Chevron reports decline in oil, natural gas production

Chevron Corp. said Tuesday that first-quarter oil and natural gas production fell 1.2% after the Venezuelan government seized bigger stakes in two oil fields.

Chevron pumped the equivalent of 2.61 million barrels of oil a day in January and February, down from 2.64 million a day during the first quarter of 2006, the San Ramon, Calif.-based company said. Chevron’s share of production from two Venezuelan fields declined after the government of President Hugo Chavez converted operating contracts to joint ventures in October.
Los Angeles Times