Chevron Hits Production High in 2021, Net Output Down 5% in 4Q -- Energy Comment
January 28 2022 - 8:04AM
Dow Jones News
By Mary de Wet
Chevron Corp. said its net oil-equivalent production reached an
all-time high in 2021, although output fell in the fourth
quarter.
On its production:
Chevron said world-wide annual net oil-equivalent production
rose 0.5% to 3.10 million barrels a day, a record for the
company.
The largest net additions were from assets in the Permian Basin,
the Gulf of Mexico and Australia, while the largest net reductions
were from assets in Kazakhstan, the energy company said.
In the fourth quarter, net production fell 5% from a year
earlier, to 3.12 million barrels of oil equivalent a day, with the
Appalachian asset sale and the expiration of the Rokan concession
in Indonesia weighing on output.
In the U.S., the net liquids component of the fourth-quarter
oil-equivalent production increased 6% to 929,000 barrels a day,
while net natural-gas production decreased 9% to 1.73 billion cubic
feet a day, compared with the prior year's fourth quarter.
The net liquids component of international oil-equivalent
production fell 18% to 899,000 barrels a day, while net natural-gas
production rose 2% to 6.01 billion cubic feet a day, compared with
the prior year's fourth quarter.
On its refinery business:
Refinery inputs in the fourth quarter rose to 1.5 million
barrels a day from 1.3 million barrels a day a year earlier, the
company said.
For the full year, refinery inputs rose 7.4% to 1.5 million
barrels a day.
In the U.S., refined-product sales rose 14% to 1.16 million
barrels a day in the fourth quarter from a year earlier, mainly
because of higher gasoline and jet-fuel demand as travel
restrictions associated with the pandemic continued to ease.
Higher demand for gasoline and jet fuel also boosted
international refined-product sales, which rose 8% in the period.
The international business also saw higher sales in Australia.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
January 28, 2022 07:49 ET (12:49 GMT)
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