SAN RAMON, Calif., April 10 (UPI) -- Lower oil and natural gas production from North American and Kazakhstan is expected to push first quarter profits lower, Chevron Corp. said.
Chevron released an interim report on its operations through February. The company said it expected first quarter earnings will be lower than fourth quarter 2013 because of slumping production and "adverse foreign exchange effects."
The company blamed adverse weather in North America and Kazakhstan for an interim decline in production. U.S. production during the first two months of the year was down 4.1 percent compared to first quarter 2013. International production was down 2 percent year-on-year.
"Absent these impacts, first quarter 2014 earnings are expected to be comparable with the prior quarter's results," the company said Wednesday.
Chevron added that an increase in demand from Asian markets helped prop up its natural gas business.
Chevron's full first quarter report is due in May.