Chevron on July 28, 2017, reported a net income of $1,45 billion for the 2nd quarter of the year, a substantial leap from a loss of $1.47 billion a year ago.
The results was boosted by an $853 million contribution from the upstream segment, which in 2Q 2016 recorded a loss of $2,46 billion.
«2nd quarter results improved substantially from a year ago and year-to-date net cash flow is positive. We’re delivering higher production with lower capital and operating expenditures.», said CEO of Chevron John Watson.
«Oil and gas production was up 10 % in the 2nd quarter from a year ago,» Watson added.
«Our Gorgon LNG Project in Australia closed the quarter running above nameplate capacity and we had record production from our shale and tight resource in the Permian Basin. 1st production from the Wheatstone LNG Project is expected next month. Operating expenses were down 10 % and capital spending was down 25 % in the 1st 6 months of the year versus 2016,» Watson said.