Chevron Lowers Third Quarter Guidance

Chevron Corporation

today reported in its interim update that earnings for the third quarter 2010 are expected to be lower than in the second quarter. Non-cash foreign currency effects due to the weakening of the U.S. dollar are expected to reduce earnings approximately $400 million for the full quarter, primarily in the International Upstream business segment. Higher expenses and lower crude oil realizations are expected to further reduce Upstream earnings.