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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AZERNEWS - The estimated cost of construction of nuclear power plant of Russian design in Uzbekistan will be about $ 11 billion, the launch of the first power unit has been planned for 2028, the Aide to the President of the Russian Federation Yury Ushakov said.
SHANA - Managing Director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati said the supply of one billion cubic meters per day of natural gas by National Iranian Gas Company (NIGC) was one of the goals of the company by 2021.
WNN - China and Belgium have signed a framework agreement on cooperation in the peaceful use of nuclear energy. The agreement was one of several accords signed in Brussels yesterday during a meeting between Chinese Premier Li Keqiang and Belgian Prime Minister Charles Michel.
NPD - Preliminary production figures for September 2018 show an average daily production of 1 607 000 barrels of oil, NGL and condensate, which is a decrease of 255 000 barrels per day compared to August.