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Chevron: Falling Production And The Curse Of Too Much Shale Gas

Forbes -- In a weak quarter for big oil, Chevron managed to beat profit estimates by a penny as production fell and prices rose. Downstream earnings were substantially better, though, as refining margins recovered and the company sold assets. Weak natural gas prices in the U.S., which have fallen to multi-year lows, continue to take their toll on energy companies.

Chevron’s net income rose 4.5% to $6.5 million in the first quarter, the company announced on Friday, lifting earnings per share to $3.27, one cent above Wall Street’s estimates.

Revenue was pretty much flat at $60.705 billion in Q1, as net oil equivalent production fell to 2.63 million barrels per day, from 2.76 million a year ago

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Submitted Apr 28, 2012 By: eromitlab

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REPLIES (newest first)Ignore Short Messages

335d1 Champion Author Virginia Posts:2,381 Points:759,045 Joined:Feb 2011	Message Posted: Apr 29, 2012 11:44:31 AM Ignore 335d1 Report Abuse Unfortunately prices will go up to maintain their profit margins.
Wanda127 Champion Author Florida Posts:2,499 Points:915,005 Joined:May 2010	Message Posted: Apr 28, 2012 11:58:26 PM Ignore Wanda127 Report Abuse I can't say I'm sorry. But I know they have closed all their station in VA. & many other states in the last couple of years.
PDQBlues Champion Author San Diego Posts:7,074 Points:1,448,325 Joined:Jan 2009	Message Posted: Apr 28, 2012 8:55:37 PM Ignore PDQBlues Report Abuse tatker: i am deeply deeply saddened by this news of down profits.... tongue and cheek. :-) Careful, tatker. There are a few members that cannot understand sarcasm.
largobob Champion Author Tampa Posts:18,097 Points:3,380,885 Joined:Dec 2003	Message Posted: Apr 28, 2012 6:19:05 PM Ignore largobob Report Abuse Not to worry. As soon at the export plants are built, natural gas prices will go back up. The first of 10 plants has just come on line in Texas. World wide supply and demand will bring prices back up and we will all act shocked.
tatker Champion Author Asheville Posts:1,966 Points:559,830 Joined:Dec 2010	Message Posted: Apr 28, 2012 4:52:38 PM Ignore tatker Report Abuse i am deeply deeply saddened by this news of down profits.... tongue and cheek.
Meowmy Champion Author Florida Posts:1,293 Points:348,855 Joined:Jan 2011	Message Posted: Apr 28, 2012 11:57:20 AM Ignore Meowmy Report Abuse They're charging too much for fuel to begin with. Only sell what we don't need/use instead of buying all our gas/oil off the world market.
pa79th Champion Author Pennsylvania Posts:1,787 Points:1,217,075 Joined:Jun 2007	Message Posted: Apr 28, 2012 10:53:19 AM Ignore pa79th Report Abuse Supply and demand in reverse! I love it!
molebaby96 Champion Author Tallahassee Posts:2,126 Points:505,390 Joined:Nov 2011	Message Posted: Apr 28, 2012 10:51:09 AM Ignore molebaby96 Report Abuse I understand that businesses grow when profits are high but what about the little man who has to pay overly high prices for goods and products that are necessary for his survival with a net income that rose 0%. Where is the balance?
Lugi1967 Champion Author Ohio Posts:4,788 Points:1,002,245 Joined:Jun 2010	Message Posted: Apr 28, 2012 10:23:02 AM Ignore Lugi1967 Report Abuse They are still making great money
yardslave Champion Author Oklahoma City Posts:2,555 Points:596,805 Joined:Dec 2005	Message Posted: Apr 28, 2012 10:18:13 AM Ignore yardslave Report Abuse Why not let them lower prices? Supply and demand is supposed to work BOTH ways.
deputydog082 Champion Author Detroit Posts:1,786 Points:660,340 Joined:Apr 2011	Message Posted: Apr 28, 2012 10:16:16 AM Ignore deputydog082 Report Abuse soon they will stop production to boost prices
