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2014-04-10 18:48:00

CHEVRON: 1Q DOWN

CHEVRON: 1Q DOWN

WSJ. Chevron Corp. said its first-quarter global oil and gas production is expected to drop from the year-ago quarter, as poor weather led to downtime in the U.S., Canada and other regions. 

Chevron, the second-largest U.S. oil company in market value after Exxon Mobil Corp., forecast first-quarter earnings to be lower than the fourth quarter, hurt by foreign-currency fluctuations and asset impairments and other charges. 

The company said global oil-equivalent production in January and February totaled 2.58 million barrels a day, down 2.5% from the year-ago period.

Throughout the oil giant's interim report, Chevron compared the first two months of the first quarter with the entire quarter of the year-earlier period and all of the fourth quarter of 2013.

Chevron's U.S. production in the first two months of the quarter reached about 637,000 barrels of oil and natural gas a day, an decrease of 1.1% from a year earlier and falling 2% from the fourth quarter.

International production reached 1.94 million barrels a day, falling 2% from a year ago but rising 0.8% sequentially. 

Chevron said current-year production has been stung by poor weather across multiple regions, including Kazakhstan, Canada and the U.S.

Realized U.S. oil prices decreased 3.4% from the first quarter of 2013 to an average of $91.26 a barrel, while international oil prices fell 3.9% to $98.37.

Realized U.S. natural-gas prices averaged $4.70 per thousand cubic feet in the first two months of the quarter, 51% higher than a year ago. Outside the U.S., natural-gas prices averaged $5.95 per thousand cubic feet, down 2% from last year.

Chevron is slated to report full first-quarter results on May 2.

Tags: CHEVRON, EXXON, OIL

Chronicle:

CHEVRON: 1Q DOWN
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

CHEVRON: 1Q DOWN
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

CHEVRON: 1Q DOWN
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

CHEVRON: 1Q DOWN
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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