Chevron expects earnings decline in Q3 on currency rates, production woes
October 11, 2012, 12:11 am TWN
NEW YORK--Oil giant Chevron says third-quarter earnings will be “substantially lower” than in the second quarter.
In its interim earnings update Tuesday, Chevron Corp. said it was hurt by issues including unfavorable foreign currency rates and weaker results from its refining and marketing operations.
U.S. production fell by 19,000 barrels of oil equivalent per day in the first two months of the quarter, largely because of Hurricane Isaac's impact. Isaac also disrupted refinery operations.