Chevron announces lower earnings for Q2
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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