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.