Chevron Reports Fourth Quarter Loss of $588 Million

Posted on by January 30, 2016

Chevron Corporation (NYSE: CVX) reported a loss of $588 million, or $0.31 per share, for the chevron_logofourth quarter of 2015, compared with earnings of $3.5 billion, or $1.85 per share, in the 2014 fourth quarter.

Full-year 2015 earnings of the San Ramon, CA-based energy company were $4.6 billion ($2.45 per share), compared with $19.2 billion ($10.14 per share) in 2014. Sales and other operating revenues in the fourth quarter of 2015 were $28 billion, compared to $42 billion in the year-ago period. For the full year, the figure was $129.9 billion, compared to $200.5 billion the prior year.

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Chevron Announces First Gas from China Project

Posted on by January 30, 2016

chevron_logoChevron Corporation (NYSE:CVX) announced that its Unocal East China Sea Ltd. subsidiary has begun natural gas production from the first stage of its Chuandongbei Project in southwest China.

Chuandongbei is one of the largest onshore gas projects developed by an international oil company and a national oil company in China.

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SoCalGas Gets OK For Local Electric Power

Posted on by January 29, 2016

With solar and wind power making distributed generation an increasing factor in California’s socalgas_logoenergy market, utilities face the challenge of covering their fixed costs. A new tariff issued by California to Sempra Energy’s Southern California Gas Co. aims to benefit utilities and their customers.

The state’s Public Service Commission has issued its first Distributed Energy Resources Service (DERS) tariff to SoCalGas. The DERS tariff allows SoCalGas to own and operate Combined Heat and Power (CHP) facilities on or near a customer’s location, and provide output from the CHP to the customer at regulated prices.

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Chevron’s 2016 Capital Budget Is $26.6 Billion

Posted on by January 30, 2016

Chevron Corporation (NYSE: CVX) announced a $26.6 billion capital and exploratory investment chevron_logoprogram for 2016, including $4.5 billion of expenditures by affiliates. The 2016 budget is 24% lower than investments for 2015.

“Our capital budget will enable us to complete and ramp-up projects under construction, fund high return, short-cycle investments, preserve options for viable long-cycle projects, and ensure safe, reliable operations,” said John Watson, Chairman and CEO of San Ramon-based Chevron.

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OPEC Again Fails to Limit Production

Posted on by January 29, 2016

Despite pressure from some of its member countries,  OPEC (The Organization of the Petroleum opec_logo_200Exporting Countries) ended a contentious six-hour biennial meeting in Vienna on Dec. 4 without any agreement to restrain crude oil production.

The outcome was not unexpected, as OPEC had failed to limit output by its member countries at two previous meetings. But it meant that members would continue operating their fields at near-record levels at a time when the global market is oversupplied.

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