Chevron profits up in Q4

SAN RAMON, January 27, 2017 – US major Chevron reported some USD 415 million in fourth-quarter earnings on Friday, overturning the USD 588-million loss registered over the same period in 2015.

The company’s full-year 2016 results, however, revealed loss of USD 497 million, down from a profit of USD 4.6 billion in 2015. “Our 2016 earnings reflect the low oil and gas prices we saw during the year,” CEO John Watson aid in a statement.

“We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion,” he added. “We are well positioned to improve earnings and be cash flow balanced in 2017 through continued tight spending and cost control and additional revenue from expected production growth.”

Sales over the last quarter of 2016 came out at USD 30 billion, up by around USD 2 billion from a year earlier. Production was level at around 2.67 million boepd during the fourth quarter. Measured over the whole year, the company’s net oil equivalent output reached 2.59 million boepd, down 1% on account of turmoil in Nigeria.

At the end of 2016, liquidity stood at USD 7 billion, down some USD 4.3 billion from a year earlier, while debt recorded at USD 46.1 billion, up USD 7.5 billion year-on-year.

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