facebook
twitter
rss
account
search
search
 

Permian Basin helps lift Chevron

Chevron says increased U.S. production should boost profits.
By Daniel J. Graeber   |   July 11, 2014 at 8:42 AM   |   Comments

http://cdnph.upi.com/sv/em/i/UPI-2121405081852/2014/1/14050824307336/Permian-Basin-helps-lift-Chevron.jpg
SAN RAMON, Calif., July 11 (UPI) -- Chevron said its net U.S. production so far during second quarter 2014 was higher than first quarter in part because of increases from the Permian shale basin.

Chevron posted an interim update on second quarter operations through May. Total oil equivalent produced from its U.S. portfolio through May was 665 million barrels per day, compared to 640 million boe per day for the full first quarter.

"U.S. net oil-equivalent production was higher compared to the first quarter, primarily due to less maintenance activity in the Gulf of Mexico and increased production in the Permian Basin," the company said Thursday.

Net Permian production increased 58 percent from 2007 to reach 1.35 million bpd last year, which represents 18 percent of total U.S. crude oil production.

Internationally, Chevron said its output was down marginally.

The company warned in an interim first quarter report its net production had declined and said investors should be prepared for lower-than-expected profits.

"Earnings for the second quarter 2014 are expected to be higher than first quarter 2014 as a result of gains on asset sales and an absence of impairments in the prior quarter," it said Thursday.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
3
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback