Chevron misses by $0.01, misses on revs
Reports Q4 (Dec) earnings of $2.57 per share, $0.01 worse than the Capital IQ Consensus Estimate of $2.58; revenues fell 99.9% year/year to $56.2 mln vs the $71.26 bln consensus.
Global crude oil prices and refining margins were generally lower in 2013 than 2012," said Chairman and CEO John Watson. "These conditions, as well as lower gains on asset sales and higher expenses, resulted in lower earnings. We continue to have an advantaged portfolio, and we have maintained our industry-leading position in upstream earnings per barrel for the past four years."
Upstream:
Worldwide net oil-equivalent production was 2.58 mln barrels per day in the fourth quarter 2013, down from 2.67 mln barrels per day in the 2012 fourth quarter. Production increases from project ramp-ups in the United States and Nigeria were more than offset by normal field declines and lower cost recovery volumes.
Downstream:
U.S. downstream operations earned $265 mln in the fourth quarter 2013 compared with earnings of $331 mln a year earlier. The decrease was mainly due to higher operating expenses reflecting repair and maintenance activity at company refineries and lower margins on refined product sales, partially offset by higher gains on asset sales.
International downstream:
International downstream operations earned $125 mln in the fourth quarter 2013 compared with $594 mln a year earlier. Current quarter earnings decreased due to lower gains on asset sales, lower margins on refined product sales, an unfavorable change in price effects on derivative instruments and higher income tax expenses. Foreign currency effects decreased earnings by $96 mln and $97 mln in the 2013 and 2012 periods, respectively.
Global crude oil prices and refining margins were generally lower in 2013 than 2012," said Chairman and CEO John Watson. "These conditions, as well as lower gains on asset sales and higher expenses, resulted in lower earnings. We continue to have an advantaged portfolio, and we have maintained our industry-leading position in upstream earnings per barrel for the past four years."
Upstream:
Worldwide net oil-equivalent production was 2.58 mln barrels per day in the fourth quarter 2013, down from 2.67 mln barrels per day in the 2012 fourth quarter. Production increases from project ramp-ups in the United States and Nigeria were more than offset by normal field declines and lower cost recovery volumes.
Downstream:
U.S. downstream operations earned $265 mln in the fourth quarter 2013 compared with earnings of $331 mln a year earlier. The decrease was mainly due to higher operating expenses reflecting repair and maintenance activity at company refineries and lower margins on refined product sales, partially offset by higher gains on asset sales.
International downstream:
International downstream operations earned $125 mln in the fourth quarter 2013 compared with $594 mln a year earlier. Current quarter earnings decreased due to lower gains on asset sales, lower margins on refined product sales, an unfavorable change in price effects on derivative instruments and higher income tax expenses. Foreign currency effects decreased earnings by $96 mln and $97 mln in the 2013 and 2012 periods, respectively.