Chevron’s 1Q Shows Benefits of Rising Oil Prices and Growing Production
Chevron turned in a strong first quarter as rising oil prices and growing production lifted earnings and cash flow. Earnings increased to $3.6 billion from $2.7 billion last year as strength in the upstream segment more than offset a decline in downstream segment earnings and higher corporate charges. Upstream earnings jumped to $3.4 billion from $1.5 billion last year on higher oil and gas prices and a 7% increase in production from the contribution of major capital projects, such as Gorgon and...Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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