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Wheatstone LNG first production expected imminently

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LNG Industry,

Chevron Corp. has released its results for 2Q17, reporting a net income of $1.5 billion ($0.77 per share – diluted).

This is compared to a loss of $1.5 billion ($0.78 per share – diluted) in 2Q16. Included in 2Q17 were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in 2Q17 by $3 million, compared to an increase of $279 million a year before. Sales and other operating revenues in 2Q17 were $33 billion. This is compared to $28 billion in 2Q16.

The Chairman and CEO of Chevron, John Watson, said: “Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive.

“We’re delivering higher production with lower capital and operating expenditures.

“Oil and gas production was up 10% in the second quarter from a year ago.

“Our Gorgon LNG Project in Australia closed the quarter running above nameplate capacity and we had record production from our shale and tight resource in the Permian Basin. First production from the Wheatstone LNG Project is expected next month.

“Operating expenses were down 10% and capital spending was down 25% in the first six months of the year versus 2016.”

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