Chevron Corporation (NYSE: CVX) today reported in its interim update that fourth quarter net income is expected to be higher than the $3.7 billion earned in the third quarter 2007.
Higher earnings are expected in the upstream business, which benefited during the fourth quarter from higher prices for crude oil and natural gas. In the third quarter, upstream earned $3.4 billion. For the downstream segment, refined-product margins continued to be weak in the fourth quarter. Earnings for worldwide downstream in the third quarter were $377 million and are expected to remain low in the fourth quarter.