Increases in oil and gas production from project ramp-ups in
In the results released at the weekend, the company's sales and other operating revenues in second quarter 2014 also increased to
The Chairman and Chief Executive Officer of
Watson said the current quarter earnings reflected stronger market conditions for crude oil, adding however that some of these benefits were offset by lower production volumes as a result of planned maintenance activity at Tengizchevroil in
According to him, gains on asset sales also contributed to the results, as the company completed important sales under the company's three-year divestment programme.
"We continue to make significant progress on our major capital projects which are expected to underpin a 20 percent increase in production by 2017 and enable significant growth in our cash flows. In the deepwater
Worldwide net oil-equivalent production was 2.55 million barrels per day in second quarter 2014, down from 2.58 million barrels per day in the 2013 second quarter.
Production increases from project ramp-ups in
One of the recent major highlights identified in the report by the company was the achievement of initial production of product at the company's
"We also completed work on several important downstream growth investments," said Watson.
International upstream earnings of
Foreign currency effects decreased earnings by
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