Chevron reported in its interim update that earnings for the first quarter 2014 are expected to be lower than fourth quarter 2013, principally as a result of adverse foreign exchange effects, and selected asset impairments and related charges.
First quarter 2014 earnings are expected to be comparable with the prior quarter’s results, the company said in a statement.
UPSTREAM
Current year production has been affected by downtime, in part due to adverse weather across multiple regions including Kazakhstan, Canada, and the U.S. However, higher demand in Thailand and increased production at the LNG facility in Angola have served as an offset.