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Chevron reports high production level

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  • ExxonMobil beats analyst expectations with their second-quarter results

U.S. oil major, Chevron, has reported an increase in production in the Permian Basin, which is at the heart of the US shale boom.

Fellow oil major, Exxon posted an overall 7% rise from the year-ago period to 3.9 million barrels of oil equivalent a day with Chevron’s rising 9% to 3.08 million barrels a day.

The companies beat analyst expectations with their second-quarter results even amid fears of a deceleration in the boom.

Chevron reached the highest production levels in its history driven by increased output in the Permian and at Wheatstone in Australia, alongside a boost from the $740 million termination fee after a bid to acquire rival Anadarko fell through. Chevron’s earnings for the quarter were $4.3 billion (€3.9 billion) or $2.27 per share, up 27% from last year.

According to Irish Times, ExxonMobil reported a 21% drop in earnings to $3.1 billion, or 73 cents a share in the three months to the end of June, but this was ahead of the median forecast for 66 cents a share among analysts in a poll conducted by Refinitiy.

The company pointed to tight fuel margins and unscheduled shutdowns at a number of its refineries. Capital and exploration expenditures rose 22% from a year ago to $8.1 billion, reflecting its investments in the Permian. Revenues fell 6% year-on-year to $69.09 billion, which was nearly $4 billion ahead of Wall Street forecasts.

Source Irish Times
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