US oil major Chevron has warned it expects fourth quarter profits to be lower than anticipated after seeing production drops during the last three months.
The North Sea operator said production had been impacted by planned downtime across the Gulf of Mexico, along with maintenance work in Australia and at the company’s liquefied natural gas plant in Angola.
Net US production was 441,000 barrels of oil per day, compared to 462,000 during the same period in 2012, while international production was 1.28million barrels per day, down from the 1.33million the previous year.
Net income is set to be $5billion for the quarter, the firm staid, which compares to the previous quarter but represents a $2.25billion drop on the previous year.
The company, which will publish its full results on January 31, follows rival ConocoPhillips in reporting a downturn in production over the last quarter.
Refinery volumes were up in the US after the completion of planned maintenance activity at the El Segundo refinery in California during the third quarter, but international refinery levels were down slightly.