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Chevron profit up on asset exchange, refineries

Published on NewsOK Modified: February 1, 2013 at 7:07 pm •  Published: February 1, 2013

Production has been hurt by the temporary closure of the company's Brazilian offshore project in what is known as the Frade field. It has been closed since oil was found to be seeping from the field in November 2011 and again in March 2012.

The company's production of oil and other liquid hydrocarbons in the U.S. rose 3 percent to 462,000 barrels per day in the quarter. That lagged the blistering growth of overall U.S. production which has been rising dramatically in recent years. U.S. crude production rose 14 percent in the fourth quarter of last year to 6.85 million barrels per day, up from 5.98 million barrels per day in the same period of the previous year, according to the Energy Department.

Chevron sold oil and liquids for an average of $91 per barrel in the fourth quarter in the U.S., down from $101 per barrel during last year's fourth quarter. Abroad, Chevron brought in $100 per barrel, down from $101 last year.

Chevron's chemicals and refining operations improved, especially in the U.S., because input costs at the plants including crude oil, natural gas and natural gas liquids fell while the prices for the refined fuels and chemicals rose. Chevron's refinery output in the U.S. fell by 75,000 barrels per day, however, after an August fire at its Richmond, Calif. plant shut down a processing unit.

Larger rival Exxon Mobil Corp. reported a 6 percent increase in fourth-quarter earnings to $9.95 billion.