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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