Chevron revenues, earnings dive

American multinational energy corporation Chevron on Friday posted a decline in its earnings as well as revenues for the 3Q 2016 period.

Chevron’s earnings during the third quarter of 2016 were $1.28 billion compared to $2.04 billion in the prior-year quarter.

The company’s revenues dropped to $30.1 billion from $34.3 billion in the same period last year.

“Third quarter results, though down from a year ago, reflect an improvement from the first two quarters of this year,” said Chairman and CEO John Watson.

“We have made progress toward our goals of lowering the cash breakeven in our upstream business and getting cash balanced,” Watson added.

“Capital spending and operating and administrative expenses have been reduced by over $10 billion from the first nine months of 2015 as a result of a series of deliberate actions we have taken.”

The company’s worldwide net oil-equivalent production was 2.51 million barrels per day in third quarter 2016, compared with 2.54 million barrels per day from a year ago.

Production increases from major capital projects, shale and tight properties, and base business were more than offset by normal field declines, the effect of asset sales, maintenance-related downtime primarily reflecting a major planned turnaround at Tengizchevroil, the effects of civil unrest in Nigeria and production entitlement effects in several locations.

Offshore Energy Today Staff