The Rising Influence of Rising Affluence

[DewDiligence]

CVX pre-announces weak 3Q12:

http://finance.yahoo.com/news/chevron-issues-interim-third-quarter-210000634.html

Chevron Corporation today reported in its interim update that earnings for the third quarter 2012 are expected to be substantially lower than second quarter 2012. Upstream results are projected to be lower between sequential quarters, reflecting foreign exchange losses and lower liftings and realizations, partially offset by an asset sale gain. Downstream earnings in the third quarter are expected to be significantly lower than second quarter 2012, reflecting the impact of negative timing effects, lower realized margins and the negative effects of several smaller unrelated items.

…During the first two months of the third quarter, U.S. refinery crude-input volumes decreased by 92,000 barrels per day compared to the second quarter, largely reflecting the shutdown of the Richmond, California refinery crude unit in early August following a fire. The Richmond crude unit is expected to remain offline through the fourth quarter of 2012.

CVX closed within a hair of its all-time high, but it will presumably be hit tomorrow. (This PR was issued at 5pm ET.) CVX reports actual 3Q12 results on 11/2/12.