Chevron sees higher Q2 earnings, citing gains on asset sales

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

Chevron (CVX) reports in its interim update that it expects Q2 earnings will be higher than Q1 due to gains on asset sales and an absence of impairments in the prior quarter.

U.S. net oil-equivalent production is seen higher Q/Q, due to less Gulf of Mexico maintenance activity and improved Permian Basin production; international net oil-equivalent production is seen lower because of planned Kazakhstan turnaround activity and the shutdown of the Angola LNG facility.

Q2 U.S. downstream earnings are seen comparable to Q1, as higher refining margins are offset by lower volumes and higher costs due to significant planned turnaround activity at the El Segundo refinery; international refinery crude input volumes are seen higher, reflecting lower maintenance activities.

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