USA: Chevron Q1 Earnings at USD 6,5 Billion

Chevron Corporation today reported earnings of $6.5 billion for the first quarter 2012, compared with $6.2 billion in the 2011 first quarter.

Sales and other operating revenues in the first quarter 2012 were $59 billion, compared to $58 billion in the year-ago period.

“In the first quarter, we continued to post strong earnings and healthy cash flows,” said Chairman and CEO John Watson. “This has enabled us to both reward our shareholders with a substantial dividend increase, our third in just over a year, and to reinvest in profitable growth projects to help meet rising global energy demand. Our key development projects remain on track to deliver compelling volume growth over the next five years.” Watson continued, “New production is coming on as planned, and we continue to see strong customer interest in our Australia LNG projects that underpin our future growth.”

Important recent upstream milestones include:

• Nigeria – First production at the deepwater Usan project.

• United States – First production at the Caesar/Tonga project in the deepwater Gulf of Mexico.

• Australia – Signing a nonbinding Heads of Agreement with Japan’s Chubu Electric for Wheatstone LNG, bringing the total amount of Chevron’s equity LNG covered by long-term agreements for this major project to more than 70 percent.

The company’s Board of Directors approved an 11.1 percent increase in the quarterly dividend, to $0.90 per share, payable in June 2012. The company purchased $1.25 billion of its common stock in the first quarter 2012 under its share repurchase program.

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LNG World News Staff, April 27, 2012; Image: Chevron