Chevron Has 52 Wells In Marshall County
MOUNDSVILLE – Even as the company maintains operations in Argentina, Australia and Southeast Asia, global oil giant Chevron has 52 oil and natural gas wells in Marshall County, according to West Virginia Department of Environmental Protection records.
California-based Chevron is one of the largest publicly owned oil companies in the world, alongside fellow supermajors Exxon Mobil, BP, Royal Dutch Shell, Total and ConocoPhillips.
The company earned $4.5 billion during the first three months of this year, although this amount is actually down from the $6.2 billion it earned during the same period last year.
“Our first quarter earnings were down from a year ago, primarily due to lower prices and volumes for crude oil,” John Watson, chairman and CEO of Chevron, said.
In the company’s recent earnings statement, Chevron states production increases in the Marcellus shale are becoming more of a point of focus.
“Our financial strength continues to allow us to fund these important growth projects which are expected to support a 20 percent increase in production by 2017, and to grow shareholder distributions,” Watson added.
After acquiring lease rights from AB Resources, NPAR, TriEnergy Holdings and Chief Oil and Gas, Chevron signed additional acreage for drilling throughout the Northern Panhandle. However, Chevron also wanted to make sure the West Virginia operations would live up to the company’s safety standards. In June 2010, a well in the name of AB Resources exploded near Moundsville when workers struck a pocket of methane gas a little more than 1,000 feet below the ground. In addition to injuring several workers, this ignited a large fireball that burned for days.
To prevent any such problems from occurring under Chevron’s watch, the company ceased several active operations to upgrade them to ensure they met the company’s safety standards.