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Chevron Posts Strongest Year of Discoveries
Chevron Posts Strongest Year of Discoveries

Chevron Posts Strongest Year of Discoveries

Chevron Posts Strongest Year of Discoveries

Chevron Corp. had its best year of oil and natural gas discoveries in more than half a decade as rebounding energy prices lifted drillers out of the worst slump in a generation. Chevron found enough untapped fields to replace 155% of the crude and gas it pumped last year, the highest reserves replacement since 2011. The biggest additions were in the US Permian Basin and Australia, the company said in a statement on Friday, Bloomberg reported. Chevron’s geological prowess did not impress investors who dumped shares after the company posted weaker-than-expected profit and production figures for the fourth quarter. Per-share earnings, excluding one-time items, amounted to 67 cents, far below the $1.22 average of 19 estimates from analysts in a Bloomberg survey. Production of oil and gas equated to 2.74 million barrels, less than the 2.80 million expected by analysts. Chevron’s stock fell 1.7% to $123.50 at 8:41 a.m. in pre-market trading.

 

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