logo
Plus   Neg
Share
Email
Comment

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

Quick Facts

Editors Pick
Bank of America Corp. (BAC) reported a profit for the fourth-quarter of 2017 that declined about 50 percent from last year, hurt by a charge of $2.9 billion or $0.27 per share, related to the Tax Cuts and Jobs Act. Retail giant Walmart Wednesday announced the launch of an opioid disposal solution, known as DisposeRx, which will help in its fight against opioid abuse and misuse. The free first-of-its kind solution will be available in all company pharmacies, making the retailer the first national pharmacy chain to do so. ASML Holding NV reported higher profit and sales in its fourth quarter with increased system sales, despite weak gross margin. Going ahead, the company projects continued solid growth of sales and profitability in 2018. Separately, ASML said its Supervisory Board intends to appoint Roger Dassen as Executive Vice President and Chief Financial Officer, effective June 1.
comments powered by Disqus
Follow RTT