Seeking Alpha

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 (9773) | 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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