Profits for the second quarter will surpass the first quarter, according to Chevron Corp. (CVX), citing better margins from its refining operations.
Refining margins climbed higher than the previous quarter, rising to $4 a barrel to $24.89, while West Coast margins rose to $21.32 a barrel
Oil and gas production in the U.S. also improved for the quarter, jumping an average of 665,000 barrels per day during April and May, up from the 651,000 barrels per day average in the first quarter. The increase was largely a result of increased production in the Gulf of Mexico.
Globally oil equivalent production dropped from 2.63 million bpd in the first quarter to 2.62 million bpd in the latest quarter. That is falling below it projected average for 2012 of 2.68 million bpd.
The declining global production was the consequence of the ongoing "shut-in of production at the Frade field in Brazil and planned maintenance in Kazakhstan contributed to the majority of the decline," said the energy giant.
A report will be released next week by Brazil's oil regulator on the causes of the oil spill which shut down Frade since March. That lowered Chevron's production by 30,000 bpd.
Chevron closed Wednesday at $104.85, up $0.97, or 0.93 percent.
Showing posts with label NYSE:CVX. Show all posts
Showing posts with label NYSE:CVX. Show all posts
Wednesday, July 11, 2012
Wednesday, October 27, 2010
Chevron (NYSE:CVX) Hires Forensic Accountants to Investigate Gorgon Expenses
Chevron has reported hired forensic accountants to investigate whether contractors working on the $43 billion Gorgon gas project have been overcharging them for their labor.
Even so, Chevron, when queried on rumors they had huge cost overruns and were behind schedule, denied the assertions, and said the project will deliver gas as projected by 2014.
It's unknown if this is a fishing expedition or is based upon going over the hefty contracts, which in a year's time have come to $24 billion in total rewarded to contractors and/or subcontractors.
Alleged increasing costs and labor shortages are also part of the idea the company could be getting shortchanged.
Either Chevron believes there's something to the rumors or they're moving to quench the rumors before they get out of control.
Even so, Chevron, when queried on rumors they had huge cost overruns and were behind schedule, denied the assertions, and said the project will deliver gas as projected by 2014.
It's unknown if this is a fishing expedition or is based upon going over the hefty contracts, which in a year's time have come to $24 billion in total rewarded to contractors and/or subcontractors.
Alleged increasing costs and labor shortages are also part of the idea the company could be getting shortchanged.
Either Chevron believes there's something to the rumors or they're moving to quench the rumors before they get out of control.
Thursday, October 14, 2010
Chevron's (NYSE:CVX) Earnings Estimates Lowered by Barclays (NYSE:BCS)
Barclays (NYSE:BCS) lowered their earnings estimates on Chevron (NYSE:CVX), citing their downwardly revised guidance for the quarter and full year.
"We believe the stock will react negatively to the 3Q10 interim update (10/12/10), due to the likely downward revision of the consensus expectation, reflecting the large FX loss as well as other one-off items. CVX expects 3Q10 result to be negatively impacted by $400 million in FX, primarily in international upstream, $200 million negative non-recurring items in international upstream, as well as a derivative loss in downstream. However, operationally, the company ran 3Q10 well," said Barclays.
"In light of the expected lower 3Q10 result, we decrease our 3Q10 and 2010
EPS estimates to $1.94 and $9.20 per share, from $2.28 and $9.55 per share,
respectively. We also fine-tune our 2011 EPS estimate modestly to $10.50 from $10.55 per share."
Chevron closed Wednesday at $83.67, down $0.17, or 0.20 percent. Barclays has a price target of $110 on the energy giant, while maintaining an "Overweight" on them.
"We believe the stock will react negatively to the 3Q10 interim update (10/12/10), due to the likely downward revision of the consensus expectation, reflecting the large FX loss as well as other one-off items. CVX expects 3Q10 result to be negatively impacted by $400 million in FX, primarily in international upstream, $200 million negative non-recurring items in international upstream, as well as a derivative loss in downstream. However, operationally, the company ran 3Q10 well," said Barclays.
"In light of the expected lower 3Q10 result, we decrease our 3Q10 and 2010
EPS estimates to $1.94 and $9.20 per share, from $2.28 and $9.55 per share,
respectively. We also fine-tune our 2011 EPS estimate modestly to $10.50 from $10.55 per share."
Chevron closed Wednesday at $83.67, down $0.17, or 0.20 percent. Barclays has a price target of $110 on the energy giant, while maintaining an "Overweight" on them.
Wednesday, October 13, 2010
Chevron (NYSE:CVX) Lowers Earnings Guidance on Weak US Dollar, Drilling Moratorium
Chevron Corp. (NYSE:CVX) lowered its earning guidance for the third quarter Tuesday, citing the collapsing U.S. dollar and the deepwater oil moratorium imposed by the Obama administration which drove up the costs for the period. Lower crude prices were also cited as a reason for the lowered guidance.
Together it will slash earnings for the quarter by close to $400 million, said the energy giant.
This isn't a surprise to most people, as Wall Street had already lowered their profit estimates to $2.27, down from the second-quarter earnings of $2.70 a share.
Chevron noted the declining value of the U.S. dollar will hit their International Upstream business the hardest.
U.S. upstream earnings were the most negatively affected by the oil moratorium, resulting in a drop of 16,000 barrels of day in production on average in the country, while costs rose.
Chevron has been lowering their investment in small-margin businesses in order to target exploration to find new gas and oil fields.
The company closed Tuesday at $83.84, gaining $0.13, or 0.16 percent.
Together it will slash earnings for the quarter by close to $400 million, said the energy giant.
This isn't a surprise to most people, as Wall Street had already lowered their profit estimates to $2.27, down from the second-quarter earnings of $2.70 a share.
Chevron noted the declining value of the U.S. dollar will hit their International Upstream business the hardest.
U.S. upstream earnings were the most negatively affected by the oil moratorium, resulting in a drop of 16,000 barrels of day in production on average in the country, while costs rose.
Chevron has been lowering their investment in small-margin businesses in order to target exploration to find new gas and oil fields.
The company closed Tuesday at $83.84, gaining $0.13, or 0.16 percent.
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