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Chevron sees post-Isaac recovery

Jan. 11, 2013 at 9:57 AM
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SAN RAMON, Calif., Jan. 11 (UPI) -- Chevron Corp., in an interim quarterly update, said it expected good things from fourth quarter 2012 given production recovery following Hurricane Isaac.

The company posted a loss in earnings during the third quarter of last year. Maintenance issues in Kazakhstan and the United Kingdom contributed to an 87,000 barrel-per-day decline in international oil equivalent production during the first two months of the third quarter. In the United States, production fell 19,000 bpd because of the effects of Hurricane Isaac.

In interim update for the fourth quarter, however, it said expected earnings to be "notably higher" The company's net U.S. oil-equivalent production increased 39,000 barrels per day during the first two months of the fourth quarter. This reflected recovery after Hurricane Isaac, the company stated.

Energy companies in the Gulf of Mexico and along the southern U.S. coast shuttered facilities ahead of the late August hurricane. About 8 percent of daily oil production and around 6 percent of natural gas production was shut-in because of the storm.

Chevron's full quarterly report is expected Feb. 1.

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