Chevron posts USD 5.6 bln in Q3 earnings

Chevron reported earnings of $5.6 billion for the third quarter 2014, compared with $5.0 billion in the 2013 third quarter.

Sales and other operating revenues in third quarter 2014 were $52 billion, compared to $57 billion in the year-ago period.

“Despite a decline in crude oil prices, our third quarter earnings were higher than a year ago,” said Chairman and CEO John Watson. “Overall downstream results improved, reflecting the benefits of lower feedstock costs and better refinery reliability, particularly in the U.S. We also concluded certain asset sales as part of our announced, three-year divestment program. Cash generation in the quarter was solid, and our financial strength enables us to both reward our investors through distributions and fund value-adding projects.”

Watson added that the company continues to make good progress on key development projects.

“New production was recently achieved at the Bibiyana Expansion Project in Bangladesh. The Tubular Bells and Jack/St. Malo projects in the deepwater Gulf of Mexico are expected to start up during the fourth quarter and important construction milestones continue to be reached on our Gorgon and Wheatstone LNG projects in Australia. In addition, we continue to make steady progress on the development and ramp-up of production from our shale and tight resources, particularly in the Permian. These and other major capital projects are expected to deliver significant growth in production, earnings and cash flows in the years ahead,” said Watson.

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Press Release; Image: Chevron