(By Balachander) Chevron Corp. (NYSE:CVX), the second-largest oil company in the United States, forecast an increase in earnings for the second quarter on a sequential basis as improved refining margins and gains on asset sales will significantly boost downstream results.
Following the interim update, the stock added 1.28 percent in extended trading.
The San Ramon, California-based company projects lower upstream results from the prior quarter, citing lower average crude oil prices.
In a regulatory filing, Chevron said U.S. net oil-equivalent production rose 14,000 barrels per day during the first two months of the second quarter, helped by increased production in the Gulf of Mexico.
International net oil-equivalent production during the same period fell 30,000 barrels per day because of continued shut-in of production at the Frade field in Brazil and planned maintenance in Kazakhstan.
The stock closed at $104.85 on Wednesday.