Chevron Corp.'s combined U.S. liquids and natural gas production fell an estimated 3% sequentially in 1Q2007 from 4Q2006 following third-party pipeline downtime that affected operations in the Gulf of Mexico and the San Joaquin Valley, the company said in an interim quarterly update. Combined international output also fell 1%.
In the first two months of 2007, Chevron's U.S. natural gas production totaled 1,689 MMcf/d, compared with 1,782 MMcf/d for the entire three-month period in 1Q2006. Chevron also produced 1,782 MMcf/d in 4Q2006. U.S. liquids production for the first two months was 458,000 b/d, compared with 453,000 b/d in 1Q2006 and 466,000 b/d in 4Q2006. Chevron produced 740,000 boe/d in the first two months of 2007, compared with 750,000 boe/d in 1Q2006 and 763,000 boe/d in 4Q2006.
Chevron said its U.S. natural gas realizations increased 26 cents/Mcf, "more than a composite of bidweek price changes for Henry Hub, Rocky Mountain and California border, due to the mix of production in the various regions and spot sales," the company said in a statement. U.S. crude realizations were off by $2.65/bbl, which Chevron said was in line with the 5% drop in West Texas Intermediate and California heavy crude prices.
The San Ramon, CA-based major is scheduled to report 1Q2007 results on April 27. The interim update follows reports by ConocoPhillips and Marathon Oil Corp., which both expect to report lower quarterly results (see Daily GPI, April 10).
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