Chevron says Mike Wirth to stay as CEO as Permian Basin output hits record and solid LNG performance expected
Chevron Corp., the oil and gas major and leading LNG producer, said the mandatory retirement age for President and Chief Executive Mike Wirth had been waived by the company and he would be staying on as Chevron also provided a preview of likely second-quarter earnings.
Chevron CEO outlines Australian LNG maintenance plans and expansions in East Med and Equatorial Guinea
Chevron Corp., the leading LNG production company with operated plants from Australia to Angola, reported 5 percent higher first-quarter earnings, rising to $6.57 billion and noted that planned LNG maintenance was scheduled in the second quarter.
Chevron more than doubles net profits from US oil and gas assets and assorted global LNG projects
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 explains earnings targets and moves to adapt LNG strategy with more Atlantic Basin activities
Chevron Corp., the US major with liquefied natural gas projects in nations such as Australia and mainly supplying the Asia-Pacific region, said events in Europe meant a gradual change in strategy to increase LNG activities in the Atlantic Basin, including the East Mediterranean.
Chevron earnings hit eight-year high as CFO Breber gives LNG overview and winter cargo expectations
US major Chevron Corp., a key operator of LNG export plants in Australia and Africa, reported third-quarter earnings of $6.1 billion, the highest in more than eight years and expressed optimism over natural gas markets and future LNG operations.
Chevron earnings drop 60 percent as analysts hear latest on Gorgon LNG and spot market activities
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.
Chevron outlines Australia LNG plans and discloses impact on Permian of US oil and gas restrictions
Chevron Corp., one of the leading global liquefied natural gas operators, will have continued lower output at the Gorgon and Wheatstone LNG plants in early 2021 and explained plans for the Permian Basin in Texas in the light of the new US regime for curtailment of the oil and gas industry by means of executive orders.
Saudi Aramco posts $16.9Bln quarterly profits and plans capital spending of $25Bln-$30Bln
The Saudi Arabian Oil Co (Saudi Aramco), the biggest crude oil production company and partly responsible for swamping the globe with oil supplies amid a demand plunge, reported a 25 percent drop in first-quarter net income to $16.7 billion from $22.21Bln in the prior-year quarter.
