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MarketScreener Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX

CHEVRON CORPORATION

(CVX)
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Chevron Corporation : Chevron Sees 4Q Net Rising Due to Asset Gains, Higher Production

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01/10/2013 | 05:44pm EDT
   By Kristin Jones 
 

Chevron Corp. (CVX) expects its fourth-quarter profit to rise compared with the previous quarter, benefiting from gains on assets and increased U.S. and international production.

The second-largest U.S. oil company by market value said results from its exploration-and-production business are expected to improve, quarter-over-quarter, due in part to gains of $1.4 billion on an asset exchange in Australia, compared with a gain of $600 million in the third quarter. Results from Chevron's refining, marketing and chemical operations are expected to grow from the third quarter, due to beneficial timing, despite a significant decline in refining margins.

Chevron's U.S. production in the first two months of the quarter reached about 676,000 barrels of oil equivalent a day, up 2.3% from a year ago and 6.1% higher than the third quarter, as production was restored in the Gulf of Mexico following disruptions from Hurricane Isaac.

The average realized price for crude oil from the company's U.S. fields was $97.61 a barrel on average, down from $105.37 a year earlier, and $97.34 in the previous quarter.

Average international output reached about 2 million barrels of oil equivalent a day, up 0.3% from a year ago and 6% from the previous quarter, absent planned maintenance in Kazakhstan and the U.K.

International liquid realized prices averaged $100.06 per barrel, down 1.3% from a year earlier and up 1.9% from the third quarter. International natural gas prices averaged $5.94 per thousand cubic feet, up 7% from a year ago and down 1.5% from the prior quarter.

The company said that U.S. and international refining margins decreased sharply compared with the third quarter.

Chevron said that total net charges for the fourth quarter are expected to be notably higher than its general guidance of $300 million to $400 million, due to potential accruals related to income taxes, pension settlements and environmental matters.

Chevron is slated to report full fourth-quarter results on Feb. 1.

Shares rose 53 cents after hours to $111. Through the close, the stock was up 6.3% in the past six months.

Write to Kristin Jones at kristin.jones@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials (USD)
Sales 2019 154 B
EBIT 2019 20 918 M
Net income 2019 13 541 M
Debt 2019 21 005 M
Yield 2019 3,84%
P/E ratio 2019 17,4x
P/E ratio 2020 16,0x
EV / Sales2019 1,66x
EV / Sales2020 1,58x
Capitalization 235 B
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 137,27  $
Last Close Price 123,66  $
Spread / Highest target 33,4%
Spread / Average Target 11,0%
Spread / Lowest Target -14,3%
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Managers
NameTitle
Michael K. Wirth Chairman & Chief Executive Officer
Patricia E. Yarrington Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Ronald D. Sugar Lead Independent Director
Enrique Hernandez Independent Director
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