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2017-10-30 11:20:00

CHEVRON NET INCOME $6 BLN

CHEVRON NET INCOME $6 BLN

 

 

CHEVRONChevron Corporation (NYSE: CVX)  reported earnings of $2.0 billion ($1.03 per share – diluted) for third quarter 2017, compared with $1.3 billion ($0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million. Foreign currency effects decreased earnings in the 2017 third quarter by $112 million, compared with an increase of $72 million a year earlier.

Sales and other operating revenues in third quarter 2017 were $34 billion, compared to $29 billion in the year-ago period.

"We continue to see improvement in the underlying pattern of earnings and cash flow," said Chairman and CEO John Watson.

"Cash flow is at a positive inflection point, with oil and gas production increasing and capital spending falling," Watson added. "We're completing projects that have been under construction and ramping up production, notably at our Gorgon LNG Project in Australia. And our shale and tight rock drilling activity in the Permian Basin is exceeding expectations."

"We expect this pattern to continue," Watson commented. "Earlier this month, we announced first LNG production from our Wheatstone LNG development in Australia."

UPSTREAM

Worldwide net oil-equivalent production was 2.72 million barrels per day in third quarter 2017, compared with 2.51 million barrels per day from a year ago.

U.S. upstream operations incurred a loss of $26 million in third quarter 2017, compared with a loss of $212 million from a year earlier. The improvement reflected higher crude oil realizations.

The company's average sales price per barrel of crude oil and natural gas liquids was $42 in third quarter 2017, up from $37 a year earlier. The average sales price of natural gas was $1.80 per thousand cubic feet in third quarter 2017, compared with $1.89 in last year's third quarter.

Net oil-equivalent production of 681,000 barrels per day in third quarter 2017 was down 17,000 barrels per day from a year earlier. Production increases from shale and tight properties in the Permian Basin in Texas and New Mexico, and base business in the Gulf of Mexico, were more than offset by the impact of asset sales of 67,000 barrels per day, and normal field declines. The net liquids component of oil-equivalent production in third quarter 2017 increased 1 percent to 525,000 barrels per day, while net natural gas production decreased 13 percent to 932 million cubic feet per day primarily as a result of asset sales.

International upstream operations earned $515 million in third quarter 2017, compared with $666 million a year ago. The decrease in earnings was mainly due to higher depreciation expense including the effect of catch-up depreciation for our Bangladesh operations that we no longer intend to sell and an asset write-off. Also contributing were higher tax expenses and the absence of an Ecuador arbitration award. More than offsetting these items were higher crude oil and natural gas realizations, higher natural gas and crude oil sales volumes, and higher equity income from the absence of a TCO royalty expense. Foreign currency effects had an unfavorable impact on earnings of $249 million between periods.

The average sales price for crude oil and natural gas liquids in third quarter 2017 was $48 per barrel, up from $41 a year earlier. The average price of natural gas was $4.76 per thousand cubic feet in the quarter, compared with $4.18 in last year's third quarter.

Net oil-equivalent production of 2.04 million barrels per day in third quarter 2017 was up 221,000 barrels per day from a year earlier. Production increases from major capital projects, primarily Gorgon and Angola LNG, and lower planned turnaround effects at Tengizchevroil, were partially offset by production entitlement effects in several locations and normal field declines. The net liquids component of oil-equivalent production increased 5 percent to 1.19 million barrels per day in the 2017 third quarter, while net natural gas production increased 25 percent to 5.05 billion cubic feet per day.

DOWNSTREAM

U.S. downstream operations earned $640 million in third quarter 2017, compared with earnings of $523 million a year earlier. The increase in earnings was primarily due to higher margins on refined product sales.

Refinery crude oil input in third quarter 2017 decreased 4 percent from the year-ago period to 931,000 barrels per day. Refined product sales of 1.23 million barrels per day decreased 2 percent from third quarter 2016. Branded gasoline sales of 540,000 barrels per day decreased 2 percent from the 2016 period. Both refinery crude oil input and refined product sales were lower due to divestment of the Hawaii refining and marketing assets in fourth quarter 2016.

