend per share for 33rd consecutive year
Sales and other operating revenues in fourth quarter 2020 were
Earnings Summary |
|||||||||||
|
|
|
Three Months
|
|
|
Year Ended
|
|
||||
Millions of dollars |
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Earnings by business segment |
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
|
|
|
|
|
|
|
|
||
Downstream |
|
(338) |
|
672 |
|
47 |
|
2,481 |
|
||
All Other |
|
(828) |
|
(548) |
|
(3,157) |
|
(2,133) |
|
||
Total (1)(2) |
|
|
|
|
|
|
|
|
|
||
(1) Includes foreign currency effects |
|
|
|
|
|
|
|
|
|
|
|
(2) Net income attributable to |
|
“2020 was a year like no other,” said
“When market conditions deteriorated, we swiftly reduced capital spending by 35 percent from 2019 and also reduced operating costs, demonstrating our commitment to capital and cost discipline,” Wirth added. Excluding severance expense, 2020 operating expenses were down
“The acquisition of Noble Energy was completed in October, adding high-quality assets, opportunities and people to Chevron,” Wirth said. The company also generated asset sales proceeds of
“In 2020, we increased production of renewable products and investments in low-carbon technologies, consistent with our commitment to succeed in a lower carbon future,” Wirth stated. During the year, the company announced first gas production at its CalBioGas renewable natural gas (RNG) joint venture in
At year-end, balances of cash, cash equivalents, and marketable securities totaled
UPSTREAM
Worldwide net oil-equivalent production was 3.28 million barrels per day in fourth quarter 2020, an increase of 6 percent from a year ago. The increase was largely due to the Noble Energy acquisition, partially offset by production curtailments. Worldwide net oil-equivalent production for the full-year 2020 was 3.08 million barrels per day, an increase of 1 percent from the prior year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
|||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
|
Earnings |
|
|
|
|
|
|
|
|
The company’s average sales price per barrel of crude oil and natural gas liquids was
Net oil-equivalent production of 1.20 million barrels per day in fourth quarter 2020 was up 197,000 barrels per day from a year earlier. The increase was due to 231,000 barrels per day of production from the Noble Energy acquisition. Additional production increases from shale and tight properties in the
International Upstream |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Earnings* |
|
|
|
|
|
|
|
|
||
*Includes foreign currency effects |
|
|
|
|
|
|
|
|
|
International upstream operations earned
The average sales price for crude oil and natural gas liquids in fourth quarter 2020 was
Net oil-equivalent production of 2.08 million barrels per day in fourth quarter 2020 was flat relative to fourth quarter 2019. Higher production due to 124,000 barrels per day of production from the Noble Energy acquisition and favorable entitlement effects were offset by production curtailments associated with OPEC+ restrictions and market conditions, asset sale-related decreases of 82,000 barrels per day and normal field declines. The net liquids component of oil-equivalent production decreased 2 percent to 1.10 million barrels per day in fourth quarter 2020, while net natural gas production of 5.90 billion cubic feet per day increased 3 percent, compared to last year's fourth quarter.
DOWNSTREAM
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Earnings |
|
|
|
|
|
|
|
|
Refinery crude oil input in fourth quarter 2020 decreased 17 percent to 806,000 barrels per day from the year-ago period, as the company cut refinery runs in response to the weak refining margin environment.
Refined product sales of 1.02 million barrels per day were also down 17 percent from fourth quarter 2019, mainly due to lower jet fuel, diesel and gasoline demand associated with the COVID-19 pandemic.
International Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Earnings* |
|
|
|
|
|
|
|
|
||
*Includes foreign currency effects |
|
|
|
|
|
|
|
|
|
|
International downstream operations reported a loss of
Refinery crude oil input of 541,000 barrels per day in fourth quarter 2020 decreased 6 percent from the year-ago period, primarily due to the economic slowdowns in response to the COVID-19 pandemic, partially offset by the absence of the fourth quarter 2019 major planned turnaround at the
Refined product sales of 1.23 million barrels per day in fourth quarter 2020 were down 4 percent from the year-ago period, mainly due to lower jet fuel demand associated with the COVID-19 pandemic, partially offset by higher diesel sales resulting from the second quarter 2020 acquisition of
ALL OTHER
|
|
Three Months
|
|
|
Year Ended
|
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Net Charges* |
|
|
|
|
|
|
|
|
||
*Includes foreign currency effects |
|
|
|
|
|
|
|
|
|
|
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
Net charges in fourth quarter 2020 were
CASH FLOW FROM OPERATIONS
Cash flow from operations in 2020 was
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in 2020 were
NOTICE
Chevron’s discussion of fourth quarter 2020 earnings with security analysts will take place on
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where
This press release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, severance costs, Noble Energy acquisition costs, gains on asset sales, unusual tax items, the
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required,
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the
|
Attachment 1 |
||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) |
|
||||||||||||||
(unaudited) |
|
||||||||||||||
CONSOLIDATED STATEMENT OF INCOME |
|
|
|||||||||||||
|
Three Months
|
|
Year Ended
|
||||||||||||
REVENUES AND OTHER INCOME |
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Sales and other operating revenues |
$ |
24,843 |
|
|
$ |
34,574 |
|
|
$ |
94,471 |
|
|
$ |
139,865 |
|
Income (loss) from equity affiliates |
568 |
|
|
538 |
|
|
(472 |
) |
|
3,968 |
|
||||
Other income (loss) |
(165 |
) |
|
1,238 |
|
|
693 |
|
|
2,683 |
|
||||
Total Revenues and Other Income |
25,246 |
|
|
36,350 |
|
|
94,692 |
|
|
146,516 |
|
||||
COSTS AND OTHER DEDUCTIONS |
|
|
|
|
|
|
|
||||||||
Purchased crude oil and products |
13,387 |
|
|
19,693 |
|
|
50,488 |
|
|
80,113 |
|
||||
Operating expenses * |
6,488 |
|
|
7,214 |
|
|
25,416 |
|
|
25,945 |
|
||||
Exploration expenses |
367 |
|
|
272 |
|
|
1,537 |
|
|
770 |
|
||||
Depreciation, depletion and amortization |
4,486 |
|
|
16,429 |
|
|
19,508 |
|
|
29,218 |
|
||||
Taxes other than on income |
1,276 |
|
|
969 |
|
|
4,499 |
|
|
4,136 |
|
||||
Interest and debt expense |
199 |
|
|
178 |
|
|
697 |
|
|
798 |
|
||||
Total Costs and Other Deductions |
26,203 |
|
|
44,755 |
|
|
102,145 |
|
|
140,980 |
|
||||
Income (Loss) Before Income Tax Expense |
(957 |
) |
|
(8,405 |
) |
|
(7,453 |
) |
|
5,536 |
|
||||
Income tax expense (benefit) |
(301 |
) |
|
(1,738 |
) |
|
(1,892 |
) |
|
2,691 |
|
||||
Net Income (Loss) |
(656 |
) |
|
(6,667 |
) |
|
(5,561 |
) |
|
2,845 |
