Chevron expects earnings to be "substantially lower"

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NEW YORK Oil giant Chevron (CVX) says third-quarter earnings will be "substantially lower" than in the second quarter.

In its interim earnings update Tuesday, Chevron said it was hurt by issues including unfavorable foreign currency rates and weaker results from its refining and marketing operations.

U.S. production fell by 19,000 barrels of oil equivalent per day in the first two months of the quarter, largely because of Hurricane Isaac's impact. Isaac also disrupted refinery operations.

Charges for the quarter are expected to be higher than expected as well.

In the second quarter the San Ramon, Calif., company earned $7.2 billion, or $3.66 per share. Analysts forecast net income of $6.2 billion, or $3.08 per share, for the third quarter, according to FactSet.

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[djseavy]

And there folks is why everyone is getting fleeced at the pumps. Net quarterly earnings of 6 billion (That's 24 billion a year) says it all. Investors are being paid obscene returns on their investment, and the rest of us are going broke. This is about par for all the oil companies. How do you like making the rich even richer, while you can barely afford to drive to work and back? Some will say it's a free market, and they'd be correct. It's not government, but the greed of the oil barrons that is breaking the backs of us working people.