Chevron oil production falls, refining improves

SAN RAMON, Calif. (AP) — Chevron Corp. said its oil and gas production fell in the first two months of the fourth quarter because of planned maintenance and other downtime at facilities in the Gulf of Mexico, Australia and Angola.

In an update issued Thursday, Chevron said oil and gas production slid 4 percent, to 2.56 million barrels per day, compared with the full fourth quarter of 2012.

Budget cut: Chevron plans to cut spending in 2014

Wall Street expects Chevron’s earnings to drop. Analysts polled by FactSet expect Chevron to earn $2.88 per share in the fourth quarter, on average, which would be a decline of 3 percent compared with the fourth quarter of 2012.

Chevron said its fourth-quarter financial results would be similar to its third-quarter results as better refining results make up for lower oil and gas production. Chevron earned $4.95 billion, or $2.57 per share, on revenue of $56.6 billion in the third quarter.

Chevron released its update after financial markets were closed. In after-hours trading, Chevron shares slipped 56 cents to $122.73.

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