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<blockquote data-quote="The Other Side" data-source="post: 966263" data-attributes="member: 17969"><p>Chevron will also post higher than expected profits DUE TO HIGHER GAS PRICES.</p><p></p><p></p><p>""<strong>Chevron sees Q1 earnings increase despite weaker output</strong></p><p></p><p>SAN RAMON -- Chevron says higher oil </p><p>prices will help push first-quarter profit higher than fourth-quarter earnings </p><p>despite a drop in U.S. production. </p><p></p><p>The oil company said Tuesday that it also </p><p>benefited from higher refining profit margins, lower operating costs, and gains </p><p>from selling assets. Foreign-exchange losses are expected to be larger. </p><p></p><p>Chevron didn't say what net income it </p><p>expects to report when it releases its first-quarter results on April 27. </p><p></p><p>Analysts expect the company to report net </p><p>income of nearly $6.3 billion, or $3.15 per share, excluding one-time gains and </p><p>expenses, according to FactSet. It earned $6.2 billion, or $3.09 per share, in </p><p>last year's first quarter. For the fourth quarter, it earned $5.12 billion, or </p><p>$2.58 per share. </p><p></p><p>The San Ramon-based company said the price </p><p>it paid for West Texas crude oil rose 9.6 percent and for Brent crude rose 8.5 </p><p>percent from the fourth quarter. The prices that Chevron fetched in January and </p><p>February didn't rise as quickly. Natural gas prices fell. </p><p></p><p>Chevron said daily production of oil and </p><p>gas in the U.S. fell 2.6 percent in January and February compared with the </p><p>fourth quarter. <span style="font-size: 15px"><strong>International production -- which accounts for about </strong></span></p><p><span style="font-size: 15px"><strong>three-fourths of the total -- was flat despite a shutdown of the Frade field in </strong></span></p><p><span style="font-size: 15px"><strong>Brazil in mid-March. </strong></span></p><p><span style="font-size: 15px"><strong></strong></span></p><p>The Frade setback is costing the company </p><p>33,000 barrels per day. No date has been set for resuming production. </p><p></p><p>Refinery volumes were up through</p><p></p><p>**************</p><p></p><p></p><p>GEE, looky looky, they mention their OIL SPILL in Brazil as a shutdown instead of a spill... HMMM?</p><p></p><p>Peace</p><p></p><p>TOS</p></blockquote><p></p>
[QUOTE="The Other Side, post: 966263, member: 17969"] Chevron will also post higher than expected profits DUE TO HIGHER GAS PRICES. ""[B]Chevron sees Q1 earnings increase despite weaker output[/B] 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. [SIZE=4][B]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. [/B][/SIZE] 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 [/QUOTE]
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