Chevron had a fine 2017 and things are looking even better for the rest of 2018. Earnings and cash flow are surging thanks to what the company calls a “powerful combination” of upstream margins and volumes, and its annual revenues were up 25% to $135 billion. Production is booming in Texas, New Mexico and the Gulf of Mexico. The only trouble spot is in domestic refining, where earnings are down because of lower margins–but this was more than offset by the positive trends in production.
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News about Chevron
Chevron and Exxon Mobil expected to sharply ramp up production.
With land-based storage space running low, Venezuela has transferred 8.36 million barrels of crude onto an armada of 16 ships
China National Offshore Oil Corp. said in Beijing on Tuesday that it had inked oil and gas accords with nine firms.
Oil prices have fallen 28% since early October and now stand at a 13-month low.
Chevron, ExxonMobil, and Occidental Petroleum are joining the Oil and Gas Climate Initiative.