LNG

Chevron Corp. more than doubled net income in 2022 as oil and gas sales increased at higher prices and LNG export demand soared in the Atlantic and Pacific basins.

Chevron reported annual net income of $35.60 billion for the upstream and downstream divisions combined compared with $15.68Bln in the previous year as well as posting higher quarterly earnings.

For the fourth quarter, Chevron registered $6.37Bbln of profits versus $5.08Bln in the same three months of 2021 to the end of December.

Revenues in 2022 increased by 52 percent to $246.25Bln compared with $162.46Bln in the previous year from key assets in areas such as the Permian Basin, the Eastern Mediterranean and LNG export projects such as Gorgon and Wheatstone in Western Australia and Angola LNG in southwest Africa,

Fourth-quarter revenues jumped to $56.47Bln from $48.13 in the prior-year quarter.

“We delivered record earnings and cash flow in 2022, while increasing investments and growing US production to a company record,” said Mike Wirth, Chevron’s Chairman and Chief Executive.

US production

“The company’s investments increased by more than 75 percent from 2021, and annual US production increased to 1.2 million barrels of oil equivalent per day, led by 16 percent growth in Permian Basin unconventional production,” explained Wirth.

The San Ramon, California-based company said worldwide net oil-equivalent production was 3.01 million barrels per day in the fourth quarter 2022 and 3.00 million barrels per day for the full-year 2022.

Chevron added 1.1 billion barrels of net oil-equivalent proved reserves during last year.

“The largest net additions were from assets in the Permian Basin, Israel, Canada and the Gulf of Mexico” added Chevron.

The company also raised its quarterly dividend per share an additional 6 percent, to $1.51 per share, putting the company on track to increase its annual per share dividend for the 36th straight year.

In addition, the company’s board approved a new $75Bln share repurchase program.

Quarterly highlights

“We are well positioned to lead in both traditional and new energy businesses, while delivering higher returns, lower carbon and superior shareholder value,” declared Wirth.

Among Chevron’s quarterly highlights, the company listed the taking of final investment decisions on major integrated chemicals projects in Texas and Qatar for the company’s 50 percent owned affiliate, Chevron Phillips Chemical Company LLC.

Chevron also approved a project to expand the Tamar gas facility offshore Israel.

It additionally announced a “significant” new natural gas discovery at the Nargis block in the East Med offshore Egypt.

The US major is also going forward with the Ballymore project in the deepwater US Gulf of Mexico with design capacity of 75,000 barrels of crude oil per day.

Chevron increased it carbon-reduction plans with multiple carbon-capture projects, including the Bayou Bend storage project in the US Gulf Coast. It also received permits to assess carbon storage offshore Australia.

Chevron Corp. expects 2022 it be better than last year with improving Permian Basin activities and steady flows of cargoes from the US major’s two operated liquefied natural gas plants in Western Australia as the company also addressed LNG futures trading and other issues.

US major Chevron Corp., a key operator of LNG export plants in Australia and Africa, has reduced its capital and exploratory spending program to $15 billion, at the lower end of earlier guidance of up to $17Bln, while ExxonMobil Corp. has also modified its six-year investment plan.

Chevron Corp., the US major with liquefied natural gas stakes in Western Australia and Angola, reported a drop in earnings in the first quarter of over 60 percent and has outlined its repair and maintenance schedule for the Australian LNG processing Trains.

The bidding battle last year between Occidental Petroleum and Chevron Corp. for Anadarko Petroleum and its prized Mozambique LNG stake has brought a sharp change in fortunes for winner Occidental.

Chevron Corp., a leading liquefied natural gas operator in Australia, said it was downgrading investment plans for other ventures such as the Kitimat LNG project in Western Canada, its US Appalachia shale activities in the US Northeast and some overseas projects.

April 30 (LNGJ) - Chevron Corp. reported first-quarter earnings of $3.6 billion compared with $2.7Bln in the same three months a year ago. “Oil and gas production is increasing, most notably in our Gorgon and Wheatstone LNG projects in Australia, and our shale developments in the Permian Basin where production grew 65 percent from a year ago,” said Chairman and Chief Executive Michael Wirth. “Upstream volumes are expected to continue to increase in future quarters,” added Wirth. Chevron said production increases from shale and tight properties in the Permian Basin in Texas and New Mexico, and the base business in the Gulf of Mexico, were partially offset by the impact of asset sales of 39,000 barrels per day and normal field declines.

March 7 (LNGJ) - Chevron Corp. said at its annual meeting with analysts in New York that it intended to deliver more cash and output in 2018. “Even with no commodity price appreciation, we expect to deliver stronger upstream cash margins and production growth,” said Chief Executive Michael K. Wirth. “This is a powerful combination,” added Wirth. Chevron said that natural gas was an increasingly global commodity with steady demand and ample supply capacity. However, the US major said it expected to see an “LNG supply gap developing around 2025.”

Dec 7 (LNGJ) - Chevron Corp., currently ramping up its new Wheatstone LNG export plant in Western Australia, said it had set aside $18.3 billion for its 2018 capital and exploratory spending program. This figure includes $5.5Bln for the company’s share of expenditures by affiliated companies. “Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies and investment high-grading,” said Chairman and Chief Executive John Watson. “We’re fully funding our advantaged Permian Basin (US) position and dedicating approximately three-quarters of our spending to projects that are expected to realize cash flow within two years,” added the CEO.

Chevron Corp. and its joint venture partners in the US$34-billion Wheatstone LNG project in Western Australia have held a ceremony at the completed plant near Onslow to celebrate its success.