Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Chevron Expects Q1 Earnings To Rise Sequentially

RELATED NEWS
Trade CVX now with 
4/10/2012 8:09 PM ET

Chevron Corp. (CVX: Quote), 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.

Click here to receive FREE breaking news email alerts for Chevron Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000. After moving mostly higher over the course of the two previous sessions, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 63 points. The U.K. unemployment rate fell below the 7 percent threshold to a five-year low in February and average earnings finally moved above inflation reducing the squeeze on household finances. The jobless rate came in at 6.9 percent of the labor force, the lowest since February 2009, data from the Office for National Statistics showed Wednesday.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.