Chevron Corp. says it expects earnings for the third quarter to be comparable with its second-quarter
results, despite a drop in earnings for its oil exploration and production business.
The oil company said Tuesday that oil exploration and production earnings were hurt during the quarter by a decrease in crude oil realizations and lower liftings.
However, Chevron expects that earnings from refining and marketing will increase, largely due to an asset sale gain.
Chevron says earnings for both segments are expected to benefit from a stronger U.S. dollar.
The company reported a profit of $7.7 billion, or $3.85 a share, in the second quarter its largest quarterly profit since the third quarter of 2008.
Analysts surveyed by FactSet are expecting earnings of $3.37 a share.
