CHEVRON NET LOSS $912 MLN
Chevron Corporation (NYSE: CVX) reported earnings of $1.3 billion ($0.68 per share – diluted) for third quarter 2016, compared with earnings of $2.0 billion ($1.09 per share – diluted) in the third quarter of 2015. Foreign currency effects increased earnings in the 2016 third quarter by $72 million, compared with an increase of $394 million a year earlier.
Sales and other operating revenues in third quarter 2016 were $29 billion, compared to $33 billion in the year-ago period.
"Third quarter results, though down from a year ago, reflect an improvement from the first two quarters of this year," said Chairman and CEO John Watson. "Our operational performance in the third quarter was strong. Our refineries continued to run well and Tengizchevroil completed the largest turnaround in its history ahead of schedule and under budget. We have had steady LNG production and cargo shipments from Gorgon Train 1, and we recently started LNG production from Gorgon Train 2. In light of these milestones, we expect December production between 2.65-2.70 million barrels per day in oil-equivalent."
"We have made progress toward our goals of lowering the cash breakeven in our upstream business and getting cash balanced," Watson added. "Capital spending and operating and administrative expenses have been reduced by over $10 billion from the first nine months of
2015 as a result of a series of deliberate actions we have taken."
The company's Board of Directors approved a $0.01 per share increase in the quarterly dividend to $1.08 per share, payable in December 2016. With this increase, the company has raised the annual dividend payout on its common shares for the 29 th consecutive year.
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WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.
BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.
PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.
REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.