Chevron Corp. reported full-year 2015 earnings of $4.6 billion, or $2.45 per share. This compares with $19.2 billion, or $10.14 per share, in 2014. Sales and other revenues for the full year were $129.9 billion, compared to $200.5 billion for 2014.

San Ramon-based Chevron reported a loss of $588 million, or 31 cents per share, for the fourth quarter of 2015, compared to earnings of $3.5 billion or $1.85 per share in the year-earlier quarter. The quarter’s sales and other revenues were $28 billion, compared to $42 billion in the year-earlier period.

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

“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, he noted, asset sales generated $6 billion in 2015, and the company has 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.”

Chevron advanced a number of upstream projects. It had first production from two deepwater projects in Africa, and increased production from wells in the Gulf of Mexico and Permian Basin shale wells in Texas.

Watson said Chevron added just over one billion barrels of net oil-equivalent proved reserves during 2015.

Worldwide net oil-equivalent production was 2.67 million barrels per day in the fourth quarter 2015, up from 2.58 million barrels per day in the 2014 fourth quarter. Net oil-equivalent production for the full year 2015 was 2.62 million barrels per day, an increase of 2% from the prior year.

U.S. upstream operations incurred a loss of $1.95 billion in the fourth of quarter 2015, compared to earnings of $432 million from a year earlier.

International upstream operations earned $593 million in the latest quarter, compared with $2.24 billion a year earlier.

U.S. downstream operations earned $496 million in the quarter, compared with earnings of $889 million a year earlier.

International downstream operations earned $515 million in the fourth of quarter 2015, compared with $629 million a year earlier.