Chevron’s profit climbs on higher prices, production

Chevron, the US-based energy company and the operator of the giant Gorgon and Wheatstone LNG projects in Australia, reported a rise in profit during the first quarter of 2018. 

According to the company’s report, the earnings in the quarter under review stood at $3.6 billion, compared to the $2.7 billion reported in the corresponding quarter in 2017.

Speaking of the increase, Chevron’s chairman and CEO Michael Wirth said the company benefitted from growing production and higher prices.

Worldwide net oil-equivalent production was 2.85 million barrels per day in first quarter 2018, compared with 2.68 million barrels per day from a year ago.

Wirth added that upstream volumes are expected to continue to increase in future quarters.

U.S. upstream operations earned $648 million in first quarter 2018, compared with $80 million from a year earlier, with the international upstream operations earned $2.70 billion in first quarter 2018, compared with $1.44 billion a year ago.

U.S. downstream operations earned $442 million in first quarter 2018, compared with earnings of $469 million a year earlier, with the international downstream operations earned $286 million in first quarter 2018, compared with $457 million a year earlier.

Cash flow from operations in the first three months of 2018 was $5 billion, compared with $3.8 billion in the corresponding 2017 period.