Chevron will also post higher than expected profits DUE TO HIGHER GAS PRICES.
""Chevron sees Q1 earnings increase despite weaker output
SAN RAMON -- Chevron says higher oil
prices will help push first-quarter profit higher than fourth-quarter earnings
despite a drop in U.S. production.
The oil company said Tuesday that it also
benefited from higher refining profit margins, lower operating costs, and gains
from selling assets. Foreign-exchange losses are expected to be larger.
Chevron didn't say what net income it
expects to report when it releases its first-quarter results on April 27.
Analysts expect the company to report net
income of nearly $6.3 billion, or $3.15 per share, excluding one-time gains and
expenses, according to FactSet. It earned $6.2 billion, or $3.09 per share, in
last year's first quarter. For the fourth quarter, it earned $5.12 billion, or
$2.58 per share.
The San Ramon-based company said the price
it paid for West Texas crude oil rose 9.6 percent and for Brent crude rose 8.5
percent from the fourth quarter. The prices that Chevron fetched in January and
February didn't rise as quickly. Natural gas prices fell.
Chevron said daily production of oil and
gas in the U.S. fell 2.6 percent in January and February compared with the
fourth quarter. International production -- which accounts for about
three-fourths of the total -- was flat despite a shutdown of the Frade field in
Brazil in mid-March.
The Frade setback is costing the company
33,000 barrels per day. No date has been set for resuming production.
Refinery volumes were up through
**************
GEE, looky looky, they mention their OIL SPILL in Brazil as a shutdown instead of a spill... HMMM?
Peace
TOS