Chevron says third-quarter profit hit by refinery repairs, foreign exchange losses
BY JOE CARROLL
SAN RAMON, Calif. (Bloomberg) -- Chevron Corp. said quarterly profit was lower than the prior three-month period amid refinery repairs and foreign-exchange losses.
Downstream earnings, which includes refining and retail operations, are expected to be “significantly lower” than the second quarter, the San Ramon, California-based company said in a statement yesterday.
The third quarter also includes almost $300 million in foreign-exchange losses, compared with the prior quarter that included a similar sized gain, the company said.
Chevron’s wells produced the equivalent of 2.589 million barrels of oil a day in July and August, compared with 2.516 million a day during the full third quarter of 2012.
Increased fuel production at its Richmond, California, refinery was mostly offset by maintenance work at its El Segundo, California, plant, Chevron said.
The company is scheduled to release complete third-quarter results on Nov. 1. The shares fell 1.3 percent to $114.63 at 5:08 p.m. in after-hours trading in New York.