Chevron 3Q Oil Production Rose 7% -- Energy Comment
October 29 2021 - 9:32AM
Dow Jones News
By Chris Wack
Chevron Corp. reported third-quarter earnings of $6.1 billion,
or $3.19 a share, compared with a loss of $207 million, or 12 cents
a share, in the same period last year. The company said the current
quarter included asset sale gains of $200 million and pension
settlement costs of $81 million. Foreign currency effects increased
earnings by $305 million.
On oil production:
"Worldwide net oil-equivalent production was 3.03 million
barrels per day in third quarter 2021, an increase of 7% from a
year ago."
"The improvement was primarily due to higher crude oil
realizations and sales volumes."
"The increase was due to an additional 224,000 barrels per day
of production following the Noble Energy acquisition, partially
offset by a 69,000 barrels per day decrease related to the
Appalachian asset sale."
"The net liquids component of oil-equivalent production in third
quarter 2021 increased 15% to 842,000 barrels per day, and net
natural gas production increased 13% to 1.71 billion cubic feet per
day, compared to last year's third quarter."
"Higher production of an additional 158,000 barrels per day
following the Noble Energy acquisition and lower production
curtailments, were partially offset by unfavorable entitlement
effects, normal field declines, and operational impacts that were
mainly due to the planned turnaround at Tengizchevroil."
"The net liquids component of oil-equivalent production
decreased 6% to 915,000 barrels per day in third quarter 2021,
while net natural gas production of 5.95 billion cubic feet per day
increased 13%, compared to last year's third quarter."
On refined products:
"Refined product sales of 1.19 million barrels per day were up
18% from the year-ago period, mainly due to higher gasoline, jet
fuel, and diesel demand as travel restrictions associated with the
COVID-19 pandemic continue to ease."
"Refined product sales of 1.39 million barrels per day in third
quarter 2021 increased 8% from the year-ago period, mainly due to
higher demand for gasoline and jet fuel."
By Chris Wack
(END) Dow Jones Newswires
October 29, 2021 10:17 ET (14:17 GMT)
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