& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




Chevron quarterly profit doubles as U.S. oil production jumps



By Reuters

Petroleumworld 11 05 2018

U.S. oil and natural gas producer Chevron Corp on Friday reported that its quarterly profit doubled on record oil and gas production, sending its shares up as much as 5 percent.

The results reflected strong gains in its oil and gas production with crude prices up 44 percent during the quarter and offset a drop in earnings from its downstream operations, including refining and chemicals.

Third-quarter oil and gas production rose 9 percent over a year earlier, and the company forecast total output for the full year would be up about 7 percent over 2017.

Its production in the West Texas shale fields rose 80 percent in the quarter, adding 150,000 barrels per day, “the equivalent of adding a midsize Permian pure-play E&P company,” Pat Yarrington, the company's finance chief, told analysts on a conference call.

Chevron ran 20 drilling rigs in its Permian operations during the quarter, and will continue running the same number this quarter, Yarrington said.

“Our approach right now is to take a bit of a pause and to focus on capturing all the efficiencies that a 20-rig fleet would necessitate,” she added.

Fourth-quarter downstream earnings and cash flow will be hurt by higher planned maintenance activity, the company said. Downstream profit fell 24 percent in the quarter from continuing weakness in its international refining operations.

Pierre Breber, Chevron's executive vice president of downstream and chemicals, declined to comment on reports it is in discussions to acquire a U.S. Gulf Coast refinery. But he said the company has strong reasons, including growing Permian oil production, to consider doing so.

The company reported third-quarter net income of $4.05 billion, or $2.11 a share, compared with $1.95 billion, or $1.03 per share, in the same quarter a year earlier. Analysts were looking for $2.06 per share of profit, according to IBES data on Refinitiv.

Shares rose $3.44 to $114.51 and hit a session high of $117.11. The stock declined 9 percent in October and was off 11 percent through Thursday's close this year.


Reporting by Gary McWilliams; Editing by Jeffrey Benkoe from Reuters .

11 02 2018

Copyright© 1999-2018 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter







Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.