UPDATE: Chevron Tops Q4 Views

reported upbeat results for the fourth quarter. The San Ramon, California-based company posted quarterly earnings of $3.47 billion, or $1.85 per share, compared to $4.93 billion, or $2.57 per share, in the year-ago period. Foreign currency effects lifted latest quarter earnings by $432 million, versus a rise of $202 million in the year-ago quarter. Its revenue slipped 18% to $46.1 billion. However, analysts were expecting earnings of $1.63 per share on revenue of $30.65 billion. Global oil-equivalent production for the quarter came in unchanged at 2.58 million barrels a day. U.S. upstream earnings slipped to $432 million from $803 million, while international upstream earnings fell to $2.24 billion from $4.05 billion. U.S. downstream earnings rose to $889 million from $265 million, while international downstream earnings surged to $629 million from $125 million. Cash flow from operations declined to $6.5 billion in the quarter, from $10.5 billion. During the quarter, Chevron purchased $1.25 billion of its common stock under its share repurchase program. “Our 2014 earnings were down from the previous year, largely due to the sharp decline in crude oil prices,” said Chairman and CEO John Watson. “Improved downstream results and higher gains on asset sales related to our divestment program partially offset the effect of lower crude prices.” Chevron announced a $35.0 billion capital and exploratory investment program for 2015. Chevron shares fell 1.03% to $101.94 in pre-market trading.