By Ernest Scheyder
Jan 9 Chevron Corp, the second-largest
U.S. oil company, forecast a fourth-quarter profit on Thursday
that likely will miss Wall Street's expectations, as production
sags around the globe.
In its interim update for the fourth quarter, Chevron said
it expects profit to be "comparable" with third-quarter results,
when it posted net income of $4.95 billion.
Yet analysts, on average, expect the San Ramon,
California-based company to post fourth-quarter net income of
$5.69 billion, according to Thomson Reuters I/B/E/S.
The company, which competes heavily with Exxon Mobil
and other international energy firms, said production fell due
to maintenance at facilities in the Gulf of Mexico, Australia
Average U.S. oil-equivalent production of oil and gas from
wells fell to 650,000 barrels per day (bpd) in October and
November from an average of 655,000 for the entire second
quarter, Chevron said.
The company's average realized U.S. price for crude and
related products was $90.17 per barrel in the first two months
of the fourth quarter, down from $97.18 in the third.
Worldwide, the company produced 2.56 million bpd in the
first two months of the fourth quarter, down from 2.59 million
in the third.
Crude-input volumes at its U.S. refineries jumped as the El
Segundo, California refinery resumed normal operations after
Fourth-quarter earnings include foreign exchange gains of
$200 million to $300 million, in contract with losses of about
$300 million in the third quarter, Chevron said.
The company's shares fell about 0.5 percent in after-hours
trading on Thursday. The stock has gained about 12 percent in
the past 52 weeks.
Full quarterly results are due on Jan. 31.