Chevron Corp. says it expects its third-quarter earnings to be significantly higher than the second quarter on higher crude oil prices and gains from asset sales and tax items.

The second-largest U.S. oil company said Thursday it expects about $400 million in gains related to asset sales and tax items.

But the San Ramon, Calif.-based company says results from its
downstream businesses such as refining and marketing are expected to be
relatively flat.

Chevron had reported it earned 87 cents per share in the second quarter, down 71 percent from a year earlier.

The company didn’t offer a specific third-quarter earnings estimate. But analysts expect Chevron to earn $1.40 per share.

The company’s third-quarter report is expected Oct. 30.

Source: Associated Press

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