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