Chevron Issues Profit Warning for Q4
|
|
|
|
Monday, 16 January 2012 |
Chevron has issued a warning on profits for the fourth quarter of its financial year, as falling margins in refining on the Gulf Coast and lower crude input volumes affected revenue for the integrated major. The company said it expects downstream operations to break even in the fourth quarter, though strong upstream operations could compensate for this.
The one-time gains that improved downstream profits in Q3 will not apply in the fourth quarter, while the company also noted a loss on foreign exchange and higher costs for corporate activities. Downstream volumes so far have fallen to 717,00 bpd, down from 876,000 bpd in the same period last year and 897,000 bpd in Q3. Chevron reported earnings of $5.3bn in the fourth quarter of last year, with downstream earnings of $742m.
PetrolWorld 16012012
|
