Chevron: Profit Should Top Q4 Levels

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Chevron Corp. should post higher first-quarter earnings than the previous quarter as record oil prices outweighed weak margins from refining and marketing, according to a report issued by the second-largest U.S. oil company on Wednesday, Reuters reports.


Chevron said its oil and gas production in January and February was 2.61 million barrels of oil equivalent per day, basically flat with the fourth quarter, as higher international natural gas output offset shortfalls for oil.


Benchmark oil prices averaged a record of about $98 a barrel in the quarter, driving higher first-quarter earnings from Chevron’s exploration and production business. But it said profits from its refining and marketing business “are expected to remain at the low level recorded” in the fourth quarter.


Chevron earned $4.88 billion, or $2.32 a share, in the fourth quarter, but its profits from refining, marketing and transportation were off close to 80 percent at $204 million.


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