Chevron Issues Profit Warning, Blames 'Weaker' Margins in Refining Business

ChevronChevron (CVX) warns that it expects to record lower profit for the fourth quarter compared with the previous quarter.

The oil company blamed the shortfall in part on "significantly weaker" margins in its refining business. The company didn't give more specific guidance.It cautioned that its commentary is based only on two months of data for the fourth quarter. Chevron is scheduled to reports its results on Jan. 29.

In the third quarter, Chevron reported profit of $1.92 per share.

For the fourth quarter, analysts polled by Thomson Reuters expect Chevron to earn $1.75 per share on $43.5 billion in revenue.

Shares fell 73 cents to $80.15 in extended trading. They finished regular trading up $1.41 at $80.88 after setting a new year high of $81.09.

Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

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