Chevron’s third quarter earnings have been boosted by higher crude prices.
The firm reported net earnings of $2billion, compared with $1.3billion a year earlier.
Total revenues amounted to $36.2billion in the third quarter, comapred with $30.1billion in the same period in 2016.
Income before tax was $2.6billion, up from last year’s Q3 total of $1.1billion.
“We continue to see improvement in the underlying pattern of earnings and cash flow,” said chairman and chief executive John Watson.
“Cash flow is at a positive inflection point, with oil and gas production increasing and capital spending falling.
“We’re completing projects that have been under construction and ramping up production, notably at our Gorgon LNG Project in Australia.
“And our shale and tight rock drilling activity in the Permian Basin is exceeding expectations.”
He added: “We expect this pattern to continue.
“Earlier this month, we announced first LNG production from our Wheatstone LNG development in Australia.”
Worldwide net oil-equivalent production was 2.72 million barrels per day in third quarter 2017, compared with 2.51 million barrels per day from a year ago.
US upstream operations incurred a loss of $26 million in third quarter 2017, compared with a loss of $212 million from a year earlier.
The improvement reflected higher crude oil realisations.
The company’s average sales price per barrel of crude oil and natural gas liquids was $42 in third quarter 2017, up from $37 a year earlier.
The average sales price of natural gas was $1.80 per thousand cubic feet in third quarter 2017, compared with $1.89 in last year’s third quarter.
International upstream operations earned $515million in third quarter 2017, compared with $666million a year ago.
The decrease in earnings was mainly due to higher depreciation expense including the effect of catch-up depreciation for the firm’s Bangladesh operations that it is no longer intending to sell as well as an asset write-off.
Also contributing were higher tax expenses and the absence of an Ecuador arbitration award.
US downstream operations earned $640 million in third quarter 2017, compared with earnings of $523 million a year earlier.
The increase in earnings was primarily due to higher margins on refined product sales.
International downstream operations earned $1.17 billion in third quarter 2017 , compared with $542 million a year earlier.
The increase in earnings was largely due to higher gains on asset sales, primarily from the sale of the company’s Canadian refining and marketing assets.
Higher operating expenses and lower margins on refined product sales were partially offsetting.
Foreign currency effects had a favorable impact on earnings of $19 million between periods.
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