Gorgon boosts Chevron profit ahead of Wheatstone start-up

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Chevron has reported a net income of $1,45 billion for the second quarter, a significant reversal from a loss of $1,47 billion a year ago.

“Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive,” said Chairman and CEO John Watson. “We’re delivering higher production with lower capital and operating expenditures.”

Results were boosted with upstream income contributing $853 million, compared to a second quarter loss of $2.46 billion in the corresponding period a year ago.

“Oil and gas production was up 10 percent in the second quarter from a year ago,” Watson added. “Our Gorgon LNG Project in Australia closed the quarter running above nameplate capacity and we had record production from our shale and tight resource in the Permian Basin. First production from the Wheatstone LNG Project is expected (this) month.”

Watson clarified progress on the Wheatstone LNG project, saying the JV had never said start-up was scheduled for August. Joint venture partner Woodside had flagged first gas as imminent, stating the final commissioning of Train 1 was nearing completion.

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