Chevron, the US-based energy company and the operator of the giant Gorgon and Wheatstone LNG projects in Australia, saw its second-quarter earnings more than double.
The company reported earnings of $3.4 billion for the quarter under review, compared to the $1.5 billion in the second quarter last year.
Chevron’s chairman and CEO Michael Wirth noted that the results were positively impacted by “higher crude oil prices, strong operations and higher production.”
Worldwide net oil-equivalent production was 2.83 million barrels per day in second quarter 2018, compared with 2.78 million barrels per day from a year ago.
U.S. upstream operations earned $838 million in second quarter 2018, compared with a loss of $102 million from a year earlier. The improvement reflected higher realizations, lower impairment charges and higher crude oil production, partially offset by lower gains on asset sales.
U.S. downstream operations earned $657 million in second quarter 2018, compared with earnings of $634 million a year earlier.
Cash flow from operations in the first six months of 2018 was $11.9 billion, compared with $8.7 billion in the corresponding 2017 period.