Chevron’s upstream production
Chevron (CVX) produced 2.7 MMboepd (million barrels of oil equivalent per day) in its worldwide operations, posting a flat year-over-year production in 4Q16. Of the total output, 2.0 MMboepd, or 74%, was from international operations.
Chevron’s upstream production mix
Liquids accounted for 1.7 MMbpd (million barrels per day), or 65%, of Chevron’s total output in 4Q16. Its US liquid production rose 2% YoY, whereas its non-US liquids production fell 3% YoY. In 4Q16, US and non-US liquid production stood at 0.51 MMbpd and 1.2 MMbpd, respectively.
Natural gas constitutes 35% of Chevron’s production mix. Chevron’s natural gas production has fallen in the United States but has risen in other areas. US natural gas production fell 21% to 0.17 MMboepd between 4Q15 and 4Q16. In other regions, production rose 11% to 0.75 MMboepd.
Along with the rise in crude oil realizations, Chevron’s natural gas realizations have risen. Chevron’s average US natural gas realizations rose 29% to $2 per thousand cubic feet between 4Q15 and 4Q16. Non-US natural gas realizations rose 2% to $4.10 per thousand cubic feet. If you’re seeking exposure to integrated energy stocks, you could consider the Vanguard Energy ETF (VDE), which has a ~39% exposure to integrated energy sector stocks.