LNG

Chevron Corp., the US major and operator of two world-class LNG export plants in Western Australia, has agreed to acquire Houston-based Noble Energy and its assets in US shale basins and the East Mediterranean, including the Leviathan and Tamar gas fields offshore Israel.

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.”