Chevron sees Q4 earnings hit by lower commodity prices, downstream margins |
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Published
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Wed, 10 Jan 2007 07:47
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SAN RAMON, CA - Chevron Corp said it expects fourth quarter earnings to be below third quarter figures, adversely affected by lower commodity prices, lower Downstream margins and lower refinery utilization attributable to planned maintenance and construction activities worldwide.In a trading statement, the group said US liquids and natural gas production declined almost 1 pct from the third quarter, largely due to planned project activity - particularly in the Gulf of Mexico, which continued into December.US refinery input volumes and conversion capacity utilization decreased primarily due to planned downtime and a seasonal decline in the production of asphalt volumes.During the fourth quarter the Pascagoula refinery underwent a 75-day planned shutdown of its Fluid Catalytic Cracking (FCC) unit, and returned to normal operations in mid-December, Chevron said.The El Segundo refinery experienced major planned maintenance. Outside the US, refinery input volumes were also lower largely due to sizeable planned maintenance downtime at the Pembroke refinery, it added.newsdesk@afxnews.comlam/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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