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U.S. LNG exports a win-win, backers says
by Daniel J. Graeber
Washington (UPI) Apr 10, 2013


Chevron production dinged by weather
San Ramon, Calif. (UPI) Apr 10, 2013 - Lower oil and natural gas production from North American and Kazakhstan is expected to push first quarter profits lower, Chevron Corp. said.

Chevron released an interim report on its operations through February. The company said it expected first quarter earnings will be lower than fourth quarter 2013 because of slumping production and "adverse foreign exchange effects."

The company blamed adverse weather in North America and Kazakhstan for an interim decline in production. U.S. production during the first two months of the year was down 4.1 percent compared to first quarter 2013. International production was down 2 percent year-on-year.

"Absent these impacts, first quarter 2014 earnings are expected to be comparable with the prior quarter's results," the company said Wednesday.

Chevron added that an increase in demand from Asian markets helped prop up its natural gas business.

Chevron's full first quarter report is due in May.

A move to clear the backlog of permits for U.S LNG exports will protect its allies and stimulate the economy, the American Petroleum Institute said.

Rep. Cory Gardner, R-Colo., introduced a measure that would clear permits pending at the Energy Department for exports of liquefied natural gas to countries that don't have a free-trade agreement with the United States.

API President Jack Gerard said the measure takes advantage of the momentum in the U.S. natural gas sector.

"The U.S. is the world's top producer of natural gas, and allies around the globe are looking to America for leadership on energy issues," he said in a statement Wednesday. "Now is the time to tear down our own bureaucratic hurdles to trade, create thousands of new American jobs, and strengthen our position as an energy superpower."

Critics of additional LNG exports worry it would result in more hydraulic fracturing, the controversial drilling practice known also as fracking, and potentially lead to higher domestic energy prices.

LNG exports to non-FTA countries are weighed by the Energy Department against the public's interest.

"LNG exports can truly be both a foreign policy success story and an economic policy success story, and comes at a time we can use a heck of a lot more of both," Gardner said.

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