|
||||
Less: Net income (loss) attributable to noncontrolling interests |
9 |
|
|
(57 |
) |
|
(18 |
) |
|
(79 |
) |
||||
NET INCOME (LOSS) ATTRIBUTABLE TO
|
$ |
(665 |
) |
|
$ |
(6,610 |
) |
|
$ |
(5,543 |
) |
|
$ |
2,924 |
|
|
|
|
|
|
|
|
|
||||||||
* Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
PER-SHARE OF COMMON STOCK |
|
|
|
|
|
|
|
||||||||
Net Income (Loss) Attributable to |
|
|
|
|
|
|
|||||||||
- Basic |
$ |
(0.33 |
) |
|
$ |
(3.51 |
) |
|
$ |
(2.96 |
) |
|
$ |
1.55 |
|
- Diluted |
$ |
(0.33 |
) |
|
$ |
(3.51 |
) |
|
$ |
(2.96 |
) |
|
$ |
1.54 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Number of Shares Outstanding (000's) |
|
|
|
|
|||||||||||
- Basic |
1,910,724 |
|
|
1,872,317 |
|
|
1,870,027 |
|
|
1,882,499 |
|
||||
- Diluted |
1,910,724 |
|
|
1,872,317 |
|
|
1,870,027 |
|
|
1,895,126 |
|
||||
|
|
|
|
|
|
|
|
|
Attachment 2 |
||||||||||||||
(Millions of Dollars) |
|
||||||||||||||
(unaudited) |
|
||||||||||||||
EARNINGS BY MAJOR OPERATING AREA |
Three Months
|
|
Year Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Upstream |
|
|
|
|
|
|
|
||||||||
|
$ |
101 |
|
|
$ |
(7,465 |
) |
|
$ |
(1,608 |
) |
|
$ |
(5,094 |
) |
International |
400 |
|
|
731 |
|
|
(825 |
) |
|
7,670 |
|
||||
Total Upstream |
501 |
|
|
(6,734 |
) |
|
(2,433 |
) |
|
2,576 |
|
||||
Downstream |
|
|
|
|
|
|
|
||||||||
|
(174 |
) |
|
488 |
|
|
(571 |
) |
|
1,559 |
|
||||
International |
(164 |
) |
|
184 |
|
|
618 |
|
|
922 |
|
||||
Total Downstream |
(338 |
) |
|
672 |
|
|
47 |
|
|
2,481 |
|
||||
All Other (1) |
(828 |
) |
|
(548 |
) |
|
(3,157 |
) |
|
(2,133 |
) |
||||
Total (2) |
$ |
(665 |
) |
|
$ |
(6,610 |
) |
|
$ |
(5,543 |
) |
|
$ |
2,924 |
|
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) |
|
|
|
|
|||||||||||
Cash and Cash Equivalents |
|
|
|
|
$ |
5,596 |
|
|
$ |
5,686 |
|
||||
|
|
|
|
|
$ |
31 |
|
|
$ |
63 |
|
||||
Total Assets |
|
|
|
|
$ |
239,790 |
|
|
$ |
237,428 |
|
||||
Total Debt |
|
|
|
|
$ |
44,315 |
|
|
$ |
26,973 |
|
||||
Total |
|
|
|
|
$ |
131,688 |
|
|
$ |
144,213 |
|
||||
|
Three Months
|
|
Year Ended
|
||||||||||||
CAPITAL AND EXPLORATORY EXPENDITURES(3) |
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Upstream |
$ |
1,198 |
|
|
$ |
2,268 |
|
|
$ |
5,130 |
|
|
$ |
8,197 |
|
Downstream |
271 |
|
|
487 |
|
|
1,021 |
|
|
1,868 |
|
||||
Other |
43 |
|
|
132 |
|
|
226 |
|
|
365 |
|
||||
Total |
1,512 |
|
|
2,887 |
|
|
6,377 |
|
|
10,430 |
|
||||
|
|
|
|
|
|
|
|
||||||||
International |
|
|
|
|
|
|
|
||||||||
Upstream |
1,285 |
|
|
2,754 |
|
|
5,784 |
|
|
9,627 |
|
||||
Downstream |
376 |
|
|
370 |
|
|
1,325 |
|
|
920 |
|
||||
Other |
4 |
|
|
5 |
|
|
13 |
|
|
17 |
|
||||
|
1,665 |
|
|
3,129 |
|
|
7,122 |
|
|
10,564 |
|
||||
Worldwide |
$ |
3,177 |
|
|
$ |
6,016 |
|
|
$ |
13,499 |
|
|
$ |
20,994 |
|
(1) Includes worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. |
|
|
|
|
|
|
|
||||||||
(2) Net Income (Loss) Attributable to |
|
|
|
|
|
|
|||||||||
(3) Includes interest in affiliates: |
|
|
|
|
|
|
|
||||||||
|
$ |
73 |
|
|
$ |
112 |
|
|
$ |
324 |
|
|
$ |
368 |
|
International |
846 |
|
|
1,422 |
|
|
3,658 |
|
|
5,744 |
|
||||
Total |
$ |
919 |
|
|
$ |
1,534 |
|
|
$ |
3,982 |
|
|
$ |
6,112 |
|
