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Chevron reports Q2 net income of US$ 5.7 billion

Oilfield Technology,


Chevron Corporation has reported earnings of US$ 5.7 billion (US$ 2.98 per share – diluted) for Q2 2014, compared with US$ 5.4 billion(US$ 2.77 per share – diluted) in the 2013 Q2. Foreign currency effects decreased earnings in the 2014 quarter by US$ 232 million, compared with an increase of US$ 302 million a year earlier. Sales and other operating revenues in Q2 2014 were US$ 56 billion, compared to US$ 55 billion in the year-ago period.

“Our second quarter earnings and cash flow were solid,” said Chairman and Chief Executive Officer John Watson. “Current quarter earnings reflected stronger market conditions for crude oil, although some of these benefits were offset by lower production volumes as a result of planned maintenance activity atTengizchevroil in Kazakhstan. Gains on asset sales also contributed to our results, as we completed important sales under our three-year divestment programme.”

Watson added, “We continue to make significant progress on our major capital projects which are expected to underpin a 20% increase in production by 2017 and enable significant growth in our cash flows. In the deepwater Gulf of Mexico, our production is expected to benefit in the near-term fromstart-up of the Jack/St. Malo Project later this year and the Big Foot Project in 2015. In Australia, ourGorgon and Wheatstone LNG projects continue to reach important interim milestones. Gorgon remainson track for expected start-up in mid-2015. We are also advancing the development of our liquids-rich,unconventional properties in the United States, Canada and Argentina.”

“Our second quarter earnings and cash flow were solid,” said Chairman and Chief Executive Officer John Watson.“Current quarter earnings reflected stronger market conditions for crude oil, although some of thesebenefits were offset by lower production volumes as a result of planned maintenance activity atTengizchevroil in Kazakhstan. Gains on asset sales also contributed to our results, as we completedimportant sales under our three-year divestment program.”Watson added, “We continue to make significant progress on our major capital projects which areexpected to underpin a 20% increase in production by 2017 and enable significant growth in ourcash flows. In the deepwater Gulf of Mexico, our production is expected to benefit in the near-term fromstart-up of the Jack/St. Malo Project later this year and the Big Foot Project in 2015. In Australia, our Gorgon and Wheatstone LNG projects continue to reach important interim milestones. Gorgon remainson track for expected start-up in mid-2015. We are also advancing the development of our liquids-rich,unconventional properties in the United States, Canada and Argentina.”


Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/04082014/chevron-reports-q2-net-income-of-us-57-billion/

 

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