Chevron says Q1 earnings to slip vs. Q4, cites one-time charges


Chevron (CVX) -0.5% AH after saying it expects Q1 earnings to come in lower than the previous quarter because of high currency conversion costs and one-time charges in its mining unit.

Excluding the charges, results should be "comparable" with Q4, when CVX reported net income of $4.93B, or $2.57/share; current analyst consensus estimate for Q1 is $2.78.

CVX says current year production has been affected by downtime, in part due to adverse weather across multiple regions; refinery crude input volumes are down slightly compared to Q4.

U.S. production in the first two months of the quarter reached ~637K boe/day, down 1.1% Y/Y and down 2% Q/Q; international production totaled ~1.94M boe/day, falling 2% Y/Y but rising 0.8% Q/Q.

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Comments (2)
  • rjj1960
    , contributor
    Comments (1479) | Send Message
     
    Was this stock not just upgraded this morning???? Chevron initiated with a BUY at JEFFERIES
    Target $140 and Exxon was initiated by Jefferies with a $96 price target.
    9 Apr 2014, 07:16 PM Reply Like
  • jumpnjoey77
    , contributor
    Comments (1222) | Send Message
     
    They need to get a forex trader. They allows blame currency conversion fees.
    10 Apr 2014, 12:19 AM Reply Like
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