Chevron: Earnings to Rise on Better Refining Margins

Tuesday, 13 Jul 2010 02:24 PM

 

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Chevron Corp. said that its second-quarter earnings would be higher than those in the first quarter, helped by strong results in refining and selling petroleum products.

Chevron expects to get a boost from the stronger U.S. dollar in the second quarter.

In the first quarter, the San Ramon-based oil company reported net income of $4.55 billion, or $2.27 per share, as its revenue rose 33 percent from a year earlier to $48.18 billion on higher oil prices.

Analysts surveyed by Thomson Reuters expect the company to earn $2.17 per share on revenue of $51.78 billion for the second quarter.

Chevron will release its second-quarter results on July 30.

Exploration and production results are expected to be in line with first-quarter numbers. Chevron said, however, that refining margins were higher in the second quarter than they were in the both the prior quarter and the same period last year. Marketing margins were also up from a year ago.

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