A Review of the Nigerian Energy Industry

Chevron issues interim 4th Quarter 2011 update

*Says earnings will be lower than 3rd Quarter

12 January 2012, Sweetcrude, CALIFORNIA – CHEVRON Corporation has reported in its interim update that earnings for the fourth quarter 2011 are expected to be significantly below third quarter 2011 results.

The San Ramon, California-based Chevron said earnings from its “upstream” exploration and production business will be comparable to its third-quarter results, while earnings from its “downstream” refining and marketing operations are likely to fall from the previous quarter’s results to break-even.

The company cited weak refining margins and refining volumes for the downbeat earnings outlook. The fourth-quarter results are due for release on January 27.

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