Chevron Earnings Slide on Downstream Weakness; Set Up for Cash Flow Neutrality in 2017
Chevron posted another decline in earnings during the third quarter, but results revealed progress in cost-cutting that translated into an improvement in upstream earnings, despite a decline in commodity prices. Instead, it was declines in the downstream segment that dragged on results. Total earnings fell to $1.3 billion from $2.0 billion last year, with upstream earnings rising to $454 million from $59 million and downstream earnings falling to $1.1 billion from $2.2 billion last year. Product...Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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