USA: Chevron Expects Drop in Q4 Profit

Chevron Corporation reported in its interim update that earnings for the fourth quarter 2011 are expected to be significantly below third quarter 2011 results.  

Absent foreign exchange impacts, upstream earnings are projected to be comparable with third quarter results.

Downstream earnings in the fourth quarter are expected to be near breakeven.

Lower margins and refinery input volumes, and the absence of an asset sale gain are expected to reduce downstream earnings significantly compared to third quarter results.

Full third quarter earnings included foreign exchange gains of nearly $450 million, compared to a loss anticipated in the fourth quarter.

[mappress]

LNG World News Staff, January 12, 2012