Chevron Corp. increased its natural gas output in the first two months of 2013 at the same time it was collecting higher gas prices than it did a year ago.
In the United States, net gas production in January and February averaged 1.256 Bcf/d, versus 1.170 Bcf/d for the full three-month first quarter of 2012. Global net gas output climbed 5.4% to average 5.291 Bcf/d in January and February, compared to 5.019 Bcf/d in 1Q2012.
The San Ramon, CA-based major, which is scheduled to release its 1Q2013 earnings report on April 26, said realized prices for U.S. gas averaged $3.06/Mcf in the first two months of this year, compared with $2.48 in 1Q2012. International gas prices averaged $6.03/Mcf, up from $5.88 in 1Q2012. U.S. crude oil and liquids realizations averaged $94.07/bbl in January and February, down from $101.93 in 1Q2012.
U.S. net oil-equivalent production increased to 663,000 boe/d in the first two months of 2013 compared with 651,000 boe/d in 1Q2012, but it was down from 4Q2012’s total of 674,000 boe/d because of maintenance activity in the Gulf of Mexico, Chevron said. International net output fell to 1.973 million boe/d from 1.980 million boe/d “largely reflecting the timing of cost recovery volumes under various production sharing contracts and weather-related downtime.”
Liquids output was nearly flat from a year ago in U.S. and overseas markets, according to Chevron. U.S. production averaged 453,000 b/d in the first two months of this year, versus 456,000 b/d in 1Q2012. International output averaged 1.301 million b/d in January and February, compared with 1.338 million b/d in the full year-ago period.
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