SAN RAMON, Calif. -- Chevron Corp. has reported earnings of $5.3 billion ($2.64 per share diluted) for fourth-quarter 2010, compared with $3.1 billion ($1.53 per share diluted) in the 2009 fourth quarter. Full-year 2010 earnings were $19 billion ($9.48 per share diluted), up from $10.5 billion ($5.24 per share diluted) in 2009.
Sales and other operating revenues in fourth-quarter 2010 were $52 billion, up from $48 billion in the year-ago period mainly due to higher prices for crude oil and refined products.
"Financially and operationally, 2010 was an outstanding [image-nocss] year," said John Watson., chairman and CEO of the San Ramon, Calif.-based oil company. "Earnings and cash flow increased significantly in 2010 as a result of higher prices for crude oil, higher net oil-equivalent production and improved refined product sales margins."
U.S. upstream earnings of $930 million in fourth-quarter 2010 were down $136 million from a year earlier. Higher crude oil realizations were more than offset by decreased net oil-equivalent production, higher operating expenses and higher tax items.
U.S. downstream operations earned $475 million in fourth-quarter 2010, compared with a loss of $333 million a year earlier. The increase included a nearly $400 million gain on sale of a 23.4% ownership interest in the Colonial Pipeline Co. Earnings also benefited from improved margins on refined products, among other factors.
Separately, Houston-based ConocoPhillips has reported fourth-quarter earnings of $2 billion, compared with fourth-quarter 2009 earnings of $1.3 billion.
"We are pleased with our operating and financial performance, both for the fourth quarter and the full year," said Jim Mulva, chairman and CEO. "We improved our returns, reduced debt and increased shareholder distributions. In addition to meeting our financial objectives, we improved our portfolio. Our upstream and downstream businesses delivered against their operating targets and our midstream and chemicals joint ventures both had a successful year."
Refining & Marketing's (R&M) fourth-quarter 2010 earnings were higher than the corresponding period of 2009, largely due to an increase in the global refining market crack spread.
ConocoPhillips' full-year 2010 adjusted earnings were $8.8 billion, compared with full-year 2009 adjusted earnings of $4.9 billion. Adjusted earnings for 2010 were higher than 2009, primarily due to higher commodity prices and global refining margins, partially offset by lower production volumes. Full-year 2010 earnings were $11.4 billion, compared with $4.4 billion for 2009.
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