Chevron Corporation (CVX) Evacuating Staff from North Iraq as Tension Soars

Chevron Corporation (NYSE: CVX) reported that it is pulling staff out of North Iraq as the Islamic State militants are pushing hard towards the capital. According to Chevron Corp, it has extracted expatriate staff from the location because of safety concerns. Not only Chevron but also all the major oil producers are ready to evacuate their staff from the region. It includes Exxon Mobil Corporation (NYSE:XOM) who is shifting its workers to a safer location.

Chevron (CVX)

The extraction of staff started after the Islamic militants reached as near as a 30-minute drive from the major city of the Northern Iraq, namely Arbil. The movement has triggered mass evacuation of the area with over 10,000 people fleeing away.

Chevron Corporation (NYSE: CVX) posted its second quarter earnings for 2014 earlier this month with total earnings of $5.7 billion as compared to $5.4 billion in the second quarter of 2013. The company did suffer a dip in its oil production but its sale of assets and increasing oil prices neutralized its production losses. The net oil production of the company fell up to 2.55 million barrels per day as compared to 2.58 million last year.

According to the CEO of Chevron Corporation (NYSE: CVX), John Watson, “Current quarter earnings reflected stronger market conditions for crude oil, although some of these benefits were offset by lower production volumes as a result of planned maintenance activity at Tengizchevroil in Kazakhstan. Gains on asset sales also contributed to our results, as we completed important sales under our three-year divestment program.”

Chevron Corporation (NYSE: CVX) is the among the biggest energy companies in the US and it has a worldwide network of subsidiaries. The company is involved in mining, petroleum, power generation, chemicals, and worldwide energy operations. It has a current market cap of $239 billion and the company is targeting to increase its production by 20 percent by the year 2017.

This article has been written by Prakash Pandey and edited by Serkan Ünal.

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