Chevron sees earning decline 26% in 2nd qtr.

Chevron sees earning decline 26% in 2nd qtr.

Net oil-equivalent production in US up 353,000 barrels per day due to record high production in Permian Basin, says company

By Ovunc Kutlu

ISTANBUL (AA) - American energy major Chevron saw its earnings decline 26% in the second quarter of this year, compared to the same period of last year, according to its financial results statement released Friday.

The company posted total earnings of approximately $4.43 billion in April-June period of this year, down 26.3% from $6.01 billion the same period of last year.

"Foreign currency effects decreased earnings by $243 million," said the statement.

The firm's net oil-equivalent production, on the other hand, rose to more than 3.92 million barrels per day, up 32.4% from 2.96 million barrels per day, during that period.

Net oil-equivalent production in the US was up 353,000 barrels per day from a year earlier due to record high production in the oil-rich Permian Basin, according to the statement.

Amid decline in earnings, Chevron shares were down 2.93% at 2.25 p.m. EDT on the New York Stock Exchange.

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