Chevron Refineries Has Poor Margins for the Low Oil Price!

Chevron Corp. fell 51 percent in profits in the first quarter Friday, the last major oil companies to be hit by the sharp decline in prices for petroleum and natural gas and anemic margins for refiners. Chevron partially offset a sharp decline in energy prices last year by an increase in oil production and reduce costs in the third quarter. Chief Financial Officer, Patricia E. Yarrington said that two thirds were permanent and cost reductions are not related to fluctuations in prices. Chevron said it expects raised its target of 2009, most recently, the production of 2.66 million barrels per day.

Non-Profit Chevron fell to 3.83 billion, or $ 1.92 per share, compared to 7.89 billion, or $ 3.85 per share last year. Excluding $ 400 million in gains from asset sales and other items, rose $ 1.72 per share, shares up $ 1.47 analysts had expected. Sales fell 41 percent forecast of 46.6 billion to 78.9 billion dollars, which analysts had $ 47 billion. Chevron's revenue from oil production by 41 percent, increased production has contributed to the impact of lower oil prices, reducing what was previously achieved a record time for a year.

Production of oil and natural gas increased by 11 percent to 2.70 million barrels of oil equivalent per day. Revenue from refining fell 90 percent to 194 million euros and were affected mainly in the United States if the company from a modest 34 million U.S. dollars quarterly profit.

The CEO, David J. O'Reilly said he expects the refinery to remain "very rough" added for the next two years, as smaller suppliers and supply and demand for recovery close to that by demand has been promoted in Asia, as it seemed. Shares of Chevron in San Ramon, Calif., fell $ 1.41, or 1.8 percent to $ 76.54 Friday close.