US oil major Chevron has warned it expects third quarter earnings to be down after a significant drop from its downstream operations.
Maintenance at its El Segundo refinery in California offset the increase from its Richmond plant, which finally resumed full operation after a fire last August.
The company warned of falling margins for its fuel, despite international crude volumes being up slightly from the first half of the year.
“US net oil-equivalent production was slightly lower, primarily due to planned turnaround activity across multiple assets in the Gulf of Mexico,” the company noted.
Foreign exchange losses of around $300million are also expected to impact on the company’s third quarter results, which will be issued in early November.
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