March 4, 2021

Chevron earns $ 6,954 million through June, down 1.3%

The American oil company Chevron earned between January and June 6,954 million dollars, 1.3% less than in the same period of the previous year, but in the second quarter its profit increased significantly by a millionaire compensation of its Western rival, which merged with Anadarko.

As announced in a statement on Friday, the company based in San Ramón (California) also reduced its semiannual turnover, 7.8%, to 70.512 million dollars.

As for the second quarter, to which most attention was paid today by Wall Street analysts, Chevron made a profit of 4,305 million, an increase of 26% year-on-year.

The firm said that in this part of the year it has benefited the penalty that Occidental had to pay for interrupting its merger with Anadarko, which has resulted in 740 million, as well as profits related to the taxation of Alberta (Canada), of 180 millions.

Sales between April and June, meanwhile, decreased 10.3% and reached 36,323 million dollars.

Chevron oil production (upstream) amounted to 3.08 million barrels per day in the second quarter of the year, 9% more than in this period of 2018, and the extraction operations generated a profit of 896 million (almost 7% more).

Chevron chief executive Michael Wirth applauded the results of the second quarter and attributed them to high production volumes and compensation for the failed merger with Anadarko, although he recognized the impact of low oil and gas prices on his accounts .

"The net production of the oil equivalent has been the highest in the company's history, driven by continued growth in the Permian raft (in the southern US) and in Wheatstone, Australia," Wirth added.

Chevron pointed out that the production of the permian raft (Texas and New Mexico) was 421,000 barrels per day, that is, an increase of 50% year-on-year, "as the firm continues to invest in the opportunities for good results in this key region. ".

Regarding the refined product or downstream, in the USA. The firm produced 960,000 barrels per day, 12% more year-on-year, with profits of 465 million dollars (almost 30% less).

Earnings per share, which US analysts take into account to compare with their estimates, were $ 3.66 in the semester (0.5% less) and $ 2.27 in the quarter (27.5% more ).

Chevron's results had a mixed reception, since second-half earnings convinced but not billing. The firm lost 0.72% in the Dow Jones group of Industrialists half an hour after the opening of the session on Wall Street.

. (tagsToTranslate) Chevron (t) earns (t) millions (t) dollars (t) June

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