Chevron Issues Interim Update for Third Quarter 2. Chevron Issues Interim Update for Third Quarter 2. SAN RAMON, Calif.- -(BUSINESS WIRE)- - Chevron Corporation (NYS: CVX) today reported in its interim update that earnings for the third quarter 2. Upstream results are projected to be lower between sequential quarters, reflecting foreign exchange losses and lower liftings and realizations, partially offset by an asset sale gain. Downstream earnings in the third quarter are expected to be significantly lower than second quarter 2. Basis for Comparison in Interim Update. This interim update contains certain industry and company operating data for the third quarter 2. 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 full quarterly results to be reported on November 2, 2. The reader should not place undue reliance on this data. Readers are advised that portions of the commentary below compare results for the first two months of the third quarter 2. UPSTREAMThe table that follows includes information on production and price indicators for crude oil and natural gas for specific markets. Actual realizations may vary from indicative pricing due to quality and location differentials and the effect of pricing lags. International earnings reflect actual liftings, which may differ from production due to the timing of cargoes and other factors. Upstream Net Production: Liquids. MBD4. 53. 44. 74. Natural Gas. MMCFD1,2. Total Oil- Equivalent. MBOED6. 62. 66. 16. Pricing: Avg. WTI Spot Price$/Bbl. Avg. Midway Sunset Posted Price. Bbl. 10. 2. 9. 91. Nat. Brent Spot Price 2$/Bbl. Average Realizations: Liquids$/Bbl. Chevron warns on third quarter due to refining earnings drop. In its interim update for the third quarter, Chevron said crude.
Natural Gas $/MCF 5. As of second quarter 2. Oil giant Chevron Corp. Chevron expects earnings drop. ![]() ![]() Avg. Midway Sunset Posted Price is based on the average of four companies' posted prices to better reflect realizations. Prior to second quarter 2. Chevron average posting. The Avg. Brent Spot Price is based on Platts daily assessments, using Chevron's internal formula to produce a quarterly average. International net oil- equivalent production during the first two months of the third quarter decreased 8. Planned maintenance in Kazakhstan and the United Kingdom caused the majority of the decline. The company expects increased production in the fourth quarter 2. Gulf of Mexico. International upstream earnings in the third quarter are expected to include a gain of approximately $6. Wheatstone LNG project. U. S. International liquids realizations decreased $2. Actual margins realized by the company will differ due to crude and product mix effects, planned and unplanned shutdown activity and other company- specific and operational factors. West Coast - Blended 5- 3- 1- 1. U. S. Gulf Coast - Maya 5- 3- 1- 1. Singapore - Dubai 3- 1- 1- 1. Marketing Margins. U. S. West - Weighted DTW to Spot. U. S. East - Houston Mogas Rack to Spot. Asia- Pacific / Middle East / Africa. Actual Volumes: U. S. Refinery Input. MBD8. 97. 76. 39. Int'l Refinery Input. MBD8. 82. 80. 57. U. S. Branded Mogas Sales MBD 5. As of June 2. 01. Star Petroleum Refining Company crude- input volumes are reported on a consolidated basis. Prior to June 2. 01. For the full third quarter, U. S. West Coast. During the first two months of the third quarter, U. S. The Richmond crude unit is expected to remain offline through the fourth quarter of 2. International refinery crude- input volumes increased 4. Star Petroleum Refining Company to gross input volumes, effective June 2. Downstream earnings in the third quarter are also expected to reflect unfavorable inventory impacts and negative mark- to- market effects on open derivative contracts tied to underlying physical positions, as opposed to notably positive contributions from these items in the second quarter. International downstream earnings are also expected to decrease substantially between sequential quarters due to several unrelated items, including charges associated with portfolio restructuring in Australia, as well as lower gains on asset transactions. ALL OTHERThe company's general guidance for the quarterly net after- tax charges related to corporate and other activities is between $3. Due to the potential for non- ratable accruals related to income taxes, pension settlements, environmental and other matters, actual results may significantly differ from the guidance range. Total net charges for the third quarter are expected to be notably higher than the general guidance range. NOTICEChevron's discussion of third quarter 2. Friday, November 2, 2. PDT. A webcast of the meeting will be available in a listen- only mode to individual investors, media, and other interested parties on Chevron's website atwww. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward- looking statements. The reader should not place undue reliance on these forward- looking statements, which speak only as of the date of this interim update. Unless legally required, Chevron undertakes no obligation to update publicly any forward- looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward- looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate- energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company's joint- venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start- up of planned projects; the potential disruption or interruption of the company's net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from other pending or future litigation; the company's future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government- mandated sales, divestitures, recapitalizations, industry- specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U. S. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this interim update could also have material adverse effects on forward- looking statements. Chevron Corporation. Justin Higgs, 9. 25- 7. KEYWORDS: United States North America California. INDUSTRY KEYWORDS.
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