In an interim Q4 update, Chevron (CVX) says its oil and gas production fell slightly from Q3 levels as the price it received for crude dropped.
Average U.S. oil-equivalent production fell to 650K bbl/day in the first two months of Q4 from an average of 655K for the entire Q3; worldwide output totaled 2.56M bbl/day in the first two months of Q4 from 2.59M in Q3.
Average realized U.S. price for crude and related products was $90.17/bbl in the first two months of Q4, down from $97.18 for all of Q3.
CVX expects Q4 earnings to be comparable with Q3; U.S. net oil-equivalent production was lower, primarily due to planned downtime across multiple assets in the Gulf of Mexico, while U.S. refinery crude-input volumes were higher mainly due to the absence of planned maintenance activity during Q3 at the El Segundo, Calif., refinery.
CVX -0.4% AH.