By Mary de Wet

 

Chevron Corp. said Friday that its worldwide net oil-equivalent production rose 6% in the fourth quarter, mainly due to the company's acquisition of Noble Energy Inc.

Chevron bought Noble Energy for $5 billion in stock and completed the acquisition in October. Noble Energy aimed to produce an average of 385,000 to 405,000 barrels of oil equivalent a day in 2020, according to the company's website.

 

On oil and gas production:

"Worldwide net oil-equivalent production was 3.28 million barrels per day in fourth quarter 2020, an increase of 6% from a year ago," Chevron said.

"The increase was largely due to the Noble Energy acquisition, partially offset by production curtailments."

Fourth-quarter output was up from the third quarter, when Chevron produced 2.83 million barrels of oil equivalent a day, according to the company's third-quarter report.

"Worldwide net oil-equivalent production for the full-year 2020 was 3.08 million barrels per day, an increase of 1% from the prior year," Chevron said Friday.

 

Write to Mary de Wet at mary.dewet@dowjones.com

 

(END) Dow Jones Newswires

January 29, 2021 09:15 ET (14:15 GMT)

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