Exxon and Chevron report solid progress

Category: News
Published: 2019-02-08

MEXICO – The main U.S. oil companies, ExxonMobil and Chevron, closed 2018 with strong profits, despite last year’s volatility in crude oil prices.

Chevron closed the year with a profit of US$14.824 billion, 61% more than in 2017. Meanwhile, ExxonMobil ended 2018 with net profits of US$20.840 million, 5.7% more than the previous year.

“Annual production grew 7%, reaching 2.93 million barrels per day, a record for the company,” according to its president and CEO, Michael Wirth.

The oil company’s good results were due to the increase in production in the south of the United States, where it acquired a refinery plant in Pasadena, Texas, with a capacity to produce 110,000 barrels per day.

ExxonMobil increased its production 4% in the last quarter of the year, reaching 4 million barrels per day, also driven by growth in the Permian basin located between Texas and New Mexico.

source: El Heraldo de Chihuahua