Chevron profit down 4.5 pct. on lower oil prices

Published on NewsOK Modified: April 26, 2013 at 6:07 pm •  Published: April 26, 2013
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Pat Yarrington, Chevron's chief financial officer, told investors Friday that the operation in Brazil's Frade field would restart in the second quarter, but that it would ramp up slowly and contribute only about 5,000 barrels per day this year.

Yarrington said a liquefied natural gas project in Angola will also begin operating in the second quarter and will add 20,000 barrels per day in production this year, then 60,000 barrels per day next year.

Performance at Chevron's refining operations slipped because of maintenance and upgrades at refineries in El Segundo, Calif. and Pascagoula, Miss. and continued repairs at its Richmond Calif. refinery in the wake of an August fire.

Refinery output fell 38 percent to 576,000 barrels per day.

"It was just a very heavy first quarter maintenance schedule this year," Yarrington said. She said output will be "substantially back" in the second quarter.

Yarrington said the El Segundo and Pascagoula refineries are operating at normal levels again. The Richmond refinery has begun taking in crude and is expected to restart in the second quarter.

Brian Youngberg, an analyst at Edward Jones, said Chevron's disappointing U.S. refining results were the only "hiccup" in an otherwise solid quarter.

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