USA: Chevron Expects Flat Q3 Profits
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Monday, 17 October 2011 |
Chevron Corporation, which is due to publish its third-quarter results on October 28, has said that it expects operating profits to remain flat compared to the second quarter of this year. The American oil giant had posted $7.7bn net profit in that quarter, while Reuters analyst surveys had produced an an average projection of $6.5bn in profit for Q3.
Refining margins in the United States fell from Q2, as expected, but the shortfall was made up for by a $500m gain as the company divested marketing assets in Britain and Ireland, along with a Welsh refinery. The company’s international oil-equivalent production fell from the Q2 figure of 2 million barrels per day to 1.93 million barrels per day (bpd) in the first two months of the quarter. This was largely due to a pipeline incident in Thailand, the company said, and better production was expected in the future.
PetrolWorld 17102011
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