Chevron announces production increase in Nigeria

…records USD$ 7.2 bn earnings for Q2 2012

Chevron Corporation has announced that production increases from project ramp-ups in Thailand, the United States and Nigeria were more than offset by normal field declines, the shut-in of the Frade Field in Brazil, maintenance-related downtime and dispositions.

This is coming on the heels of disclosures by the corporation that it recorded a profit of  7.2 billion dollars for second quarter  2012.

This was contained in a statement issued by the corporation on Friday, and made available to Vanguard in Lagos. The statement reads in part that worldwide net oil-equivalent production was 2.62 million barrels per day in the second quarter 2012, down from 2.69 million barrels per day in the 2011 second quarter.

The company says that it purchased $1.25 billion of its common stock in the second quarter of 2012 under its share repurchase program. Worldwide net oil-equivalent production was 2.62 million barrels per day in the second quarter 2012, down from 2.69 million barrels per day in the 2011 second quarter.

“Our second quarter earnings and cash flow were among our strongest ever, even with softer oil markets,” said Chairman and CEO John Watson. “Despite current weakness in the global economy, we continue to invest in our long-term growth projects to help deliver affordable energy to meet future demand. We took several important steps to advance our major upstream capital projects, in particular achieving milestones in our natural gas development projects in the Asia-Pacific region. We also expanded our global exploration resource acreage, including new leases in the Gulf of Mexico where we already hold a significant position.”

The statement also listed important recent upstream milestones to include signing of  nonbinding Heads of Agreement with Tohoku Electric for LNG off-take in Australia, and additional binding agreements with Tokyo Electric for LNG off-take and an equity interest, for the Wheatstone Project. To date, more than 80 percent of Chevron’s equity LNG from Wheatstone is covered under long-term agreements with customers in Asia.

Still in Australia the Company announced a natural gas discovery, Pontus-1, in the Carnarvon Basin in 47.3 percent-owned Block WA-37-L.

In the United Kingdom, Chevron Initiated front-end engineering and design (FEED) for the deepwater Rosebank Project west of the Shetland Islands.

While it acquired an 80 percent interest and operatorship in the Rovi and Sarta blocks in the Kurdistan Region of Iraq.

 Acquired a 50 percent interest was acquired in two offshore exploration blocks in Suriname and a successful bid for 50 percent interest and operatorship in a shale gas block in Ukraine.

In the United States the company also bided successfully for additional shelf and deepwater exploration acreage in the Gulf of Mexico.

“In the downstream business, we continued divesting non-core assets, while also furthering work on new growth investments,” Watson added. The company completed the sale of several of its fuels-marketing and aviation businesses in the Caribbean, and the company’s 50 percent-owned GS Caltex affiliate in South Korea completed the sale of its power operations. On July 26, 2012, Caltex Australia Ltd., the company’s 50 percent-owned affiliate, announced that it plans to convert its Kurnell Refinery to an import terminal in 2014. In addition, the company’s 50 percent-owned Chevron Phillips Chemical Company LLC announced the execution of FEED contracts for an ethylene cracker at its Cedar Bayou facility in Baytown, Texas and two polyethylene facilities near its Sweeny facility in Old Ocean, Texas.

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