The U.S. energy giant Chevron saw its revenue and earnings increase in the fourth quarter of 2018 compared to the same quarter of 2017, according to its recent financial results statement.
Chevron's revenue rose by 11.1 percent to $40 billion in the October-December period of last year, from $36 billion during the same period a year ago, Friday's statement showed.
Earnings increased by 19.9 percent to $3.73 billion during that period compared to $3.11 billion during the same fourth quarter of 2017.
For the full year of 2018, the firm's earnings soared 61.3 percent to $14.82 billion from $9.19 billion in 2017.
"Earnings and cash flow continued to grow, and we delivered on all of our financial priorities," Michael K. Wirth, Chevron’s chairman of the board and CEO, said in the statement.
"Our net oil-equivalent production grew more than 7 percent in 2018 to a record 2.93 million barrels per day. We expect that 2019 production will continue to grow by 4 to 7 percent, excluding the impact of asset sales," he added.
Chevron said it added approximately 1.46 billion barrels of net oil-equivalent proved reserves in 2018.
Globally, the company's net oil-equivalent production was 3.08 million barrels per day (mbpd) in the fourth quarter of 2018, compared with 2.74 mbpd in 2017.
For the full year 2018, net oil-equivalent production was 2.93 mbpd compared to 2.73 mbpd from the prior year, according to the statement.
By Ovunc Kutlu