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2016-05-03 14:35:00

CHEVRON NET LOSS $725 MLN

CHEVRON NET LOSS $725 MLN

San Ramon, Calif., April 29, 2016 – Chevron Corporation (NYSE: CVX) reported a loss of $725 million ($0.39 per share – diluted) for first quarter 2016, compared with earnings of $2.6 billion ($1.37 per share – diluted) in the 2015 first quarter. Foreign currency effects decreased earnings in the 2016 quarter by $319 million, compared with an increase of $580 million a year earlier.

Sales and other operating revenues in first quarter 2016 were $23 billion, compared to $32 billion in the year-ago period.

"First quarter results declined from a year ago," said Chairman and CEO John Watson. "Our Upstream business was impacted by a more than 35 percent decline in crude oil prices. Our Downstream operations continued to perform well, although overall industry conditions and margins this quarter were weaker than a year ago."

"Our efforts are focused on improving free cash flow," Watson stated. "We are controlling our spend and getting key projects under construction online, which will boost revenues. We announced first LNG production and first cargo shipment from Train 1 at the Gorgon Project in March. Production from the Angola LNG plant is imminent and a cargo shipment is expected in May. Earlier in the year, we started up production at the Chuandongbei Project in China, and we continue to ramp up production in the Permian Basin and elsewhere."

"We continue to lower our cost structure with better pricing, work flow efficiencies and matching our organizational size to expected future activity levels," Watson added. "Our capital spending is coming down. We are moving our focus to high-return, shorter-cycle projects and pacing longer-cycle investments."

 

CHEVRON RESULTS Q1 2016

 

chevron.com

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More: 

OIL MAJORS: THE WORST 

CHEVRON: MARKETS ARE BETTER 

OIL MAJORS RATINGS DOWN 

CHEVRON NET LOSS $588 MLN 

CHINA & CHEVRON GAS 

CHEVRON WILL REDUCE $26.6 BLN

 

Tags: CHEVRON, LOSS, OIL, GAS, PRICES

Chronicle:

CHEVRON NET LOSS $725 MLN
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LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

CHEVRON NET LOSS $725 MLN
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BP INVESTS TO SOLAR

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CHEVRON NET LOSS $725 MLN
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OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

CHEVRON NET LOSS $725 MLN
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RUSSIAN-TURKISH NUCLEAR

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