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Chevron Corporation Message Board

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  • nikit2h nikit2h Aug 3, 2008 2:40 PM Flag


    Slide 7 summarizes the change in worldwide oil equivalent production, including volumes produced from oil sands in Canada. Production fell by 62,000 barrels per day, or 2% between quarters. U.S. production declined 13,000 barrels per day due to operational down time and normal field declines that I mentioned.

    Outside the U.S., overall production dropped 49,000 barrels per day in the second quarter. However, we estimate that the impact of higher prices reduced production by about 75,000 barrels per day between sequential quarters. So absent price effects, volumes would have been up between quarters. I’ll elaborate on this in a moment.

    Indonesia production was impacted by prices but the largest effect was the absence of the one-time benefit of a favorable gas unitization agreement that we discussed on the conference call last quarter.

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