|
Attachment 3 |
|||||||
(Billions of Dollars) |
||||||||
(unaudited) |
||||||||
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)1 |
|
|||||||
|
Year Ended
|
|||||||
OPERATING ACTIVITIES |
2020 |
|
2019 |
|||||
Net Income (Loss) |
$ |
(5.6 |
) |
|
$ |
2.8 |
|
|
Adjustments |
|
|
|
|||||
Depreciation, depletion and amortization |
19.5 |
|
|
29.2 |
|
|||
Distributions more (less) than income from equity affiliates |
2.0 |
|
|
(2.1 |
) |
|||
Loss (gain) on asset retirements and sales |
(0.8 |
) |
|
(1.4 |
) |
|||
Net foreign currency effects |
0.6 |
|
|
0.3 |
|
|||
Deferred income tax provision |
(3.6 |
) |
|
(2.0 |
) |
|||
Net decrease (increase) in operating working capital |
(1.7 |
) |
|
1.5 |
|
|||
Other operating activity |
— |
|
|
(1.1 |
) |
|||
Net Cash Provided by Operating Activities |
$ |
10.6 |
|
|
$ |
27.3 |
|
|
|
|
|
|
|||||
INVESTING ACTIVITIES |
|
|
|
|||||
Capital expenditures |
(8.9 |
) |
|
(14.1 |
) |
|||
Proceeds and deposits related to asset sales and returns of investment |
3.0 |
|
|
3.0 |
|
|||
Net maturities of (investments in) time deposits |
— |
|
|
1.0 |
|
|||
Other investing activity(2) |
(1.0 |
) |
|
(1.2 |
) |
|||
|
$ |
(7.0 |
) |
|
$ |
(11.5 |
) |
|
|
|
|
|
|||||
FINANCING ACTIVITIES |
|
|
|
|||||
Net change in debt |
7.5 |
|
|
(7.8 |
) |
|||
Cash dividends — common stock |
(9.7 |
) |
|
(9.0 |
) |
|||
Net sales (purchases) of treasury shares |
(1.5 |
) |
|
(2.9 |
) |
|||
Distributions to noncontrolling interests |
— |
|
|
— |
|
|||
|
$ |
(3.7 |
) |
|
$ |
(19.8 |
) |
|
|
|
|
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
(0.1 |
) |
|
0.3 |
|
|||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(0.2 |
) |
|
$ |
(3.6 |
) |
|
(1) Totals may not match sum of parts due to presentation in billions. |
|
|
|
|||||
(2) Primarily borrowings of loans by equity affiliates. |
|
|
|
|
Attachment 4 |
|||||||||||
(unaudited) |
|
|
||||||||||
OPERATING STATISTICS (1) |
Three Months
|
|
Year Ended
|
|||||||||
NET LIQUIDS PRODUCTION (MB/D): (2) |
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
|
880 |
|
771 |
|
790 |
|
724 |
|||||
International |
1,098 |
|
1,122 |
|
1,078 |
|
1,141 |
|||||
Worldwide |
1,978 |
|
1,893 |
|
1,868 |
|
1,865 |
|||||
NET NATURAL GAS PRODUCTION (MMCF/D): (3) |
|
|
|
|
|
|
|
|||||
|
1,892 |
|
1,363 |
|
1,607 |
|
1,225 |
|||||
International |
5,904 |
|
5,747 |
|
5,683 |
|
5,932 |
|||||
Worldwide |
7,796 |
|
7,110 |
|
7,290 |
|
7,157 |
|||||
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4) |
|
|
|
|
|
|
|
|||||
|
1,195 |
|
998 |
|
1,058 |
|
929 |
|||||
International |
2,082 |
|
2,080 |
|
2,025 |
|
2,129 |
|||||
Worldwide |
3,277 |
|
3,078 |
|
3,083 |
|
3,058 |
|||||
SALES OF NATURAL GAS (MMCF/D): |
|
|
|
|
|
|
|
|||||
|
3,581 |
|
4,121 |
|
3,894 |
|
4,016 |
|||||
International |
5,369 |
|
5,713 |
|
5,634 |
|
5,869 |
|||||
Worldwide |
8,950 |
|
9,834 |
|
9,528 |
|
9,885 |
|||||
SALES OF NATURAL GAS LIQUIDS (MB/D): |
|
|
|
|
|
|
|
|||||
|
249 |
|
284 |
|
233 |
|
231 |
|||||
International |
104 |
|
92 |
|
120 |
|
106 |
|||||
Worldwide |
353 |
|
376 |
|
353 |
|
337 |
|||||
SALES OF REFINED PRODUCTS (MB/D): |
|
|
|
|
|
|
|
|||||
|
1,019 |
|
1,234 |
|
1,003 |
|
1,250 |
|||||
