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2016-08-01 18:35:00

CHEVRON NET LOSS 2.2 BLN

CHEVRON NET LOSS 2.2 BLN

Chevron Corporation (NYSE: CVX) reported a loss of $1.5 billion ($0.78 per share – diluted) for second quarter 2016, compared with earnings of $571 million ($0.30 per share – diluted) in the second quarter of 2015. Included in the quarter were impairments and other non-cash charges totaling $2.8 billion, partially offset by gains on asset sales of $420 million. Foreign currency effects increased earnings in the 2016 second quarter by $279 million, compared with a decrease of $251 million a year earlier. Sales and other operating revenues in second quarter 2016 were $28 billion, compared to $37 billion in the year-ago period.

"The second quarter results reflected lower oil prices and our ongoing adjustment to a lower oil price world," said Chairman and CEO John Watson. "In our upstream business, we recorded impairment and other charges on certain assets where revenue from expected oil and gas production is expected to be insufficient to recover costs. Our downstream business continued to perform well."

"We continue to make progress towards our goal of getting cash balanced," Watson added. "Our operating expenses and capital spending were reduced over $6 billion from the first six months of 2015."

"In addition, we're bringing our major capital projects to completion," Watson stated. "We have restarted LNG production and cargo shipments at Gorgon and Angola LNG, and started up the third train at the Chuandongbei Project in China. Construction at our other key projects is progressing, and we expect additional start-ups later this year. As these projects continue to ramp up, they are expected to increase net cash generation in future quarters."

"We recently announced the final investment decision on the Future Growth and Wellhead Pressure Management Project at Tengiz in Kazakhstan," Watson added. "The project represents an excellent opportunity for the company. It builds on our strong track record at Tengiz and is expected to create future value for our shareholders."

CHEVRON FINANCIAL RESULT 2Q2016

 

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Earlier: 

OIL COULD BE UNECONOMIC 

CHEVRON'S PROJECT: $36.8 BLN 

PRICE: $50 ISN'T ENOUGH 

CHEVRON: TRILLIONS OF DOLLARS 

CHEVRON WILL CUT BUDGET BY 17% 

CHEVRON NET LOSS $725 MLN

 

 

 

Tags: CHEVRON

Chronicle:

CHEVRON NET LOSS 2.2 BLN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

CHEVRON NET LOSS 2.2 BLN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

CHEVRON NET LOSS 2.2 BLN
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

CHEVRON NET LOSS 2.2 BLN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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