The Rising Influence of Rising Affluence

[DewDiligence]

CVX expects 1Q14 GAAP earnings lower than 4Q13:

http://www.sec.gov/Archives/edgar/data/93410/000009341014000017/cvx1q14interimupdatepr.htm

Chevron Corporation (NYSE: CVX) today reported in its interim update that earnings for the first quarter 2014 are expected to be lower than fourth quarter 2013, principally as a result of adverse foreign exchange effects, and selected asset impairments and related charges. Absent these impacts, first quarter 2014 earnings are expected to be comparable with the prior quarter’s results.

CVX isn’t specifying which asset write-offs are being taken in 1Q14, but they could be related to US shale acreage. We’ll know the answer when CVX reports 1Q14 results on 5/2/14.