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U.S. oil supermajor Chevron posted profit of $3.4 billion for the final quarter of 2017. but the figure included a $2 billion tax benefit.
The company slightly beat expectations for revenue. generating $37.62 billion in sales vs. estimates for $37.59 billion.
Profit in Chevron`s upstream business rose to $5.3 billion in the fourth quarter. from $930 million a year ago. However. the results were helped by a benefit from U.S. tax reform totaling $3.3 billion.
Chevron`s downstream segment earned $1.3 billion for the quarter. up from $357 million in the year-ago quarter. Downstream also got a $1.16 billion boost from tax reform.
Profit in the international downstream business plunged more than 75%.
For all of 2017. Chevron posted profit of $9.2 billion. its strongest performance since the oil price crash of 2014. when it earned $19.2 billion.
Cash flow from operations — a key measure of financial health in the oil industry — rose 60% in 2017. to $20.5 billion.
`We achieved our objective of being cash flow positive through deliberate actions to reduce capital expenditures. lower our cost structure. start and ramp-up projects. and conclude planned asset sales.` Chevron chairman and CEO Michael Wirth said. in a statement.
