Chevron Lowers Second Quarter Expectations After Production Snafus

Jacob Harper |

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While Chevron Corp. (CVX) hasn’t given their official second quarter earnings report, preliminary news is not rosy. The oil and gas company produced 2.1 percent less oil and gas in Q2 than in the previous quarter, citing international shutdowns. Specifically, there were planned slowdowns in Kazahkstan and Australia, and maintenance work in Nigeria. In June Chevron announced they would be divesting from Nigeria and selling all or part of their five shallow water oil blocks to Nigerian concerns.

Chevron has looked at expanding into other countries to supplement their oil and gas extraction business. On July 9 they were seeking a dialogue with the Polish government on a draft bill determining rules on exploration and production of shale gas. The US Energy Information Administration estimates there is 148 trillion cubic feet of shale gas in the nascent gas-producing country.

Chevron averaged 2.57 billion barrels a day of oil and gas production this second quarter. This is a downturn from the second quarter last year, when Chevron produced 2.62 billion a day.

Chevron’s stock is down .30 percent to hit $122.90 a share. Their stock is up 13.65 percent on the year. The San, Ramon Calif.-based oil and gas corporation will give their quarterly earnings conference call on Aug. 2 at 11 AM ET.

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Companies

Symbol Name Price Change % Volume
CVX Chevron Corporation 113.25 0.25 0.22 6,909,834
LUOYF Luoyang Float Glass H Shs 0.79 0.00 0.00 0

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