Chevron boosts profits through asset sales and higher Brent oil price

8/1/2014

Chevron boosts profits through asset sales and higher Brent oil price

ZAIN SHAUK

SAN RAMON, California (Bloomberg) -- Chevron, the world’s third- largest oil producer by market value, said second-quarter profit rose after it sold assets and crude prices climbed.

Net income increased to $5.67 billion, or $2.98 a share, from $5.37 billion, or $2.77, a year earlier, the company said in a statement. Per-share profit was 8 cents more than the average of 5 analysts’ estimates compiled by Bloomberg.

Chairman and Chief Executive Officer John Watson is spending almost $40 billion this year to drill for new discoveries and transport oil, gas and fuels such as diesel to markets. Chevron reduced its 2014 production target in March and said July 10 that downtime at a field in Kazakhstan and a liquefied natural gas facility in Angola would cut production.

Brent crude futures, a global benchmark, rose 6% from a year earlier to average $109.76/bbl  in the second quarter. Natural gas futures prices in New York rose 14% to average $4.579/MMBtu.

Exxon Mobil is the world’s largest energy company by market value, followed by Royal Dutch Shell.

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