International downstream operations earned $1.17 billion in third quarter 2017, compared with $542 million a year earlier. The increase in earnings was largely due to higher gains on asset sales, primarily from the sale of the company's Canadian refining and marketing assets. Higher operating expenses and lower margins on refined product sales were partially offsetting. Foreign currency effects had a favorable impact on earnings of $19 million between periods.

Refinery crude oil input of 801,000 barrels per day in third quarter 2017 increased 11,000 barrels per day from the year-ago period mainly due to crude unit optimization and lower maintenance at the company's affiliate, Singapore Refining Company.

Total refined product sales of 1.55 million barrels per day in third quarter 2017 were up 6 percent from the year-ago period, primarily due to higher diesel and jet fuel sales.

ALL OTHER

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. 

Net charges in third quarter 2017 were $351 million, compared with $236 million a year earlier. The change between periods was mainly due to higher tax items and higher corporate charges. Partially offsetting was lower interest expense. Foreign currency effects decreased net charges by $46 million between periods. 

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first nine months of 2017 was $14.3 billion, compared with $9.0 billion in the corresponding 2016 period. Excluding working capital effects, cash flow from operations in 2017 was $15.0 billion, compared with $10.2 billion in the corresponding 2016 period.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first nine months of 2017 were $13.4 billion, compared with $17.2 billion in the corresponding 2016 period. The amounts included $3.3 billion in 2017 and $2.7 billion in 2016 for the company's share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 89 percent of the companywide total in the first nine months of 2017.

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Earlier:

CHEVRON - AUSTRALIA LNG
2017, October, 13, 12:30:00

CHEVRON - AUSTRALIA LNG

Wheatstone, co-owned by Australia’s Woodside Petroleum, Kuwait Foreign Exploration Co and Japan’s Kyushu Electric Power Co, has two gas liquefaction units, which at full capacity will supply 8.9 million metric tonnes of LNG a year to customers in Asia.

 
 CHEVRON'S INVESTMENT $4 BLN
2017, September, 25, 13:05:00

CHEVRON'S INVESTMENT $4 BLN

Oil major Chevron Corp will next year invest around $4 billion to ramp up its crude production in the Permian Basin area of the United States, a company executive said on Monday.

 

 CHEVRON EARNINGS $1.45 BLN
2017, July, 31, 14:10:00

CHEVRON EARNINGS $1.45 BLN

Chevron Corporation (NYSE: CVX) reported earnings of $1.5 billion ($0.77 per share – diluted) for second quarter 2017, compared with a loss of $1.5 billion ($0.78 per share – diluted) in the second quarter of 2016. Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier.

 

 CHEVRON'S INVESTMENT DOWN 15%
2016, December, 9, 18:30:00

CHEVRON'S INVESTMENT DOWN 15%

Chevron Corporation (NYSE:CVX) today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures.

 

 CHEVRON'S LNG FOR CHINA
2016, August, 31, 18:45:00

CHEVRON'S LNG FOR CHINA

Chevron Corporation (NYSE: CVX) announced that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed a binding LNG Sales and Purchase Agreement (SPA) with ENN LNG Trading Company Limited (ENN) for the delivery of liquefied natural gas (LNG) to China from Chevron’s global supply portfolio. Under the terms of the SPA, ENN will receive up to 0.65 million metric tons per annum (MTPA) of LNG over 10 years, with the first delivery expected to start in 2018 or the first half of 2019.

 

 MAJORS DEBT'S RECORD
2016, August, 24, 18:55:00

MAJORS DEBT'S RECORD

Exxon Mobil Corp.Royal Dutch Shell PLC, BP PLC and Chevron Corp. hold a combined net debt of $184 billion -- more than double their debt levels in 2014, when oil prices began a steep descent that eventually bottomed out at $27 a barrel earlier this year. Crude prices have rebounded since, but still hover near $50 a barrel.

 CHEVRON'S PROJECT: $36.8 BLN
2016, July, 6, 18:10:00

CHEVRON'S PROJECT: $36.8 BLN

"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

 

 

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U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

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