Chevron Corp. (CVX), the second largest U.S. oil company, said Tuesday that it expects first quarter 2012 earnings to be higher than fourth quarter 2011.
Analysts polled by Thomson Reuters expect the company to earn $3.14 per share for the first quarter. Analysts' estimates typically exclude special items. For the fourth quarter, Chevron earned $5.12 billion or $2.58 per share.
Upstream results are projected to improve between sequential quarters, benefiting from higher crude oil prices and lower operating expenses, partly offset by lower liftings, the San Ramon, California-based company said in its interim update on Tuesday.
The company also said it expects downstream earnings in the first quarter to be higher, reflecting improved refining and chemicals margins, lower operating expenses, and gains on asset sales.
Foreign exchange losses in the first quarter are expected to be higher than fourth quarter losses, most notably in the upstream segment, Chevron said.
Chevron will report first quarter financial results on April 27.
by RTT Staff Writer
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