Chevron Corporation Notes Income Increase
BUSINESS - Chevron Corporation recorded an increase in revenue in January-September 2017 to US $ 2.0 billion compared with the same period last year US $ 1.3 billion.
Chevron's revenues include asset sales of US $ 675 million and write-off of US $ 220 million.
The exchange rate effect has eroded Chevron's revenue during the third quarter of 2017 of US $ 112 million. In fact, in the same period last year, Chevron reap a blessing from the exchange rate of up to US $ 72 million.
Meanwhile, Chevron's sales and revenues sourced from other operations in January-September 2017 reached US $ 34 billion higher than the same period last year US $ 29 billion.
"We continue to see improvements in revenue and cash flow," said Chairman and CEO John Watson.
He explained that the improvement in cash flows was driven by increased oil and gas production. On the other hand, capital expenditure of oil and gas companies from the US was down.
"We are completing projects that have been constructed and increased production, especially at our Gorgon LNG Project in Australia and our shale and rig drilling activities in the Permian Basin."
He expects this pattern to continue. "Earlier this month, we announced the first LNG production from our Wheatstone LNG development in Australia."
Chevron's oil and gas production in the world during January-September 2017 reached 2.72 million barrels per day equivalent to oil rose compared to the same period last year 2.51 million bpd.
Meanwhile, Chevron's upstream oil and gas operations in the US suffered a loss of US $ 26 million in the third quarter of 2017, down from US $ 212 million in the same period last year. The improvement reflects Chevron's crude oil price hike.
Meanwhile, Chevron's average selling price rose to US $ 42 per barrel compared to last year's US $ 37 per barrel. The average selling price of natural gas was US $ 1.80 per thousand cubic feet (Mcf) in the third quarter of 2017, compared to US $ 1.89 in the same period last year.