Chevron expects Q4 downstream earnings to be lower than Q3

12 January 2012 03:10  [Source: ICIS news]

SINGAPORE (ICIS)--Chevron expects its downstream earnings for the fourth quarter of 2011 to be significantly below its third quarter results because of lower margins and refinery input volumes, and the absence of an asset sale gain, the US energy major said late on Wednesday.

The company’s downstream earnings in the fourth quarter are expected to be near breakeven, Chevron said in a statement.

Chevron’s third-quarter downstream earnings jumped to $2bn (€1.58bn) because of gains from asset sales and improved product margins.

Its upstream earnings in the fourth quarter are projected to be comparable with its third-quarter results, Chevron said.

The overall third-quarter earnings from its upstream and downstream businesses more than doubled year on year to $7.8bn.

($1 = €0.79)

By: Samuel Wong

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