USA: Chevron Issues Interim Update for Fourth Quarter 2010

Corporation today reported in its interim update that earnings for the fourth quarter 2010 are expected to be higher than in the third quarter 2010.

Upstream results are projected to improve between sequential quarters, benefiting from higher crude oil prices and increased liquids liftings. Downstream earnings in the fourth quarter are also expected to be higher, reflecting a gain on an asset sale.

Basis for Comparison in Interim Update

The interim update contains certain industry and company operating data for the fourth quarter 2010. The production volumes, realizations, margins and certain other items in the report are based on a portion of the quarter and are not necessarily indicative of Chevron’s quarterly results to be reported on January 28, 2011. The reader should not place undue reliance on this data.

Unless noted otherwise, all commentary is based on two months of the fourth quarter 2010 versus full third quarter 2010 results.

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Source:Chevron, January  12, 2011