08/11/2024 by Mark
Oil major Chevron produced more oil than ever before in the last quarter, according to its third-quarter results.
Despite hurricane weather affecting its operations in the US Gulf of Mexico, the company’s global production of net oil-equivalent rose by 7% on the same quarter last year. This was due partly to its acquisition of PDC Energy helping to push its production in the Permian Basin to record levels.
It also recently announced that its Anchor project in the US Gulf of Mexico has begun production. This $5.7-billion project is the first to exploit ultra-deep reservoirs using revolutionary high-pressure technology.
Chevron, the maker of the Texaco grease and lubricant range, also has the scope to increase its production further should its proposed merger with Hess go ahead. While it has already passed an antitrust review by the Federal Trade Commission, there is a dispute over Hess’s assets in Guyana.
Chevron’s chief executive officer and chairman, Mike Wirth, said about the results:
“We delivered strong financial and operational results, started up key projects in the U.S. Gulf of Mexico and returned record cash to shareholders this quarter. We are also taking steps to optimise our portfolio and reduce operating costs to deliver superior long-term value to shareholders.”
The company announced that adjusted earnings for the quarter were down year on year from $5.7 billion to $4.5 billion due to lower oil prices and low margins on refining. Nevertheless, the earnings per share came in higher than the $2.42 predicted by analysis in The Wall Street Journal at $2.51.
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