Oil giant Chevron has reported encouraging end of year numbers by recording £99billion total revenues, up 23.6% on 2016.
And the company went from a pre-tax loss of £1.5billion in 2016 to a £6.4billion profit in 2017.
Chevron, which has interests in 11 offshore producing fields in the UK, confirmed that being “cash flow positive” was one of their main objectives this year.
Michael Wirth, chairman and CEO, said: “Earnings and cash flow grew significantly in 2017. We achieved our objective of being cash flow positive through deliberate actions to reduce capital expenditures, lower our cost structure, start and ramp-up projects, and conclude planned asset sales. Higher commodity prices helped as well. These improvements give us the confidence to increase the dividend by $0.04 per share, which puts us on track to make 2018 the 31st consecutive year with an increase in annual dividend payout.”
“We replaced more than 150% of the reserves we produced, and reached several significant upstream project milestones in 2017.”
The oil firm also increased its stake in the liquified natural gas market (LNG) with it’s first shipments this year and growth in production in the Permian Basin, which covers areas of both Texas and New Mexico.
Wirth added: “These included our first LNG shipments from Train 3 at Gorgon and Train 1 at Wheatstone in Australia. We also posted impressive production growth in the Permian Basin in the U.S.”
“Our net oil-equivalent production grew by 5 percent in 2017, including the effects of asset sales,” Wirth commented. “Importantly, we expect that our 2018 production will continue to grow by 4 to 7 percent, driven primarily by Australian LNG and the acceleration of development activities in the Permian, where investment economics continue to improve.”
“In the downstream, we made significant progress on our growth investments.”