Chevron Lowers Second Quarter Expectations After Production Snafus

Jacob Harper |

chevron 2

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.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
CVX Chevron Corporation 116.51 0.60 0.52 1,744,165 Trade
LUOYF Luoyang Float Glass H Shs 0.63 0.00 0.00 0

Comments

Emerging Growth

Broadway Gold Mining Ltd.

Broadway Gold Mining Ltd is engaged in the exploration of mineral resources. The Company owns a 100% interest in the Madison Gold and Copper Mine located in Southwestern Montana.

Private Markets

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.