Chevron Corp, the second-largest U.S. oil company, reported better-than-expected quarterly profit on Friday as higher energy prices offset rising expenses and production dips in Kazakhstan.Chevron's reliance on higher crude oil and natural gas prices to boost results, even as production falls, mirrored results from rival Exxon Mobil Corp on Thursday, and underlined Wall Street's concerns that international energy giants were not replenishing reserves fast enough.The company is spending more than $20 billion on five new projects it hopes will boost production 20 percent by 2017. One project, the Gorgon liquefied natural gas (LNG) facility in Australia, should be online by next year, executives said on a conference call with investors.Chevron reiterated on Friday it remained interested in developing the Kitimat LNG project off the western coast of Canada. The plans were thrown into doubt on Thursday, when joint venture partner Apache Corp said it was pulling out.
Apache Corporation (Apache) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Shares of APA fell by 2.27% or $-2.33/share to $100.33. In the past year, the shares have traded as low as $75.07 and as high as $104.57. On average, 2924110 shares of APA exchange hands on a given day and today's volume is recorded at 2059574.
Exxon Mobil Corporation is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.37% or $-0.365/share to $98.58. In the past year, the shares have traded as low as $84.79 and as high as $104.76. On average, 9034670 shares of XOM exchange hands on a given day and today's volume is recorded at 6522615.
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