Chevron warns on 4Q profit
Chevron warns on 4Q profit
SAN RAMON, Calif. — Chevron Corp. said Wednesday that its fourth-quarter profit will be “significantly” below third-quarter results, partly because of weaker profit margins on refining and selling fuels.
The oil giant said Wednesday that its usually profitable refining and marketing business will roughly break even. Refinery volumes in the U.S. and overseas dropped from the third quarter, and refining margins fell sharply on the U.S. Gulf Coast.
Chevron expects its exploration and production unit to post a profit similar to the third quarter. In the U.S., higher prices for crude oil and liquids offset continuing low prices for natural gas.
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In the third quarter, Chevron’s profit more than doubled from a year earlier despite declining production, thanks to rising prices for oil, gasoline and other fuels. The company earned net income of $7.83 billion, or $3.92 per share, on revenue of $61.3 billion.
http://fuelfix.com/blog/2012/01/11/chevron-warns-on-4q-profit/
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