fracknsave Champion Author Grand Rapids Posts:1,666 Points:58,000 Joined:Mar 2012	Message Posted: Apr 28, 2012 9:18:21 AM Ignore fracknsave Report Abuse This is only a short term problem as industry will adapt to any economical alternative.
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Apr 28, 2012 9:15:18 AM Ignore GingoutMD Report Abuse Chevron need to stick it out as more producers drop out of the NG market due to a super large supply. In time the prices will come back up and demand increases and less "players" are still produciNG.
imcheep Champion Author New Mexico Posts:2,492 Points:649,830 Joined:Apr 2005	Message Posted: Apr 28, 2012 8:56:12 AM Ignore imcheep Report Abuse Just like us the need to save up for the weak times.
SUPPER Champion Author San Bernardino Posts:2,476 Points:1,288,680 Joined:Dec 2004	Message Posted: Apr 28, 2012 8:45:28 AM Ignore SUPPER Report Abuse They make lots of money
cdrrod Champion Author Wisconsin Posts:4,154 Points:783,775 Joined:Feb 2006	Message Posted: Apr 28, 2012 8:38:16 AM Ignore cdrrod Report Abuse Gee, my paycheck didn't increase; however my gas bill sure did!
gs7101 Champion Author San Antonio Posts:5,523 Points:388,670 Joined:Jun 2009	Message Posted: Apr 28, 2012 8:26:51 AM Ignore gs7101 Report Abuse Big Oil isn't hurting over the "weak" quarter!
Joeski1 Champion Author New Jersey Posts:10,001 Points:1,741,835 Joined:Dec 2004	Message Posted: Apr 28, 2012 8:22:53 AM Ignore Joeski1 Report Abuse Too much fracking wastewater too... all that pressure is building under the mid west like the culdera under Yellowstone.... she's gonna blow... she's gonna blow..!!! or just shake the hell out of your place till it levels on the ground... [Edited by: Joeski1 at 4/28/2012 8:23:04 AM EST]
doeslayersr Champion Author Illinois Posts:9,116 Points:872,005 Joined:Dec 2010	Message Posted: Apr 28, 2012 8:18:24 AM Ignore doeslayersr Report Abuse Good for Chevron.
dbecks44 Champion Author Michigan Posts:1,347 Points:432,430 Joined:Jan 2012	Message Posted: Apr 28, 2012 8:11:58 AM Ignore dbecks44 Report Abuse To much sounds alright to me!
Yooperheart Champion Author Michigan Posts:3,416 Points:527,025 Joined:Feb 2010	Message Posted: Apr 28, 2012 8:08:37 AM Ignore Yooperheart Report Abuse To much is a problem? Sell it for less :-)
bullet226 Champion Author Toronto Posts:2,716 Points:534,915 Joined:Nov 2010	Message Posted: Apr 28, 2012 7:48:43 AM Ignore bullet226 Report Abuse Too little - too much, make up your minds
grandpadon28110 Champion Author Charlotte Posts:4,716 Points:1,142,310 Joined:Sep 2008	Message Posted: Apr 28, 2012 7:47:08 AM Ignore grandpadon28110 Report Abuse So.
tgusa Champion Author Virginia Beach Posts:2,476 Points:439,875 Joined:Jun 2006	Message Posted: Apr 28, 2012 6:52:58 AM Ignore tgusa Report Abuse meh
wrunner Champion Author Virginia Posts:4,445 Points:1,136,585 Joined:Dec 2009	Message Posted: Apr 28, 2012 5:53:54 AM Ignore wrunner Report Abuse If supply is high then let the prices fall.
wally52 Champion Author Little Rock Posts:27,452 Points:814,510 Joined:Jan 2011	Message Posted: Apr 28, 2012 5:33:33 AM Ignore wally52 Report Abuse It's all greed
bills299 Champion Author Atlanta Posts:3,366 Points:904,490 Joined:May 2005	Message Posted: Apr 28, 2012 4:56:22 AM Ignore bills299 Report Abuse Wow!
graceman Champion Author Baltimore Posts:4,968 Points:1,158,725 Joined:Jun 2008	Message Posted: Apr 28, 2012 4:20:49 AM Ignore graceman Report Abuse Anything to keep the prices up!
Dphillips720 Champion Author Michigan Posts:1,407 Points:531,200 Joined:Mar 2011	Message Posted: Apr 28, 2012 4:06:44 AM Ignore Dphillips720 Report Abuse joy
nfldude Champion Author San Diego Posts:3,871 Points:446,555 Joined:Dec 2011	Message Posted: Apr 28, 2012 3:57:23 AM Ignore nfldude Report Abuse curse of too much shale? At these prices? Hmmmm...