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Chevron Sees Q2 Net Sequentially Higher; U.S. Margins Widen

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Chevron Corp.'s (NYSE: CVX) second-quarter earnings will be above the first quarter due to gains on asset sales and an absence of impairment charges, the company said in a press release Thursday afternoon.

The Wall Street consensus calls for second-quarter earnings of $2.76 a share on revenue of $57.37 billion. In the first quarter, Chevron posted earnings of $2.51.

The company also said foreign exchange losses in the second quarter are expected to be higher than first-quarter losses.

U.S. downstream earnings for the full quarter are expected to be comparable to the prior quarter.

Higher U.S. refining margins were offset by lower volumes and higher operating expenses from planned turnaround activity at the El Segundo refinery.

International refinery crude-input volumes grew on lower maintenance activity

Total oil-equivalent production in the first two months of the second quarter was 665 million barrels in the U.S. compared with 640 million in the complete first quarter, and 1.9 billion internationally compared with 1.95 billion in all of the first period.

In after-hours trading Chevron changed hands recently at $129.74, down 0.4 percent.

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