Gulf News

US giant expects decline in 2007 production

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Chevron expects its 2007 production to average about 2.6 million barrels of oil equivalent per day, down about 70,000 barrels of oil equivalent per day from last year’s levels.

The company, which plans to release its results on April 27, posted earnings of $3.77 billion, or $1.74 a share, in the fourth quarter.

Chevron’s average price for US crude oil it sold in the first two months fell to $50.33 per barrel, down from $52.98 per barrel in the fourth quarter and $54.99 per barrel in the first quarter of 2006.

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