Chevron (CVX) this afternoon said Q4 earning are likely to be down from Q3. The oil giant said upstream earnings will be in line with Q3, “as the benefit of higher commodity prices is offset by the absence of gains recognized in the third quarter associated with formal approval of the [company's] Gorgon project in Australia.” Chevron said that downstream results will be “sharply lower, mainly due to significantly weaker refining margins.”
The company posted Q3 EPS ex-items of $1.72 a share; the current Street estimate for Q4 of $1.75 would now appear to be too high.
In late trading, CVX is down $1.13, or 1.4%, to $79.75.
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