BAKU, Azerbaijan, Jan.31
By Leman Zeynalova – Trend:
The US-based Chevon company recorded more than 4 percent increase year-on-year in its worldwide net oil-equivalent production in 2019, Trend reports with reference to the company.
Worldwide net oil-equivalent production for the full year 2019 was 3.06 million barrels per day, as compared to 2.93 million barrels per day from the prior year, reads the report released by Chevon.
For the fourth quarter of 2019, this figure stood at 3.08 million barrels per day, unchanged from a year ago.
The report shows that the company’s earnings from international upstream operations totaled $731 million in fourth quarter 2019, compared with $2.3 billion a year ago.
As Chevron said, the decrease in earnings was partially due to write-offs and impairment charges of $2.2 billion associated with Kitimat LNG and other gas projects, partly offset by a gain of $1.2 billion on the sale of the U.K.
“The average sales price for crude oil and natural gas liquids in fourth quarter 2019 was $57 per barrel, down from $59 a year earlier. The average sales price of natural gas was $5.71 per thousand cubic feet in the quarter, compared with $6.81 in last year’s fourth quarter,” reads the report.
“Net oil-equivalent production of 2.08 million barrels per day in fourth quarter 2019 was down 145,000 barrels per day from a year earlier due to the effect of asset sales, major turnarounds and normal field declines. The net liquids component of oil-equivalent production decreased 6 percent to 1.12 million barrels per day in the 2019 fourth quarter, while net natural gas production of 5.75 billion cubic feet per day decreased 8 percent, compared to last year's fourth quarter.”
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