San Francisco (MarketWatch) - Chevron Corp. said late Monday combination of high profits from its operations and Refining a stronger U.S. dollar have put the company's second quarter profit of more rapid growth than the first quarter.
Its second quarter interim update, Chevron / quotes/comstock/13 *: cvx / applications / nls / cvx (CVX 72,25, +0,40, +0,56%) cited improving conditions in its "downstream" Refining and marketing activities to achieve great success in that, while its "upstream" exploration and production business on the wave of the game the previous quarter.
The company also forecast second quarter net charges will be $ 250 million to $ 350 million less than earlier forecast.
"Downstream results, including the former Chemicals business sector, will be significantly higher than the first quarter. In addition, earnings are expected to take advantage of favorable non-cash foreign currency impact due to the strengthening U.S. dollar in the second quarter, "the company said in a statement.
This is a sharp turn for Chevron, which, like most of its competitors, has had to overcome in the last quarter with weak Refining margins as a sluggish economy and weak demand for fuel keeps pressure on pump prices even oil prices remained high.
Chevron Refining margins in the key U.S. Gulf Coast market averaged $ 21.65 per barrel in the second quarter, up 61% to $ 13.36 a year ago. Margins improved to 7% by Chevron in the U.S. West Coast fuel market, 24% Europe and 22% in Asia.
During the first two months of the second quarter, Chevron letter to an average of $ 75.17 per barrel of oil, its oil fields in the U.S., up 2.5% to $ 73.32 a full three-month period of the first quarter and up 41% from $ 53.21 complete in the second quarter of 2009.
Chevron reported combined April and May oil and natural gas production in the United States rose 2% to 714.000 barrels equivalent a day and up 3% on foreign equivalent to 2.05 million barrels a day, including 11,000 barrels a day of synthetic oil production.
Domestic natural gas prices fell during April-May 2010 period to $ 3.96 per thousand cubic feet from $ 5.29 the first full quarter. However, the high average price of $ 3.27 the company has received in the second quarter of 2009.
Chevron is intended to report its full second quarter results July 30. Analysts surveyed by FactSet Research expect San Ramon, California-based company earned $ 2.17 share $ 57.25 billion in revenue.
Shares of Chevron, the second largest U.S. oil company after Exxon Mobil Corp., Rose 1 percent Monday to close at $ 71.85. The stock is up 17% compared to the past 12 months 11% deposit by peers to NYSE Arca Oil Index / quotes/comstock/10t! Xoi.x (XOI 951,65, +5,58, +0,59%).
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