LNG

Jan 30 (LNGJ) - Chevron Corp., the California-based US major with LNG projects in Australia and elsewhere, has posted fourth-quarter net income of $415 million compared with a loss of $588M in the same three months of the previous year. “Our 2016 earnings reflect the low oil and gas prices we saw during the year,” said Chairman and Chief Executive John Watson. “We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion,” he added. “We achieved first gas and cargo shipments at our Gorgon Project in Australia, first gas at our Chuandongbei Project in China and increased production from our (US) Permian Basin shale and tight oil properties,” said CEO Watson.