SmarTrend(R) News Watch: Chevron Warns Of Declining Margins
Thu. July 09, 2009; Posted: 05:47 PM
Jul 09, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- Chevron Corp (NYSE:CVX), the second largest US oil company behind Exxon Mobil (NYSE:XOM), warned late Thursday that it expected Q2 earnings to be hit hard by a sharp decline in US refining margins, and higher prices on its production side would be mostly offset by foreign currency effects. Chevron added that production in April and May came in at 682,000 barrels per day (bpd), up from 671,000 in the sequential period. However, international production was 1.979 million bpd, down by 13,000 bpd from the prior quarter.
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