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Chevron reveals higher production, lower earnings

12 January, 10
Texaco's parent company Chevron has said its oil production increased towards the end of last year, although it also suffered a drop in profits.

In its interim update for the fourth quarter of 2009 - which excludes output volumes, margin and certain other factors from the month of December - the energy giant revealed its profits would be "sharply" lower than the previous three-month period.

Despite the loss of earnings, Texaco's parent said that production had jumped nine per cent year-on-year towards the end of last year.

In the first two months of the fourth quarter, its oil output in the US rose by an average of 14,000 barrels per day, primarily driven by growth in the Gulf of Mexico.

Worldwide, production saw a 57,000 barrels per day improvement.

Output could be further increased in the future when proposed fields between the Republic of Congo and Angola come online.

Its southern Africa production manager John Baltz told the Wall Street Journal that production could begin at the location in two years' time.

Posted by Sean WebbADNFCR-2675-ID-19553168-ADNFCR

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Chevron reveals higher production, lower earnings