CVX Chevron Corporation

By Mary de Wet

Chevron Corp.'s production fell in the first quarter as international operations struggled with the effects of asset sales, maintenance and entitlements.

On production:

"Worldwide net oil-equivalent production was 3.12 million barrels per day in first quarter 2021, a decrease of 4% from a year ago," the U.S. oil company said.

U.S. production rose 1% in the quarter while international output fell 5.8%.

The increase in U.S. output was due to 210,000 barrels per day of production from the Noble Energy acquisition, partially offset by a 68,000 barrels per day decrease related to the Appalachian asset sale, weather effects from winter storm Uri and normal field declines, Chevron said.

"The net liquids component of oil-equivalent production in first quarter 2021 was essentially flat at 802,000 barrels per day, while net natural gas production increased 5% to 1.64 billion cubic feet per day, compared to last year's first quarter."

International oil-equivalent production was hit by asset-sale-related decreases of 51,000 barrels per day, unfavorable entitlement effects, absence of volumes in Venezuela where the company no longer reports production, Gorgon maintenance impacts, production curtailments and normal field declines, the company said.

"The net liquids component of oil-equivalent production decreased 12% to 1.02 million barrels per day in first quarter 2021, while net natural gas production of 6.13 billion cubic feet per day increased 1%, compared to last year's first quarter."

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

(END) Dow Jones Newswires

April 30, 2021 08:42 ET (12:42 GMT)

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