Chevron says good results downstream in Q4 2014 helped partly offset weaker crude prices
Oil major Chevron said that it completed several investments during last year and that good results in downstream activities were important to partly offset decreased profitability elsewhere linked to weak crude prices.
“In the downstream, we completed important reliability investments at our U.S. refineries, which contributed to improved financial and operational performance,” Chairman and CEO John Watson said in statements released January 30.
Among other things, the company started in 2014 commercial production at its new premium lubricants base oil facility in Pascagoula, Mississippi, and completed the expansion of its additives plants in Singapore and Gonfreville, France.
Full year earnings in 2014 were $19.2 billion compared with $21.4 billion in all of 2013, the company said.
Chevron’s sales and operating revenues in the fourth quarter 2014 were $42 billion compared with $54 billion in the same period a year earlier, it added.
