Chevron Corporation (NYSE:CVX) released its earnings update for the first two months of the fourth-quarter in 2014, which showed results the company noted were comparable to the the third quarter of last year. Upstream data showed lower net oil-equivalent production in both the U.S. and overseas facilities, while whole downstream earnings showed higher input at U.S. facilities. Chevron stock was down over 2 percent following the interim earnings report.
In lieu of the full results from the fourth quarter of 2013, Chevron provided an interim earnings update based on the first two months of the quarter for shareholders and energy industry analysts on January 9. Upstream data showed U.S. liquid production and realization down slightly during the period in question while natural gas was up during the first two months of the quarter when compared to the third-quarter of 2013.
International upstream data showed weaker net production and realization numbers for natural gas while liquid held mostly steady. Chevron’s downstream earnings showed signs of promise, especially with respect to U.S. refinery input.
According to a company statement, scheduled maintenance for a Chevron facility in El Segundo, California, did not take place at the end of 2013. As a result, refinery crude-input volumes were higher in the U.S. while international input showed a slight drop in the first two months of the fourth-quarter as compared to Q3 of 2013. Market indicators were up for both U.S. coasts during the period in question.
Chevron notched $2.57 in earnings-per-share for the third-quarter of 2013. The company’s release of the interim earnings for the first part of the fourth-quarter indicates the energy producer expects the full earnings data to be in the same ballpark. Investors sent Chevron down 2.3 percent by midday Friday, January 10, following the release of the earnings report. The conference call discussing the report with industry analysts was underway as Chevron declined on New York exchanges.