Proactiveinvestors recommends

Additional Information

Market:	NYSE
Sector:	Oil & Gas Exploration & Production
EPIC:	CVX
Latest Price:	105.50 (1.75% )
52-week High:	110.37
52-week Low:	89.88
Market Cap:	211,315.00M

1 year chart

1 day chart

Chevron
www.chevron.com

Chevron is one of the world's largest upstream and downstream oil and gas companies with operations across the globe. The company also has interests in rare earth minerals, coal, chemicals and power.

Full Chevron profile here

Chevron second quarter earnings surge to $5.1 billion on higher production and better margins

30th Jul 2010, 5:11 pm

Chevron Corporation (NYSE:CVX) followed a similar patter to other major oil and gas companies this week, announcing solid earnings as it benefited from rising oil prices , improved margins at its refineries and higher production levels.

The US listed, international giant, generated second quarter earnings of $5.41 billion, or $2.70 per diluted share, compared to $1.75 billion and 87 cents per shares in the second quarter of 2009. Foreign exchange gains also added $241 million to the results, compared to a forex loss in the same quarter last year of $453 million. Total revenues in the second quarter came in at $51 billion, up $11 billion, as the company benefited from higher prices for crude oil, natural gas and refined products.

For the first half of 2010, earnings were $9.96 billion, up from $3.58 billion in the first six months of 2009.

"We had another very successful quarter -- both operationally and financially," said Chairman and CEO John Watson. "Current quarter earnings from upstream operations benefited significantly from higher prices for crude oil and natural gas and higher net oil-equivalent production. In the downstream, improved margins for refined petroleum products contributed to increased earnings."

Watson added, "During the second quarter, we continued to make significant progress toward building a leading natural gas business to supply Australia and the Asia-Pacific region.

Chevron went on to highlight several key exploration and development projects in the pipeline for the company, including exploration of 200,000 acres of shale gas leases in Western Canada, which is expected to get underway in at the end of 2011. The company has also confirmed it would be investing in the Duri Field in Indonesia, which would boost production by 20,000 barrels per day (bpd). Chevron also reported on activities in Australia`s LNG sector, exploration in Romania, Venezuela and Russia.

During the second quarter, Chevron produced (net oil-equivalent) 2.75 million bpd, up 3% on Q2 2009, driven largely by developments in Kazakhstan, Brazil and the US.

The company's average sales price per barrel of crude oil and natural gas liquids was approximately $71 in the 2010 quarter, compared with $50 a year ago. The average sales price of natural gas was $4.01 per thousand cubic feet, up from $3.27 in last year's second quarter.

Capital and exploratory expenditures in the first six months of 2010 were $9.4 billion, compared with $11.4 billion in the corresponding 2009 period.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

LOGIN

Chevron second quarter earnings surge to $5.1 billion on higher production and better margins

No investment advice