By Mary de Wet
Chevron Corp. said Friday that its worldwide net oil-equivalent production rose 6% in the fourth quarter, mainly due to the company's acquisition of Noble Energy Inc.
Chevron bought Noble Energy for $5 billion in stock and completed the acquisition in October. Noble Energy aimed to produce an average of 385,000 to 405,000 barrels of oil equivalent a day in 2020, according to the company's website.
On oil and gas production:
"Worldwide net oil-equivalent production was 3.28 million barrels per day in fourth quarter 2020, an increase of 6% from a year ago," Chevron said.
"The increase was largely due to the Noble Energy acquisition, partially offset by production curtailments."
Fourth-quarter output was up from the third quarter, when Chevron produced 2.83 million barrels of oil equivalent a day, according to the company's third-quarter report.
"Worldwide net oil-equivalent production for the full-year 2020 was 3.08 million barrels per day, an increase of 1% from the prior year," Chevron said Friday.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
01-29-21 0915ET