Chevron Corp. (CVX) said that its third-quarter global oil and gas production are expected to rise slightly from the year-ago quarter, though downstream earnings are expected to be "significantly lower."
Chevron Corp. (CVX) said that its third-quarter global oil and gas
production are expected to rise slightly from the year-ago quarter, though
downstream earnings are expected to be "significantly lower."
Chevron, the second-largest
U.S.
oil company in market
value after Exxon Mobil Corp. (XOM), produced 2.6 million barrels a day of oil
and natural gas in July and August, up 2.9% from its production rate in the
full third quarter of 2012.
The company also warned that while second-quarter earnings included
foreign-exchange gains of about $300 million, a similarly sized loss is
anticipated for the third quarter.
Throughout the oil giant's interim report, Chevron compared the first two
months of the third quarter to the entire quarter of the year-earlier period
and all of the second quarter of 2013.
Chevron's
U.S.
production in the first
two months of the quarter reached about 651,000 barrels of oil and natural gas
a day, up 2.2% from a year ago but 1.2% below the second quarter.
International production reached 1.94 million barrels a day, 3.1% higher than a
year ago and up 0.8% from the second quarter. International output grew on a
sequential basis, primarily due to less turnaround and maintenance activity
tied to several different assets globally.
Realized
U.S.
oil prices climbed 6.6%
from the third quarter of 2012 to an average of $96.73 a barrel, while
international oil prices grew 6.5% to $104.62.
Realized U.S. natural-gas prices averaged $3.30 per thousand cubic feet in the
first two months of the quarter, up from $2.63 in the third quarter of 2012 but
down from $3.78 in the second quarter of this year.
Outside the
U.S.
, natural gas prices
averaged $5.81 per thousand cubic feet, down from $6.03 a year ago and $5.93 in
the second quarter.
Chevron's refineries processed 1.71 million barrels a day, up from 1.69 million
a day in the third quarter of 2012.
U.S.
gasoline sales reached
535,000 barrels a day through August, up 3% from last year's third quarter.
Chevron is slated to report full third-quarter results on Nov. 1.
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