CHEVRON NET LOSS $497 MLN
Chevron Corporation reported earnings of $415 million ($0.22 per share – diluted) for fourth quarter 2016, compared with a loss of $588 million ($0.31 per share – diluted) in the 2015 fourth quarter. Foreign currency effects increased earnings in the 2016 quarter by $26 million, compared with an increase of $46 million a year earlier.
Full-year 2016 results were a loss of $497 million ($0.27 per share – diluted) compared with earnings of $4.6 billion ($2.45 per share – diluted) in 2015.
Sales and other operating revenues in fourth quarter 2016 were $30 billion, compared to $28 billion in the year-ago period.
"Our 2016 earnings reflect the low oil and gas prices we saw during the year," said Chairman and CEO John Watson. "We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion. We are well positioned to improve earnings and be cash flow balanced in 2017 through continued tight spending and cost control and additional revenue from expected production growth. That confidence enabled us to increase the 2016 annual dividend payout for the 29 th consecutive year."
"We were able to reach noteworthy milestones in 2016 on major capital projects," Watson added. "We achieved first gas and cargo shipments at our Gorgon Project in Australia, first gas at our Chuandongbei Project in China, and increased production from our Permian Basin shale and tight oil properties. In addition, we announced the final investment decision on the Future Growth and Wellhead Pressure Management Project at the company's 50 percentowned affiliate, Tengizchevroil, in Kazakhstan."
Watson commented that the company added approximately 900 million barrels of net oilequivalent proved reserves in 2016. These additions, which are subject to final reviews, equate to approximately 95 percent of net oil-equivalent production for the year. The largest additions were from the Future Growth Project at Tengizchevroil, the Permian Basin in the United States and the Wheatstone Project in Australia. The company will provide additional details relating to 2016 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 23, 2017.
At year-end, balances of cash, cash equivalents and marketable securities totaled $7.0 billion, a decrease of $4.3 billion from the end of 2015. Total debt at December 31, 2016 stood at $46.1 billion, an increase of $7.5 billion from a year earlier.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.