Chevron earnings up on higher output, prices

Chevron CEO Mike Wirth

U.S. energy giant Chevron recorded an increase in its first quarter earnings on the back of growing production, higher prices, and foreign currency effects. 

Chevron on Friday reported earnings of $3.6 billion for first quarter 2018, compared with $2.7 billion in the first quarter of 2017.

According to the company, foreign currency effects increased earnings in the 2018 first quarter by $129 million, compared with a decrease of $241 million a year earlier.

Sales and other operating revenues in the first quarter 2018 were $36 billion, compared to $32 billion in the year-ago period.

Chevron Chairman and CEO, Michael Wirth, said: “We benefited from growing production and higher prices.”

Wirth added: “Oil and gas production is increasing, most notably in our Gorgon and Wheatstone LNG Projects in Australia, and our shale developments in the Permian Basin where production grew 65 percent from a year ago.”

“Upstream volumes are expected to continue to increase in future quarters,” Wirth added.

Chevron’s worldwide net oil-equivalent production was 2.85 million barrels per day in first quarter 2018, compared with 2.68 million barrels per day from a year ago.

Cash flow from operations in the first three months of 2018 was $5.0 billion, compared with $3.8 billion in the corresponding 2017 period.

Capital and exploratory expenditures in the first three months of 2018 and 2017 were $4.4 billion.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on April 27, 2018 with tags .

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Offshore Energy Exhibition and Conference (OEEC)

The three-day event features an exhibition where over 600 companies will showcase their products and services…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply