CHEVRON CORPORATION

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Delayed Nyse  -  05/20 04:03:41 pm EDT
167.82 USD   +0.58%
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Chevron Hits Production High in 2021, Net Output Down 5% in 4Q -- Energy Comment

01/28/2022 | 07:49am EDT

By Mary de Wet


Chevron Corp. said its net oil-equivalent production reached an all-time high in 2021, although output fell in the fourth quarter.


On its production:

Chevron said world-wide annual net oil-equivalent production rose 0.5% to 3.10 million barrels a day, a record for the company.

The largest net additions were from assets in the Permian Basin, the Gulf of Mexico and Australia, while the largest net reductions were from assets in Kazakhstan, the energy company said.

In the fourth quarter, net production fell 5% from a year earlier, to 3.12 million barrels of oil equivalent a day, with the Appalachian asset sale and the expiration of the Rokan concession in Indonesia weighing on output.

In the U.S., the net liquids component of the fourth-quarter oil-equivalent production increased 6% to 929,000 barrels a day, while net natural-gas production decreased 9% to 1.73 billion cubic feet a day, compared with the prior year's fourth quarter.

The net liquids component of international oil-equivalent production fell 18% to 899,000 barrels a day, while net natural-gas production rose 2% to 6.01 billion cubic feet a day, compared with the prior year's fourth quarter.


On its refinery business:

Refinery inputs in the fourth quarter rose to 1.5 million barrels a day from 1.3 million barrels a day a year earlier, the company said.

For the full year, refinery inputs rose 7.4% to 1.5 million barrels a day.

In the U.S., refined-product sales rose 14% to 1.16 million barrels a day in the fourth quarter from a year earlier, mainly because of higher gasoline and jet-fuel demand as travel restrictions associated with the pandemic continued to ease.

Higher demand for gasoline and jet fuel also boosted international refined-product sales, which rose 8% in the period. The international business also saw higher sales in Australia.


Write to Mary de Wet at mary.dewet@dowjones.com


(END) Dow Jones Newswires

01-28-22 0749ET

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION 0.58% 167.82 Delayed Quote.42.19%
LONDON BRENT OIL 0.94% 112.54 Delayed Quote.42.93%
S&P GSCI NATURAL GAS INDEX -2.64% 382.901 Real-time Quote.125.20%
WTI 1.22% 110.515 Delayed Quote.43.34%
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Financials (USD)
Sales 2022 222 B - -
Net income 2022 31 318 M - -
Net Debt 2022 8 391 M - -
P/E ratio 2022 10,0x
Yield 2022 3,41%
Capitalization 330 B 330 B -
EV / Sales 2022 1,52x
EV / Sales 2023 1,69x
Nbr of Employees 42 595
Free-Float 80,4%
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Mean consensus OUTPERFORM
Number of Analysts 28
Last Close Price 166,86 $
Average target price 178,87 $
Spread / Average Target 7,20%
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Managers and Directors
Michael K. Wirth President-Global Supply & Trading
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Eimear Bonner Chief Technology Officer & Vice President
Ronald D. Sugar Lead Independent Director
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