By Dow Jones Business News, November 01, 2013, 08:56:00 AM EDT
By Nathalie Tadena
Chevron Corp.'s ( CVX ) third-quarter earnings slipped 5.8% as lower margins for refined products hit the company's
Weak refining margins and profits have pressured many big oil companies' results in the latest quarter. Chevron, the
second-largest U.S. oil company by market value, after Exxon Mobil Corp. (XOM), said last month its third-quarter global
oil and gas production would rise slightly from the year-ago quarter, but warned downstream earnings would be "
The latest period included about $276 million in foreign-exchange losses, compared with a loss of $293 million last
Chevron reported a profit of $4.95 billion, or $2.57 a share, down from $5.25 billion, or $2.69 a share, a year
earlier. Revenue edged up 0.8% to $58.5 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $2.71 a share on revenue of $58.41 billion.
Exploration-and-production earnings slipped 0.9% to $5.09 billion. Global oil-equivalent production increased to 2.59
million barrels per day from 2.52 million barrels per day a year earlier, due to lower maintenance-related downtime at
Tengizchevroil and project ramp-ups in the U.S., Nigeria and Angola.
The profit from its refining, marketing and chemical operations, known as the downstream segment, fell 45% to $380
million due to lower margins on refined product sales and higher operating expenses.
Shares were up by 25 cents to $120.21 premarket. The stock is up 11% year-to-date through Thursday's close.
Write to Nathalie Tadena at email@example.com
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