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

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.

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Comments (1)
  • Michael Fitzsimmons
    , contributor
    Comments (11849) | Send Message
    Well, the weak production update was a disappointment. That said, I think the refining segment could surprise on the upside. Still bullish on 2014 due to new projects coming online... if it dips below $120, it could be a steal. Meanwhile, you gotta like that $1/share dividend coming in every quarter.
    10 Jan 2014, 10:41 AM Reply Like
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