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.
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