In an interim update released yesterday, Chevron Corporation (CVX) expects earnings for the fourth quarter (4Q) of fiscal year 2013 (FY13) to be comparable with 3QFY13 results but lower than the year-ago quarter. The California-based company reported upstream earnings of $5.09 billion and downstream earnings of $380 million in 3QFY13.
For the first two months of 4QFY13, the company has reported a 0.8% drop in upstream production from its US and international segments compared to the first two months of 3QFY13. Chevron’s upstream production in the US was 650,000 barrels of oil and natural gas a day, 3.6% lower year-over-year (YoY). The company has cited higher downtime in the Gulf of Mexico due to extreme weather conditions as the reason for this decline in domestic oil and natural gas production.