Exxon, Chevron report growth in oil production

Exxon, Chevron report growth in oil production
© Greg Nash

Two of the nation’s largest oil and natural gas companies reported growing oil production Friday, though their quarterly profits went in different directions.

Exxon Mobil Corp. said that in the fourth quarter of 2018, it produced 2.3 million barrels per day of liquids, a category that includes crude oil, natural gas liquids and other products. That was a 4 percent increase over the previous year.

Chevron Corp.’s total production of fossil fuels hit 3.1 million barrels of oil equivalent per day, a new record for the company and a 12 percent year-over-year increase.

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But different corporate structures resulted in very different profit outcomes for the companies.

At Exxon, the nation’s largest oil company, profits fell 28 percent to $6 billion, it said. But if impacts from the 2017 tax law are not taken into account, Exxon’s profit was $6.41 billion, and a 72 percent increase.

“Strong results during a period of commodity price volatility demonstrate ExxonMobil’s ability to deliver superior cash flow in different market environments,” Darren Woods, Exxon’s CEO, said in a statement.

Chevron’s profit jumped almost 20 percent to $3.73 billion in the same time period.

“Financial and operational results were strong in 2018,” Chevron CEO Michael Wirth said in a statement on that company’s results. “Earnings and cash flow continued to grow, and we delivered on all of our financial priorities.

Both companies outdid forecasts from Refinitiv, a financial markets data firm.