logo
Share SHARE
FONT-SIZE Plus   Neg

Chevron Expects Q1 Earnings To Rise Sequentially

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

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Semiconductor packaging company Amkor Technology Inc. (AMKR), Monday reported a plunge in profit for the second quarter, as revenues declined and margins narrowed. The bottom line was also impacted by a debt extinguishment charge. Shares of the company fell about 14 percent in extended hours after... Hartford Financial reported a swing to profit for the second quarter, helped mainly by improved underwriting results in property and casualty business, and contribution from Talcott Resolution, while the prior year included a one-time loss from discontinued operations. Hartford's quarterly earnings easily topped Wall Street estimates... Chinese internet-search giant Baidu Inc. (BIDU), Monday reported an increase in profit for the second quarter, as revenues jumped a near 40 percent, with both earnings and revenues trumping Street estimates. However, Baidu shares plunged over 8 percent in after-hours trade on the Nasdaq, after its...
comments powered by Disqus
RELATED NEWS
Trade CVX now with 
Follow RTT