A Review of the Nigerian Energy Industry

Chevron expects lower income for third quarter 2012

09 October 2012, Sweetcrude, HOUSTON – Chevron Corporation, Tuesday, issued interim update for third quarter 2012, saying its earnings for the quarter are expected to be substantially lower than second quarter 2012 earnings.

According to the company, upstream results are projected to be lower between sequential quarters, reflecting foreign exchange losses and lower liftings and realisations, partially offset by an asset sale gain.

Downstream earnings in the third quarter are expected to be significantly lower than second quarter 2012, Chevron said, adding that this was a reflection of the impact of negative timing effects, lower realised margins and the negative effects of several smaller unrelated items.

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