Chevron profit, production up in 4Q 2018

Chevron has reported an increase in earnings for the fourth quarter 2018, posting a net income of $3.7 billion, up from $3.1 billion billion in the fourth quarter 2017.

The difference in earnings would have been even bigger in comparison, as 4Q 2017 result included $2.02 billion in tax benefits related to U.S. tax reform.

Full-year 2018 earnings were $14.8 billion, compared with $9.2 billion in 2017. Included in 2018 were impairments and other charges of $1.59 billion and a gain on an asset sale of $350 million.

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