Chevron 2Q World-Wide Daily Production Climbs -- Commodity Comment
By Dave Sebastian
Chevron Corp. said its world-wide daily production rose 5% in
the second quarter, while the average sales prices for crude oil
and natural gas nearly tripled.
Refined product sales climbed 40% from a year ago, when Covid-19
lockdowns cut into demand for gasoline and jet fuel.
On upstream operations:
"Worldwide net oil-equivalent production was 3.13 million
barrels per day in second quarter 2021," the energy company
"U.S. upstream operations earned $1.4 billion in second quarter
2021, compared with a loss of $2.1 billion a year earlier. The
improvement was primarily due to higher crude oil realizations and
the absence of second quarter 2020 charges for special items
including impairments, write-offs and severance accruals. Higher
crude oil production also contributed to the improvement between
"The company's average sales price per barrel of crude oil and
natural gas liquids was $54 in second quarter 2021, up from $19 a
year earlier. The average sales price of natural gas was $2.16 per
thousand cubic feet in second quarter 2021, up from $0.81 in last
year's second quarter."
On downstream operations:
"U.S. downstream operations reported earnings of $776 million in
second quarter 2021, compared with a loss of $988 million a year
earlier. The increase was mainly due to higher margins on refined
product sales, higher earnings from the 50 percent-owned Chevron
Phillips Chemical Company, higher sales volumes, and lower
operating expenses, including the absence of second quarter 2020
"Refinery crude oil input in second quarter 2021 increased 65
percent to 956,000 barrels per day from the year-ago period, as the
company increased refinery runs in response to higher demand and
the improved refining margin environment."
"Refined product sales of 1.16 million barrels per day were up
40 percent from the year-ago period, mainly due to higher gasoline
and jet fuel demand as travel restrictions associated with the
COVID-19 pandemic eased."
Write to Dave Sebastian at firstname.lastname@example.org
(END) Dow Jones Newswires
July 30, 2021 08:10 ET (12:10 GMT)
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