Chevron and Arco both said yesterday they will be chopping $500million from their costs for 1999. “To successfully weather thebusiness conditions of low crude oil, natural gas and commoditychemicals prices, we have to continue to find ways to minimize thecost of operating our business,” said Ken Derr, Chevron’s CEO.
Majors
Articles from Majors
More Majors Report Major Earnings Declines
Third quarter earnings announced by three more major producersThursday showed income declines from the previous third quarterranging from 37% to 79%. Not surprisingly, Shell, Chevron, andPhillips Petroleum all cited weak commodity prices for their poorperformances.
October 23, 1998
Majors’ 2Q Earnings Show Strain From Oil Prices
Weak oil prices were the bane of three major producers reportingsecond quarter earnings so far. Depressed crude prices were blamedfor second quarter and 1998 first half results significantly offfrom year-ago periods. At least one company said it may refigureE&P expenditures should the low prices persist. Gas prices alsowere off in most cases but less so than oil.
July 22, 1998
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