Chevron Keeps the Cash Flowing Despite Slide in Profits

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Lone Star Stories

Oil Prices Soar Higher, Fueled by OPEC Cuts and Market Expectations

Brent crude and U.S. West Texas Intermediate (WTI) crude are witnessing increases, with futures up by 0.6% each, marking their fourth straight week of gains; this surge is mainly attributed to supply tightening due to OPEC+ cuts and escalating conflict in Ukraine.

Chevron Keeps the Cash Flowing Despite Slide in Profits

Chevron's preliminary Q2 results indicate a year-on-year earnings decline of 47%, despite record Permian Basin production and quarterly profit of $3.08 per share, exceeding Wall Street expectations. Chevron plans to continue returning cash to shareholders, which has been a recurring trend, and despite a significant drop in oil prices, stocks have remained steady as energy companies have managed to clear their balance sheets.

Reader Question of the Day

What is the life cycle of an oil well, from exploration to abandonment?

The life cycle of an oil well begins with exploration, where geological surveys identify potential reserves, often confirmed by drilling test wells. If successful, the development phase starts, involving the drilling of production and injection wells and the construction of necessary infrastructure. Production follows, with oil extraction and refining.

As production declines, secondary recovery methods, like water or gas injection, maintain pressure and displace oil. Enhanced Oil Recovery (EOR) may be implemented for further extraction. Finally, when extraction becomes uneconomical, the well is decommissioned or abandoned, involving well plugging, infrastructure dismantling, and site restoration. The entire life span of an oil well can exceed 50 years.

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