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Empresas y finanzas

Chevron sees upstream profit hit by storms, prices


    SAN FRANCISCO (Reuters) - Chevron Corp expects third-quarter upstream production earnings to fall from the previous quarter because of lower energy prices and the impact of Gulf of Mexico hurricanes.

    The second-largest U.S. oil company said the storms were expected to have reduced U.S. oil-equivalent production by about 150,000 barrels per day in September.

    But CHEVRON (CVX.NY)said its third-quarter refining would improve significantly on the previous quarter and its overall profit would top the second quarter, when it posted a record $5.98 billion net profit.

    Analysts expect Chevron to report a third-quarter net profit of $6.25 billion, or $3.24 per share, on revenue of $86.9 billion, according to averages on Reuters Estimates.

    U.S. crude oil prices averaged above $118 per barrel in the third quarter, or 57 percent up on the same quarter last year.

    But crude prices have since tumbled along with global economic prospects and dropped below $85 a barrel on Thursday for the first time in almost 12 months.

    Prior to its statement, Chevron shares had plunged 12.5 percent to $64.00 on Thursday amid a massive market sell-off. The stock has now lost about 31 percent this year, while the Chicago Board Options Exchange's oil index has lost 40 percent in the same time.

    (Reporting by Braden Reddall; Editing by Andre Grenon)