International (5) |
1,228 |
|
1,278 |
|
1,221 |
|
1,327 |
|||||
Worldwide |
2,247 |
|
2,512 |
|
2,224 |
|
2,577 |
|||||
REFINERY INPUT (MB/D): |
|
|
|
|
|
|
|
|||||
|
806 |
|
975 |
|
793 |
|
947 |
|||||
International |
541 |
|
576 |
|
584 |
|
617 |
|||||
Worldwide |
1,347 |
|
1,551 |
|
1,377 |
|
1,564 |
|||||
|
|
|
|
|
|
|
|
|||||
(1) Includes interest in affiliates. |
|
|
|
|
|
|
|
|||||
(2) Includes net production of synthetic oil: |
|
|
|
|
|
|
|
|||||
|
60 |
|
58 |
|
54 |
|
53 |
|||||
Venezuela Affiliate |
— |
|
— |
|
— |
|
3 |
|||||
(3) Includes natural gas consumed in operations (MMCF/D): |
|
|
|
|
|
|
|
|||||
|
47 |
|
41 |
|
37 |
|
36 |
|||||
International |
550 |
|
577 |
|
566 |
|
602 |
|||||
(4) Oil-equivalent production is the sum of net liquids production, net natural gas production and synthetic production. The oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. |
|
|
|
|
|
|
|
|||||
(5) Includes share of affiliate sales (MB/D): |
337 |
|
385 |
|
348 |
|
379 |
|||||
|
|
|
|
|
|
|
|
|
Attachment 5 |
||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) |
|
||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) |
|
||||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Year Ended
|
|
Year Ended
|
|||||||||||||||||||||||||||||||||||||||
|
|
Pre-
|
Income
|
After
|
|
Pre-
|
Income
|
After-
|
|
Pre-
|
Income
|
After
|
|
Pre-
|
Income
|
After-
|
|||||||||||||||||||||||||||||||
REPORTED EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
$ |
101 |
|
|
|
|
|
$ |
(7,465 |
) |
|
|
|
$ |
(1,608 |
) |
|
|
|
$ |
(5,094 |
) |
|
||||||||||||||||||||||
Int'l Upstream |
|
|
400 |
|
|
|
|
|
731 |
|
|
|
|
(825 |
) |
|
|
|
7,670 |
|
|
||||||||||||||||||||||||||
|
|
|
(174 |
) |
|
|
|
|
488 |
|
|
|
|
(571 |
) |
|
|
|
1,559 |
|
|
||||||||||||||||||||||||||
Int'l Downstream |
|
|
(164 |
) |
|
|
|
|
184 |
|
|
|
|
618 |
|
|
|
|
922 |
|
|
||||||||||||||||||||||||||
All Other |
|
|
(828 |
) |
|
|
|
|
(548 |
) |
|
|
|
(3,157 |
) |
|
|
|
(2,133 |
) |
|
||||||||||||||||||||||||||
Net Income (Loss) Attributable to |
|
$ |
(665 |
) |
|
|
|
|
$ |
(6,610 |
) |
|
|
|
$ |
(5,543 |
) |
|
|
|
$ |
2,924 |
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Impairments & write-offs |
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
|
$ |
(10,639 |
) |
|
$ |
2,469 |
|
|
$ |
(8,170 |
) |
|
$ |
(1,575 |
) |
|
$ |
385 |
|
$ |
(1,190 |
) |
|
$ |
(10,639 |
) |
|
$ |
2,469 |
|
$ |
(8,170 |
) |
|
|
Severance accruals |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(157 |
) |
|
37 |
|
(120 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
|
Noble acquisition costs |
(25 |
) |
|
5 |
|
(20 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
(25 |
) |
|
5 |
|
(20 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
Int'l Upstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Asset sale gains |
— |
|
|
— |
|
— |
|
|
|
1,319 |
|
|
(119 |
) |
|
1,200 |
|
|
550 |
|
|
— |
|
550 |
|
|
1,319 |
|
|
(119 |
) |
1,200 |
|
|
||||||||||||
|
Impairments & write-offs |
— |
|
|
— |
|
— |
|
|
|
(2,464 |
) |
|
284 |
|
|
(2,180 |
) |
|
(4,106 |
) |
|
516 |
|
(3,590 |
) |
|
(2,464 |
) |
|
284 |
|
(2,180 |
) |
|
||||||||||||
|
