Chevron expects Q3 profit higher than Q2
San Francisco Business Times - by Steven E.F. Brown
Oil company Chevron Corp. said Thursday it expects its profit in the third quarter will be higher than the $6 billion it earned in the second quarter.
The San Ramon company’s (NYSE: CVX) upstream earnings — that’s the business of finding oil and getting it out of the ground — will likely be lower than the second quarter, though, because of hurricanes and lower commodity prices.
But downstream results — which cut Chevron’s overall profit by $734 million in the second quarter — should be higher in the third quarter. Downstream business refers to refining, marketing and transport of oil and gasoline.
During the quarter Chevron has been making deals to sell of many of its Texaco gas stations — in Brazil and several parts of Africa — as well as other fuel marketing assets.
The company will report formal results for the quarter on Oct. 31.
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