Chevron: Noble Energy Acquisition Boosts 4Q Production -- Commodity Comment
January 29 2021 - 9:30AM
Dow Jones News
By Mary de Wet
Chevron Corp. said Friday that its worldwide net oil-equivalent
production rose 6% in the fourth quarter, mainly due to the
company's acquisition of Noble Energy Inc.
Chevron bought Noble Energy for $5 billion in stock and
completed the acquisition in October. Noble Energy aimed to produce
an average of 385,000 to 405,000 barrels of oil equivalent a day in
2020, according to the company's website.
On oil and gas production:
"Worldwide net oil-equivalent production was 3.28 million
barrels per day in fourth quarter 2020, an increase of 6% from a
year ago," Chevron said.
"The increase was largely due to the Noble Energy acquisition,
partially offset by production curtailments."
Fourth-quarter output was up from the third quarter, when
Chevron produced 2.83 million barrels of oil equivalent a day,
according to the company's third-quarter report.
"Worldwide net oil-equivalent production for the full-year 2020
was 3.08 million barrels per day, an increase of 1% from the prior
year," Chevron said Friday.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
January 29, 2021 09:15 ET (14:15 GMT)
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