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News Breaks
July 10, 2014
17:05 EDTCVXChevron sees Q2 earnings higher than Q1
Chevron reported in its interim update that earnings for the Q2 are expected to be higher than Q1 as a result of gains on asset sales and an absence of impairments in the prior quarter. Foreign exchange losses in Q2 are expected to be higher than Q1 losses. The interim update contains industry and company operating data for the first two months of Q2. Readers are advised that the commentary below compares results for the first two months of Q2 to full Q1 results, unless indicated otherwise. U.S. net oil-equivalent production was higher compared to the first quarter, primarily due to less maintenance activity in the Gulf of Mexico and increased production in the Permian Basin. International net oil-equivalent production was lower as a result of planned turnaround activity in Kazakhstan, in addition to the shutdown of the LNG facility in Angola. U.S. Downstream earnings for the full quarter are expected to be comparable to the prior quarter. Higher U.S. refining margins, particularly on the West Coast, were offset by lower volumes and higher operating expenses due to significant planned turnaround activity at the El Segundo refinery. International refinery crude-input volumes increased, primarily reflecting lower maintenance activities at multiple refineries.
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