Chevron posts stronger Q2 earnings on crude oil price jump

A Chevron gas station sign is shown in Cardiff, California, in this January 25, 2016 file photo. REUTERS/Mike Blake/Files

Oil and energy giant, Chevron said its earnings of $3.4 billion for second quarter 2018, compared with $1.5 billion reported in the second quarter of 2017.

“Second quarter earnings were up significantly from a year ago,” said Chairman and CEO Michael Wirth. “Results in 2018 benefited from higher crude oil prices, strong operations and higher production.” “Our cash flow continues to improve with higher upstream margins and volumes, combined with disciplined spending,” Wirth added. “This enables us to initiate share repurchases, which are expected to be $3 billion per year based on our current outlook.”

“We reached a milestone in Australia with the start of production from Wheatstone Train Two. All five trains in our Australian LNG projects are now operating. “In downstream, Chevron Phillips Chemical Company LLC, the company’s 50 percentowned affiliate, ramped up its recently completed ethane cracker at Cedar Bayou to design capacity.

“We continue to make good progress with our portfolio optimization efforts,” Wirth continued. “In the second quarter, the company completed the sales of its upstream interests in the Elk Hills Field in California and the Democratic Republic of the Congo.

Additionally, in July we announced our intent to market our U.K. Central North Sea assets.”

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