Chevron reports drop in production |
| Financial Times - Oct 28, 2011 |
Chevron, the second-biggest oil company in the US by market capitalisation, followed the industry trend in reporting a drop in production even as its third-quarter earnings more than doubled on higher prices for crude oil and refined products.
Chevron’s global net oil-equivalent production was 2.6m barrels per day in the third quarter, down from 2.74m bpd in the same period last year, on maturing fields and maintenance-related downtime.
ExxonMobil, BP and ConocoPhillips also noted production declines in the quarter, with only Royal Dutch Shell reporting a third-quarter rise, driven by its oil sands projects in Canada and gas in Qatar.
Replacing production is crucial to the growth profiles of the oil majors but all have been hampered by resource nationalism, ageing conventional oil fields and the high cost of developing unconventional resources.
Such resources are key to future growth and Chevron said its development of the Wheatstone and Gorgon liquefied natural gas projects in Australia, for example, would provide substantial new energy supplies.
Read Full Article from Financial Times
- Posted: 2011-10-28 13:27:57
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