Severance accruals |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(374 |
) |
|
84 |
|
(290 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
|
Tax Items |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
690 |
|
690 |
|
|
— |
|
|
180 |
|
180 |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Severance accruals |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(109 |
) |
|
29 |
|
(80 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
Int'l Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Severance accruals |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(79 |
) |
|
19 |
|
(60 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Mining remediation |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(118 |
) |
|
28 |
|
(90 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
|
Repatriation tax |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(430 |
) |
(430 |
) |
|
||||||||||||
|
Severance accruals |
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(295 |
) |
|
65 |
|
(230 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
|
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
1,000 |
|
|
(260 |
) |
740 |
|
|
||||||||||||
|
Noble acquisition costs |
(127 |
) |
|
27 |
|
(100 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
(127 |
) |
|
27 |
|
(100 |
) |
|
— |
|
|
— |
|
— |
|
|
||||||||||||
Total Special Items |
$ |
(152 |
) |
|
$ |
32 |
|
$ |
(120 |
) |
|
|
$ |
(11,784 |
) |
|
$ |
2,634 |
|
|
$ |
(9,150 |
) |
|
$ |
(6,415 |
) |
|
$ |
1,885 |
|
$ |
(4,530 |
) |
|
$ |
(10,784 |
) |
|
$ |
2,124 |
|
$ |
(8,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
FOREIGN CURRENCY EFFECTS |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Int'l Upstream |
|
|
$ |
(384 |
) |
|
|
|
|
$ |
(226 |
) |
|
|
|
$ |
(285 |
) |
|
|
|
$ |
(323 |
) |
|
||||||||||||||||||||||
Int'l Downstream |
|
|
(140 |
) |
|
|
|
|
(32 |
) |
|
|
|
(152 |
) |
|
|
|
17 |
|
|
||||||||||||||||||||||||||
All Other |
|
|
(10 |
) |
|
|
|
|
2 |
|
|
|
|
(208 |
) |
|
|
|
2 |
|
|
||||||||||||||||||||||||||
Total Foreign Currency Effects |
|
$ |
(534 |
) |
|
|
|
|
$ |
(256 |
) |
|
|
|
$ |
(645 |
) |
|
|
|
$ |
(304 |
) |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
ADJUSTED EARNINGS/(LOSS)* |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
|
|
|
$ |
121 |
|
|
|
|
|
$ |
705 |
|
|
|
|
$ |
(278 |
) |
|
|
|
$ |
3,076 |
|
|
||||||||||||||||||||||
Int'l Upstream |
|
|
784 |
|
|
|
|
|
1,937 |
|
|
|
|
2,100 |
|
|
|
|
8,793 |
|
|
||||||||||||||||||||||||||
|
|
|
(174 |
) |
|
|
|
|
488 |
|
|
|
|
(491 |
) |
|
|
|
1,559 |
|
|
||||||||||||||||||||||||||
Int'l Downstream |
|
|
(24 |
) |
|
|
|
|
216 |
|
|
|
|
830 |
|
|
|
|
905 |
|
|
||||||||||||||||||||||||||
All Other |
|
|
(718 |
) |
|
|
|
|
(550 |
) |
|
|
|
(2,529 |
) |
|
|
|
(2,445 |
) |
|
||||||||||||||||||||||||||
Total Adjusted Earnings/(Loss) |
|
$ |
(11 |
) |
|
|
|
|
$ |
2,796 |
|
|
|
|
$ |
(368 |
) |
|
|
|
$ |
11,888 |
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total Adjusted Earnings/(Loss) per share |
$ |
(0.01 |
) |
|
|
|
|
$ |
1.49 |
|
|
|
|
$ |
(0.20 |
) |
|
|
|
$ |
6.27 |
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
* Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005103/en/
Source: