Chevron (NYSE: CVX) reported Q4 EPS of ($0.31), which may not compare with the analyst estimate of $0.46. Revenue for the quarter came in at $29.25 billion versus the consensus estimate of $28.72 billion.

Foreign currency effects increased earnings in the 2015 quarter by $46 million, compared with an increase of $432 million a year earlier. Fourth quarter earnings include impairments and other charges of $1.1 billion.

(Note: Excluding impairments, Q4'15 diluted EPS would have been about $0.27, still below expectations.)

Our 2015 earnings were down significantly from the previous year, reflecting a nearly 50 percent year-on-year decline in crude oil prices,” said Chairman and CEO John Watson.

“We’re taking significant action to improve earnings and cash flow in this low price environment,” Watson stated. “Operating expenses and capital spending were reduced $9 billion in 2015 from 2014, and I expect similarly large reductions again in 2016. In addition, asset sales proceeds were $6 billion in 2015, with additional sales planned for 2016 and 2017.”

“Improved refinery reliability allowed us to capture the benefits of a favorable margin environment and post excellent downstream results for the year,” Watson added. “We continued to reshape the downstream portfolio with well-timed asset sales and good progress on petrochemical investments.”

“We advanced our upstream major capital projects,” Watson added. “We had first production from two deepwater projects in Africa, and ramped up production from Jack/St. Malo in the deepwater Gulf of Mexico and our shale and tight resources in the Permian Basin. We made significant progress on our LNG projects in Australia, in particular the Gorgon Project where we expect to be producing LNG within the next few weeks. Successful completion and start-up of these and other major capital projects will translate into significantly lower capital spending, higher production and growing cash generation in the months ahead.”

For earnings history and earnings-related data on Chevron (CVX) click here.