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Chevron Reverses Losses, Nets $1.5bn in Q2 2017

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Chevron
  • Chevron Reverses Losses, Nets $1.5bn in Q2 2017

The recent recovery of crude oil prices and the cost reduction measures embarked upon by Chevron Corporation have yielded positive results on the company’s performance as it reported earnings of $1.5 billion for second quarter 2017, compared with a loss of $1.5 billion in the second quarter of 2016.

Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million.

Also foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier.

According to the results released at the weekend, sales and other operating revenues in second quarter 2017 were $33 billion, compared to $28 billion in the year-ago period.

“Second quarter results improved substantially from a year ago and year-to-date net cash flow is positive,” said Chairman and Chief Executive Officer, John Watson.

“We are delivering higher production with lower capital and operating expenditures. Oil and gas production was up 10 percent in the second quarter from a year ago,” Watson added.

“Our Gorgon LNG Project in Australia closed the quarter running above nameplate capacity and we had record production from our shale and tight resource in the Permian Basin. First production from the Wheatstone LNG Project is expected next month. Operating expenses were down 10 percent and capital spending was down 25 percent in the first six months of the year versus 2016,” Watson commented.

The second quarter results showed that worldwide net oil-equivalent production was 2.78 million barrels per day in second quarter 2017, compared with 2.53 million barrels per day from a year ago.

According to the company, production increases were noted from major capital projects, base business, and shale and tight properties, and lower maintenance-related downtime.

“These impacts were partially offset by normal field declines, production entitlement effects in several locations and the effect of 2016 asset sales,” said the results.

The company’s average sales price per barrel of crude oil and natural gas liquids was $41 in second quarter 2017, up from $36 a year earlier.

The average sales price of natural gas was $2.32 per thousand cubic feet in second quarter 2017, compared with $1.21 in last year’s second quarter.

International upstream operations earned $955 million in second quarter 2017 compared with a loss of $1.35 billion a year ago.

The increase in earnings reflected lower impairment charges, partially offset by higher depreciation expenses from increased production.

The improvement also included lower tax items, higher natural gas sales volumes, higher crude oil realizations and volumes, and lower operating expenses.

Foreign currency effects decreased earnings by $4 million in the 2017 second quarter, compared with an increase of $329 million a year earlier.

The average sales price for crude oil and natural gas liquids in second quarter 2017 was $45 per barrel, up from $40 a year earlier.

The average price of natural gas was $4.39 per thousand cubic feet in the quarter, compared with $3.93 in last year’s second quarter.

Net oil-equivalent production of 2.08 million barrels per day in second quarter 2017 was up 233,000 barrels per day from a year earlier.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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