Chevron's 1Q Suffered From Weak Downstream Results; Management Confident in Anadarko Offer
Chevron’s first-quarter earnings fell to $2.6 billion from $3.6 billion a year ago, the result of lower commodity prices and weak downstream market environment. Upstream earnings slipped to $3.1 billion from $3.4 billion as lower oil and natural gas prices offset the benefit of higher production volumes. Production increased to 3,038 mboed from 2,852 mboed, or 7%, at the top end of management’s full-year guidance of 4%-7%, thanks to continued growth in the Permian and ramp-up of major capital pr...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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