Chevron Boosts Natural Gas Production as U.S. Prices Climb

Chevron Corp. (CVX), the world’s third- largest energy company by market value, increased natural gas output during the first two months of 2013 compared with the first quarter of 2012 as prices for the furnace fuel advanced.

Global gas production rose 5.4 percent to average 5.291 billion cubic feet a day during January and February compared with the full period a year earlier, the San Ramon, California- based company said in a statement today.

U.S. gas prices averaged $3.48 per million British thermal units during the first quarter, a 39 percent increase from a year earlier, according to data compiled by Bloomberg. Brent crude futures, the benchmark for two-thirds of the world’s oil, averaged $112.64 a barrel during the first three months of this year, a 4.9 percent decline from the year-earlier period.

Chevron is scheduled to release full quarterly results on April 26. Exxon Mobil Corp. (XOM) and PetroChina Co. are the biggest energy companies by market value, according to data compiled by Bloomberg.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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