Chevron Expects Lift In Profit From Prices
July 11, 2008; Page B4
Chevron Corp. said it expects second-quarter earnings to get a big lift from record-high oil and natural-gas prices, while weak margins continue to afflict its refining operations.
Earnings from its downstream refining and marketing operations are expected to fall $500 million from the first quarter, when Chevron reported an 84% decline. That reflects weaker refining margins as pump prices lagged the rise in crude prices.
In its interim quarterly update, issued after the closing bell Thursday, Chevron said earnings from its upstream business, which includes exploration and production, benefited from higher oil and gas prices. First-quarter earnings in Chevron’s oil-and-gas production segment surged 76% to $5.13 billion.
In addition, Chevron, among the largest U.S. oil companies by market value, said charges are likely to be “substantially higher” than in the first quarter, mostly on costs for environmental remediation.
The San Ramon, Calif., company had been expected to post per-share profit of $3.39 on revenue of $92.41 billion, the average estimates of analysts surveyed by Thomson Reuters.
During the first two months of the second quarter, Chevron, a component of the Dow Jones Industrial Average since February, fetched on average $109.19 a barrel for crude oil from its U.S. fields, up from $89.63 for the full first quarter and $58.89 a year earlier. Internationally, Chevron’s realized crude prices rose about $20 a barrel from the first quarter to $106.14 a barrel.
Chevron said oil production was flat in the U.S. and down 2% internationally as higher prices cut production under cost-recovery and variable-royalty provisions of some international production contracts.
U.S. natural-gas production fell almost 5% because of operational downtime and natural field declines. Overseas gas output fell about 3%.
Write to Kathy Shwiff at [email protected]
http://online.wsj.com/article/SB121573615997544405.html?mod=hpp_us_whats_news
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
