Chevron Corporation has reported in its interim update that earnings for Q2 2014 are expected to be higher than Q1 2012, as a result of gains on asset sales and an absence of impairments in the prior quarter.
US net oil-equivalent production was higher compared to Q1, primarily due to less maintenance activity in the Gulf of Mexico and increased production in the Permian Basin. International net oil-equivalent production was lower as a result of planned turnaround activity in Kazakhstan, in addition to the shutdown of the LNG facility in Angola.
US Downstream earnings for the full quarter are expected to be comparable to the prior quarter. Higher US refining margins, particularly on the West Coast, were offset by lower volumes and higher operating expenses due to significant planned turnaround activity at the El Segundo refinery. International refinery crude-input volumes increased, primarily reflecting lower maintenance activities at multiple refineries.
Adapted from press release by Katie Woodward
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