Chevron's Q4 production slips slightly, comparable earnings seen vs. Q3

|About: Chevron Corporation (CVX)|By:, SA News Editor

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.