Chevron reported in its interim update that earnings for the first quarter 2010 are expected to be higher than in the fourth quarter 2009. Upstream earnings are projected to increase, reflecting higher commodity prices, partly offset by lower liquids liftings.
Unless noted otherwise, all commentary is based on two months of the first quarter 2010 versus full fourth quarter 2009 results.
Compared with the average for the fourth quarter 2009, U.S. net oil-equivalent production during the first two months of the first quarter dropped 20,000 barrels per day, primarily in the Gulf of Mexico, reflecting the absence of a favorable royalty settlement recognized in the prior quarter. International net oil-equivalent production through two months rose slightly compared with fourth quarter 2009, an increase of 5,000 barrels per day.
For the first two months of the first quarter, average U.S. crude oil realizations increased $2.47 per barrel to $72.75. International liquids realizations rose about $1 per barrel to $69.34. U.S. natural gas realizations increased $1.41 to $5.64 per thousand cubic feet compared with the fourth quarter, while average international natural gas realizations improved $0.43 to $4.58 per thousand cubic feet.
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