SAN RAMON (dpa-AFX) - Integrated energy company Chevron Corp. (CVX) reported in its interim update that earnings for the fourth quarter 2012 are expected to be notably higher than third quarter 2012. In November, Chevron had reported net income for the third-quarter of 2012 was $5.25 billion or $2.69 per share.
Analysts polled by Thomson Reuters expect the company to report earnings of $3.00 per share for the fourth-quarter. Analysts' estimates typically exclude special items.
Upstream results are projected to be higher between sequential quarters, reflecting increased gains on asset transactions and higher liftings. Downstream earnings in the fourth quarter are also expected to be higher, largely reflecting a positive swing in timing effects, despite a sharp decline in industry refining margins.
The company's general guidance for the quarterly net after-tax charges related to corporate and other activities is between $300 million and $400 million. Total net charges for the fourth quarter are expected to be notably higher than the general guidance range.
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