Chevron Corporation revealed a breakdown of its oil and gas production in the third quarter of this year in its latest results statement, which was posted on the company’s website recently.
According to this statement, the company’s net oil equivalent production came in at 4.086 million barrels per day in the third quarter.
Chevron’s statement showed that this output was almost evenly distributed across its U.S. upstream segment and its international upstream segment. In the third quarter, Chevron’s net oil equivalent production from its U.S. upstream segment was 2.040 million barrels per day and its net oil equivalent production from its international upstream segment was 2.046 million barrels per day, the statement highlighted.
Of the U.S. upstream net oil equivalent output, liquids production made up 1.496 million barrels per day and natural gas production made up 3.265 billion cubic feet per day, according to the statement. The company’s international upstream net oil equivalent production comprised 1.099 million barrels per day of liquids production and 5.674 billion cubic feet per day of natural gas production, the statement revealed.
Chevron’s total net oil equivalent production was 3.396 million barrels per day in the second quarter and 3.364 million barrels per day in the third quarter of last year. The company’s U.S. upstream net oil equivalent production came in at 1.695 million barrels per day in the second quarter and 1.605 million barrels per day in the third quarter of last year, the statement highlighted. Chevron’s international upstream net oil equivalent output was 1.701 million barrels per day in the second quarter and 1.759 million barrels per day in the third quarter of 2024, according to the statement.
Chevron reported upstream earnings of $3.302 billion in the third quarter in its latest results statement, which showed that the company’s upstream earnings stood at $2.727 billion in the second quarter and $4.589 billion in the third quarter of last year.
The company had U.S. upstream earnings of $1.282 billion in the third quarter, $1.418 billion in the second quarter, and $1.946 billion in the third quarter of 2024, its latest results statement showed. International upstream earnings came in at $2.020 billion in the third quarter, $1.309 billion in the second quarter, and $2.643 billion in the third quarter of last year, according to the statement.
Chevron’s total earnings stood at $3.359 billion in the third quarter, the company’s latest results statement showed. These earnings came in at $2.490 billion in the second quarter and $4.487 billion in the third quarter of 2024, the statement pointed out.
“Reported earnings decreased compared to last year primarily due to lower crude oil prices, severance costs, and other transaction costs related to the Hess acquisition, partly offset by higher margins on refined product sales,” Chevron said in its latest results statement.
“Worldwide and U.S. net oil-equivalent production set quarterly records, with the Hess acquisition contributing 495,000 barrels of oil equivalent per day,” it added.
“An additional 227,000 barrels of oil equivalent per day increase came from legacy Chevron production growth, including gains in the Permian Basin and the ramp-up of projects at the company’s Tengizchevroil LLP (TCO) affiliate and in the Gulf of America,” it continued.
Chevron noted in the statement that U.S. upstream earnings were lower than the year-ago period “primarily due to lower liquids realizations and severance and other transaction costs related to the Hess acquisition, partly offset by impacts from higher sales volumes”.
“U.S. net oil-equivalent production during the quarter was up 435,000 barrels per day from a year earlier primarily due to the acquisition of Hess and higher production in the Permian Basin and Gulf of America,” it added.
Chevron went on to highlight in the statement that international upstream earnings were lower than a year ago “primarily due to lower affiliate earnings, lower realizations, and asset sales, partly offset by earnings from legacy Hess, primarily Guyana”.
“Net oil-equivalent production during the quarter was up 287,000 barrels per day from a year earlier primarily due to the acquisition of Hess and higher production in Kazakhstan as the Future Growth Project at TCO maintained nameplate capacity, partly offset by impacts from asset sales in Canada and Republic of Congo,” it added.
In the statement, Mike Wirth, Chevron’s Chairman and CEO, said, “third quarter results reflect record production, strong cash generation, and sustained superior cash returns to shareholders”.
“U.S. and worldwide production hit new company records, up 27 percent and 21 percent, respectively, from last year. Strong cash flow from operations was sustained while the company’s adjusted free cash flow increased more than 50 percent from a year ago,” he added.
“The company returned $6 billion of cash to shareholders in the quarter, and over $78 billion in the last three years,” he continued.
Wirth went on to note in the statement that “the integration of Hess is progressing well, unlocking synergies across our operations and positioning Chevron as a premier global energy company”.
To see where Exxon Mobil Corporation’s oil and gas production came from in the third quarter, click here.
To contact the author, email andreas.exarheas@rigzone.com
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