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United States : CHEVRON's first quarter net income if $4.5 billion

May 19, 2014

Chevron Corp. on 2 May 2014 reported earnings of $4.5 billion ($2.36 per share - diluted) for the first quarter of 2014, compared with $6.2 billion ($3.18 per share - diluted) in the first quarter of 2013. The Company noted sales and other operating revenues in the first quarter 2014 were $51 billion, compared to $54 billion in the year-ago period.

Chairman and CEO John Watson, "Our first quarter earnings were down from a year ago, primarily due to lower prices and volumes for crude oil. Crude prices were tempered by global economic factors, while our current year production volumes were affected by weather-related, unplanned downtime, particularly in Kazakhstan. We continue to advance our key development projects, and we are anticipating production growth in 2015 and beyond as a result of these investments. Significant progress has been made on the construction of our Gorgon and Wheatstone projects in Australia. Our Jack/St. Malo and Big Foot projects in the Gulf of Mexico are also progressing, with first production planned for late 2014 and mid-2015, respectively. Our financial strength continues to allow us to fund these important growth projects which are expected to support a 20 percent increase in production by 2017, and to grow shareholder distributions."

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Source: TendersInfo (India)

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