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Last $85.60 USD
Change Today -2.88 / -3.25%
Volume 14.1M
As of 8:04 PM 08/3/15 All times are local (Market data is delayed by at least 15 minutes).

chevron corp (CVX) Key Developments

Chevron Corporation Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Earnings Results for the Six Months Ended June 30, 2015

Chevron Corporation reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues and other income of $40,357,000 against $57,938,000 a year ago. Income before income tax expense was $1,363,000 against $9,027,000 a year ago. Net income was $608,000 against $5,690,000 a year ago. Net income attributable to company was $571,000 or 0.30 per share diluted against $5,665,000 or 2.98 per share a year ago. For the six months, the company reported total revenues and other income of $74,915,000 against $111,203,000 a year ago. Income before income tax expense was $4,268,000 against $16,955,000 a year ago. Net income was $3,208,000 against $10,211,000 a year ago. Net income attributable to company was $3,138,000 or $1.67 per share diluted against $10,177,000 or $5.34 per share a year ago. Net cash provided by operating activities was $9,539,000 against $16,298,000 a year ago. Capital and exploratory expenditures in the first six months of 2015 were $17.3 billion, compared with $19.6 billion in the corresponding 2014 period. The amounts included $1.5 billion in 2015 and $1.5 billion in 2014 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Worldwide net oil-equivalent production was 2.60 million barrels per day in second quarter 2015, up from 2.55 million barrels per day in the 2014 second quarter. This production increase of 2% came from project ramp-ups in the United States, Bangladesh and Argentina, production entitlement effects in several locations, and lower maintenance-related downtime, primarily reflecting the absence of a major turnaround at Tengizchevroil in Kazakhstan. Net oil-equivalent production of 730,000 barrels per day in second quarter 2015 was up 63,000 barrels per day, or 9%, from a year earlier. Production increases due to project ramp-ups in the Gulf of Mexico, the Permian Basin in Texas and New Mexico, and the Marcellus Shale in western Pennsylvania were only partially offset by normal field declines. The net liquids component of oil-equivalent production increased 11% in the 2015 second quarter to 511,000 barrels per day, while net natural gas production increased 5% to 1.31 billion cubic feet per day.

Chevron Corporation Announces Quarterly Dividend, Payable on September 10, 2015

The Board of Directors of Chevron Corporation declared a quarterly dividend of $1.07 per share, payable on September 10, 2015, to all holders of common stock as shown on the transfer records of the corporation at the close of business August 19, 2015.

Chevron Plans to Cut 950 Jobs in Houston

Chevron Corp. plans to cut about 950 of its roughly 8,000 employees in Houston. The job reductions are par of Chevron's push to reduce costs by $1 billion following a 56% plunge in crude oil prices over the past two years. The company will also cut 500 jobs at its headquarters, 50 international jobs and 600 contractor jobs. About 270 of the cuts are vacant posts that Chevron won't fill. The job cuts are expected to be complete by November.

Chevron Plans to Cut 500 Jobs in San Ramon

Chevron is cutting 500 jobs from its headquarters in San Ramon as part of a global effort to slash costs by $1 billion. The layoffs already are occurring and the majority of them will be finished by November. In addition to the 500 job cuts in San Ramon, Ritchie said, the company will also cut its Houston office by 950 positions and trim 50 international jobs. The company will also eliminate 600 contractors.

Chevron Corporation expected to report Q2 2015 results on July 31, 2015. This event was calculated by Capital IQ (Created on July 3, 2015).

Chevron Corporation expected to report Q2 2015 results on July 31, 2015. This event was calculated by Capital IQ (Created on July 3, 2015).

 

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