CHEVRON EARNINGS $1.45 BLN
CHEVRON - 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.
Sales and other operating revenues in second quarter 2017 were $33 billion, compared to $28 billion in the year-ago period.
“Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive,” said Chairman and CEO John Watson. “We’re delivering higher production with lower capital and operating expenditures.”
“Oil and gas production was up 10 percent in the second quarter from a year ago,” Watson added. “Our Gorgon LNG Project in Australia closed the quarter running above nameplate capacity and we had record production from our shale and tight resource in the Permian Basin. First production from the Wheatstone LNG Project is expected next month.”
“Operating expenses were down 10 percent and capital spending was down 25 percent in the first six months of the year versus 2016,” Watson commented.
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BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.
IMF - The agreement reached today reflects the IMF’s commitment to continue to help Ukraine achieve stronger, sustainable, and inclusive economic growth. The new program has been developed in close coordination with the World Bank and the European Union, who have parallel operations to support Ukraine. The authorities’ steadfast and effective implementation will be critical for the program to achieve its objectives.
CNBC - Ukraine announced on Friday it would raise household gas prices by nearly a quarter as Prime Minister Volodymyr Groysman warned that the country risked default if it crashed out of its International Monetary Fund aid program.
Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion