Chevron Expects Q3 Earnings To Be Lower Than Q2

(RTTNews) - Chevron Corp. (CVX) reported in its interim update that earnings for the third quarter 2013 are expected to be lower than in the second quarter. Upstream results for the third quarter are projected to be slightly higher than the prior quarter while downstream earnings are expected to be significantly lower.

The company said second quarter earnings included foreign exchange gains of about $300 million, compared to similarly sized losses anticipated for the third quarter. The interim update contains industry and company operating data for the first two months of the third quarter.

Upstream results for U.S. net oil-equivalent production was slightly lower, primarily due to planned turnaround activity across multiple assets in the Gulf of Mexico, while international net oil-equivalent production was modestly higher compared to the second quarter, reflecting less turnaround and maintenance activity related to several different assets worldwide, Chevron noted.

The company noted that U.S. refinery crude-input volumes were slightly higher as the Richmond, California refinery resumed normal operations during the second quarter, but the increase was mostly offset by planned maintenance activity at the El Segundo, California refinery. International refinery crude-input volumes increased following maintenance activity early in the second quarter.