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Chevron Earns $26.2 Billion in 2012

February 11, 2013
By CASEY JUNKINS - Staff Writer , The Intelligencer / Wheeling News-Register

CAMERON - With its Marshall County drilling operations still pending, California-based oil and natural gas giant Chevron earned $26.2 billion in 2012.

These numbers, however, are actually down 3 percent from the $26,9 billion the company took home in 2011.

"Chevron delivered another very strong year in 2012," said Chairman and Chief Executive Officer John Watson. "Our upstream portfolio continues to produce excellent results. We've now led the industry in earnings per barrel for over three years. Our downstream businesses also delivered highly competitive earnings per barrel."

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As natural gas and oil giant Chevron prepares to drill in West Virginia’s Northern Panhandle, the company reported earnings of $26.2 billion during 2012.

"We also expanded our global exploration resource acreage in 2012," Watson noted, "including entries into five new countries, the addition of significant new acreage in the United States, and the recently announced acquisition of a 50 percent operated interest in a western Canada liquefied natural gas project."

Watson said Chevron added approximately 1.07 billion barrels of net oil-equivalent proved reserves in 2012. These additions equate to 112 percent of net oil-equivalent production for the year.

Since acquiring lease rights and active natural gas operations from AB Resources, NPAR, TriEnergy Holdings and Chief Oil and Gas - as Marshall and Ohio County Clerk records show - Chevron now controls thousands of acres for drilling in Ohio and Marshall counties.

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 hit a "shallow 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 operations in Marshall County to make sure the wells are safe. The project is ongoing.

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