Oil major Chevron expects its earnings for the second quarter 2014 to be higher than first quarter 2014 as a result of gains on asset sales and an absence of impairments in the prior quarter.
Foreign exchange losses in the second quarter are expected to be higher than first quarter losses, the company has said.
Chevron says that its U.S. net oil-equivalent production was higher compared to the first quarter, primarily due to less maintenance activity in the Gulf of Mexico and increased production in the Permian Basin. International net oil-equivalent production was lower as a result of planned turnaround activity in Kazakhstan, in addition to the shutdown of the LNG facility in Angola.
U.S. Downstream earnings for the full quarter are expected to be comparable to the prior quarter. Higher U.S. refining margins, particularly on the West Coast, were offset by lower volumes and higher operating expenses due to significant planned turnaround activity at the El Segundo refinery. International refinery crude-input volumes increased, primarily reflecting lower maintenance activities at multiple refineries.
The California-based oil company last month decided to sell its interest field Draugen field, offshore Norway to VNG for an undisclosed fee.