Chevron Strong Upstream Position Should Lead to Cash Flow Growth
Chevron’s fourth-quarter earnings increased to $3.7 billion from $3.1 billion last year, which included $2.0 billion in tax benefits, on higher oil prices and a 12.5% increase in production volumes. Upstream earnings totaled to $3.3 billion for the quarter compared with $5.3 billion a year ago, which included a tax benefit of $3.3 billion. Production increased to 3,083 mboed from 2,740 mboed last year as the Wheatstone and Gorgon projects continue to ramp up and Permian volumes increased 84% to ...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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