Oil company Chevron (NYSE:CVX), the second largest after ExxonMobil (NYSE:XOM), announced that it expects é─˙substantially loweré─¨ third quarter earnings. The company said that oil production fell during the first two months of the quarter, and the company also received a lower price for oil sold. A refinery fire and Hurricane Issac also contributed to the production drop. U.S. production fell by about 19,000 barrels per day in the first two months of the quarter, while international production dropped as well. The company realized an average price of $95.44 per barrel during July and August versus $103.91 during the last quarter, while the price of a barrel dropped to $96.86 from $99.21 internationally. Analysts expect earnings of $6.2 billion, or $3.08 per share during the third quarter.
Chevron will announce earnings on November 2; ExxonMobil will announce earnings on November 1.
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