Chevron Expects Second-Quarter Profit To Rise


July 10 (Reuters) - Chevron Corp expects second-quarter profit to rise as asset sales in Chad and elsewhere offset spiking currency charges, the No. 2 U.S. oil company said on Thursday.

Output from oil and natural gas wells rose in the United States but slipped internationally due to the shutdown of an Angolan liquefied natural gas project and repairs at its Kazakhstan operations.

Chevron, which operates in about 180 countries, expects foreign currency exchange charges to soar to as much as $300 million for the second quarter from $79 million in the first quarter.

Still, the company sold assets in Chad and other regions during the period, and expects to record asset sale gains of as much as $600 million.

Chevron expects its profit to "be higher" in the second quarter compared to the first quarter, when it posted net income of $4.51 billion, or $2.36 per share.

Analysts expect, on average, Chevron to post second-quarter earnings of $2.76 per share, according to Thomson Reuters I/B/E/S.

Chevron's average U.S. oil and natural gas production rose to 665,000 barrels of oil equivalent per day (boed) in April and May from an average 659,000 for the entire fourth quarter.

Worldwide, output fell, with the company producing 1.90 million boed in April and May, up from 1.92 million boed in the entire first quarter.

Chevron is scheduled to report quarterly results on August 1. Its shares fell slightly to $129.95 in after-hours trading.

(Reporting by Ernest Scheyder; Editing by Chris Reese and David Gregorio)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Orlando, FL
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours