Chevron Corp. (CVX:NYSE)

CNPC and Chevron Corp. have signed an agreement to jointly develop the Luojiazhai gasfield in Sichuan. Luojiazhai is known for its harsh, mountainous terrain. CNPC and Chevron have built three purification plants for high-sulfur gas in Sichuan with a capacity of 24 million cubic meters a day.

Chevron Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income attributable to company was $3,831 million or $1.92 per diluted share on total revenues and other income of $46,625 million against net income attributable to company of $7,893 million or $3.85 per diluted share on total revenues and other income of $78,867 million in the same period of last year. Income before income tax expense was $6,188 million against $14,341 million in the same period of previous year. Capital and exploratory expenditures were $4.6 billion against $5.5 billion in the same period of last year. For the nine months ended September 30, 2009, the company reported net income attributable to company was $7,413 million or $3.71 per diluted share on total revenues and other income of $122,960 million against net income attributable to company of $19,036 million or $9.23 per diluted share on total revenues and other income of $227,802 million in the same period of last year. Income before income tax expense was $12,707 million against $35,811 million in the same period of previous year. Capital and exploratory expenditures in the first nine months of 2009 were $16.0 billion compared with $15.8 billion in the corresponding 2008 period. The amounts included approximately $900 million in 2009 and $1.6 billion in 2008 for the company's share of expenditures by affiliates, which did not require cash outlays by the company. The company reported net charges in the third quarter 2009 were $167 million compared with $190 million in the year-ago period. Foreign-currency effects reduced net charges by $7 million in the 2009 quarter compared with a $71 million increase in net charges last year. Other net charges were higher between periods.

Chevron Corp. reported cash flow results for the third quarter of 2009. The company' net cash flow position for the third quarter was positive by nearly $2 billion after funding capital program. This positive cash generation was underpinned by higher crude oil prices and strong cash margins from major capital projects.