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Chevron points finger at Angola LNG shutdown for dampened quarterly upstream results

11th July 2014

Chevron Corporation has reported in its interim update that earnings for the second quarter 2014 are expected to be higher than first quarter 2014 as a result of gains on asset sales and an absence of impairments in the prior quarter, but poor results in Kazakhstan and Angola have dampened international performance

Angola LNG shutdown dampens Chevron quarterly upstream production
Poor results in Kazakhstan and Angola have dampened international performance

Upstream, US net oil-equivalent production was higher compared to the first quarter, primarily due to less maintenance activity in the Gulf of Mexico and increased production in the Permian Basin. International net oil-equivalent production was lower as a result of planned turnaround activity in Kazakhstan, in addition to the shutdown of the LNG facility in Angola.

US downstream earnings for the full quarter are expected to be comparable to the prior quarter. Higher US refining margins, particularly on the west coast, were offset by lower volumes and higher operating expenses due to significant planned turnaround activity at the El Segundo refinery. International refinery crude-input volumes increased, primarily reflecting lower maintenance activities at multiple refineries. 

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