Overall Chevron’s upstream businesses alone incurred a $US2.2 billion loss over the first half of 2015, compared to $5.3 billion in 2014.
“The decrease was due to lower crude oil and natural gas realization, higher depreciation expenses, primarily reflecting impairments, and higher tax items and exploration expenses. Favourable foreign currency effects and higher crude oil production somewhat offset the decrease,” the company stated.
Downstream, however, performed markedly better than in the previous year primarily off the back of Chevron’s sale of Caltex Australia Limited.
Total downstream earnings reached $US4.4 billion between January and 30 June this year, compared with just $US1.4 billion during the 2014 period. The Caltex Australia sale raked in some $US1.6 billion for the company.