Chevron sees improving US refining margins in Q2, but weaker international
US-based Chevron expects significantly stronger downstream earnings in the 2012 second quarter, buoyed by improved refining margins in the US and gains on asset sales.
However, international refining margins declined over the same period, the company said.
Favorable inventory effects are projected to benefit earnings consistent with the sharp decline in crude and product prices toward the end of the second quarter, Chevron noted.
During the first two months of the second quarter, US refinery crude-input volumes were in line with the first quarter.
International refinery crude-input volumes increased 74,000 bpd compared to the first quarter, largely reflecting completion of planned maintenance at the Yeosu, South Korea and Cape Town, South Africa refineries.
The full text of Chevron’s interim update can be read here.
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