2019-08-05 13:20:00
CHEVRON'S NET INCOME $4.3 BLN
CHEVRON - Chevron Reports Second Quarter Net Income of $4.3 Billion
- Upstream volumes up 9 percent from prior year; includes Permian unconventional production of 421,000 barrels per day
- Second quarter cash flow from operations of $8.8 billion
- Share repurchases of $1.0 billion in second quarter
San Ramon, Calif., Aug. 2, 2019 – Chevron Corporation (NYSE: CVX) today reported earnings of $4.3 billion ($2.27 per share - diluted) for second quarter 2019, compared with $3.4 billion ($1.78 per share - diluted) in the second quarter of 2018. Included in the current quarter were earnings of $740 million associated with the Anadarko merger termination fee and a noncash tax benefit of $180 million related to a reduction in the Alberta, Canada corporate income tax rate. Foreign currency effects increased earnings in the 2019 second quarter by $15 million. Sales and other operating revenues in second quarter 2019 were $36 billion, compared to $40 billion in the year-ago period.
"Second quarter earnings and cash flow benefited from record quarterly production volumes and the receipt of the Anadarko merger termination fee, partially offset by the impact of lower oil and gas prices," said Michael Wirth, Chevron's chairman of the board and chief executive officer. "Net oil-equivalent production was the highest in the company's history, driven by continued growth in the Permian Basin and at Wheatstone in Australia."
"Our strong financial and operational results reflect consistent execution, allowing us to pay our dividend, fund our attractive capital program, further strengthen our balance sheet and return surplus cash to our shareholders. After suspending our share repurchases while in merger discussions with Anadarko, we resumed buybacks in May and expect to be at our planned repurchase rate of $5 billion per year in the third quarter," Wirth added.
"We continue to high-grade our portfolio and made progress on our three-year target of $5-10 billion of asset sale proceeds. During the quarter, we executed a sales agreement for our U.K. Central North Sea upstream assets, which we expect to close later this year. We also completed the acquisition of the Pasadena refinery in Texas, which will enable us to supply more of our retail market with Chevron-produced products and process more domestic light crude oil," Wirth said.
Additionally, Chevron Phillips Chemical Company LLC, the company's 50 percent-owned affiliate, recently announced plans to jointly develop petrochemical projects in the U.S. Gulf Coast and Qatar with start-ups expected in 2024 and 2025, respectively.
The company also recently entered into agreements to invest in renewable natural gas plants in California and to purchase renewable power in Texas for its Permian Basin operations.
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Earlier:
Earlier:
2019, July, 10, 12:40:00
CHEVRON, QATAR DEAL $8 BLN
Chevron Phillips Chemical, a joint venture of Chevron and Phillips 66, will be the majority owner with a 51 percent share, with Qatar Petroleum owning 49 percent of the project. The companies expect a final investment decision no later than 2021 for the project, which has a target of starting in 2024.
Chronicle:
2022, August, 12, 08:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
2022, August, 12, 08:43:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia.
The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
2022, August, 12, 08:42:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023
Link to the Congress website: https://bit.ly/3tXVmr7
2022, August, 12, 08:40:00
GERMANY'S HARD WINTER
With nearly half of German homes relying on gas for heating, the country faces potential rationing if it fails to secure sufficient reserves.
2022, August, 12, 08:35:00
LIMITED RUSSIA SANCTIONS
Russian oil production in July was only 310,000 b/d below prewar levels, a fall of less than 3 per cent, while total oil exports were down about 580,000 b/d, according to the IEA’s latest monthly oil report.
2022, August, 12, 08:30:00
BRITAIN'S HARD WINTER
Under the government’s latest “reasonable worst-case scenario,” Britain could face an electricity capacity shortfall totaling about a sixth of peak demand, even after emergency coal plants have been fired up, according to people familiar with the government’s planning.
2022, August, 12, 08:25:00
GLOBAL LNG UNCERTAINTY
The money lost is dwarfed by enormous profits both BP and Shell recorded this year on the back of soaring refining margins and high oil and gas prices.