Chevron Cash Flow Misses Expectations, but Break-Even to Fall in 2018 as Production Growth Continues
Chevron joined peers in reporting light operating cash flow for the fourth quarter, missing market expectations and sending shares lower. Similar to previous quarters, working capital, deferred taxes, and equity affiliate dividends less than earnings continue to be an issue. For the quarter these items, and higher international taxes payable, reduced cash flow by $350 million and $3 billion for the full year. While working capital might be a nonissue in 2018, assuming flat oil prices, management...
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