Mixed Bag: Chevron Q3 Earnings Up on Production, Refining Biz Flat
Chevron expects its third-quarter earnings to be “significantly” higher than the second quarter thanks to higher crude oil prices, increased U.S. production and $400 million of gains related to the approval of the massive Gorgon liquefied natural gas project offshore Western Australia. It’s downstream business is a different story. The San Ramon, Calif.,-based company, which issued its interim earnings report Thursday, said its downstream business was flat — a common theme as refineries grapple with weak demand and shrinking margins. Its international downstream results are expected to be lower, partly because sales of its marketing businesses in Kenya and Cameroon did not produce any gains and due to unfavorable tax effects, Chevron said in its interim earnings report. On the brighter side,…
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