US-based energy major Chevron said Tuesday that its
downstream earnings in the first quarter are expected to be
higher, reflecting improved refining and chemicals margins,
lower operating expenses, and gains on asset sales.
For the full first quarter, global refining margins improved compared
to fourth quarter 2011, while marketing margins decreased over
the same period, the company said.
During the first two months of the first quarter, US refinery crude-input volumes
increased by 152,000 bpd, largely reflecting completion of a
major turnaround at the Richmond, California refinery during the fourth quarter,
according to Chevron officials.
International refinery crude-input volumes were up
slightly compared to the fourth quarter.
International downstream earnings in the first quarter are
also expected to include a gain of approximately $200 million
from assets sales primarily in Spain, reflecting continued
portfolio rationalization efforts, the company noted.
Further details, including actual refining and marketing margins by
region, can be read in Chevrons interim update for the
2012 first quarter by clicking here.