NEW YORK, September 10, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Chevron
Corporation (NYSE: CVX). Select highlights from the internally
released reports are being made available to the general public
(included below), with access to the entirety of the research
available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=CVX
Highlights from our CVX Report include:
- Q2 2015 Results at a Glance - On July 31, 2015, the US-based energy producer,
Chevron Corporation (Chevron) announced results for the second
quarter ended June 30, 2015. Sales
and other operating revenues declined to $37
billion in Q2 2015, as against $56
billion in the year ago-period, reflecting an annual
downtick by 33.9%. Earnings were reported at $571 million, or $0.30 per diluted share in Q2 2015, compared to
$5.7 billion, or $2.98 per diluted share recorded in the same
period previous year. Chevron informed that the results for Q2 2015
comprised of the non-cash charges stemming from a downward revision
in the Company's longer-term crude oil price outlook. However, a
gain of $1.80 billion on asset sales
in Q2 2015 partially offset the negative impact of the
above-mentioned charges.
- Results from Upstream operations - Impacted by sharply
lower crude oil realizations and higher depreciation expenses, the
US upstream operations incurred a loss of $1.04 billion in Q2 2015, against earnings
$1.05 billion in Q2 2014.
Internationally, upstream operations incurred a loss of
$1.18 billion compared to earnings of
$4.21 billion in Q2 2014. The average
sales price per barrel of crude oil and natural gas liquids in US
was $50 in Q2 2015, down from
$92 in Q2 2014; while
internationally, it was $56 per
barrel, down from $101 a year
earlier. Net oil-equivalent production in US increased 9%
year-over-year to 730,000 barrels per day in Q2 2015, while
internationally, it declined by less than a percent to 1.87 million
barrels per day.
- Results from Downstream operations - Chevron
informed that higher margins on refined product sales resulted in
an earnings of $731 million from the
US downstream operations in Q2 2015, compared to $517 million earned in Q2 2014. On the other
hand, International downstream operations earned $2.23 billion compared with $204 million a year earlier, driven mainly by a
$1.6 billion gain from the sale of
the company's interest in Caltex Australia Ltd. Refinery crude oil
input from US grew to 916,000 barrels per day, up 155,000 barrels
per day from Q2 2014. However, refinery crude oil input from
international markets declined to 774,000 barrels per day in Q2
2015, down 70,000 barrels per day from the year-ago period.
To find out how this influences our rating on Chevron
Corporation, read the full report in its entirety here:
http://www.aciassociation.com/?c=CVX
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