The Rising Influence of Rising Affluence

[DewDiligence]

CVX says 2Q12 earnings will be up relative to 1Q12, due to much improved refining margins in the US:

http://www.chevron.com/articledocuments/latest/news_205003/75425187-d244-464f-88c1-f5bde97b360f/2Q12_IU.pdf.cvxn

Upstream earnings will be slightly lower than in 1Q12 due to the lower average price of crude. (The average Brent price declined to $108 in 2Q12 vs $119 in 1Q12.) CVX’s worldwide production in April and May 2012 (the latest data available) was 2.62M boe/d, down marginally from 2.63M in 1Q12. The shut-in of the Frade well in Brazil as a consequence of the small but controversial spill subtracted 30K boe/d from the above figure, so CVX would’ve had a small production gain if not for this mishap.

CVX reports 2Q12 financial results on 7/27/12.