A Review of the Nigerian Energy Industry

Chevron foresees drop in upstream earnings for 3rd quarter 2011

12 October 2011, Swetcrude, California – Chevron Corporation reported today in its interim update that earnings for the third quarter 2011 are expected to be comparable with second quarter 2011 results.

Lower crude oil realisations and lower liftings are expected to reduce upstream earnings.
But, downstream earnings in the third quarter are expected to be higher, largely reflecting an asset sale gain, the company said.

It said earnings in both operating segments are expected to benefit from favorable non-cash foreign currency effects due to the strengthening of the U.S. dollar in the third quarter against other major currencies.

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