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Chevron announces lower earnings for Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/08/2015 (10:56)
According to a press release published on the company’s website, Chevron announced its financial results for the second quarter. The company’s total revenues and other income stood at $20.5 billion in the second quarter of 2015, down from $33.8 billion in the same period of the previous year. Subsequently, The company’s earnings were reported at $571 million for the April-June period of 2015 compared with earnings of $5.7 billion in the same period of the previous year. Second quarter earnings were hampered by impairments of $1.96 billion and other charges of around $670 million stemming from adverse tax effects and project suspensions.

In the first six months, meanwhile, Chevron’s total revenues and other income dropped to $74.9 billion from $111.2 billion in the January-June period of 2014.

Earnings for the upstream segment declined to $2.2 billion from $5.3 billion a year earlier while downstream segment earnings rose to $2.9 billion from $721 million in the same period of 2014. The drop in the upstream segment was attributed to reduced revenues stemming from a sharp decline in oil prices. The strength in the downstream segment, meanwhile, was attributed to higher margins on refined product sales.

The company’s natural gas sales increased to $7.9 billion in the second quarter of 2015 from $7.8 a year earlier while sales of natural gas liquids reached $247 million this quarter compared with $216 million in the previous year. Sales of refined products, meanwhile, were slightly down from $2.74 billion a year earlier to $2.70 billion in the April-June period.
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