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Chevron's interim results 'are not bad news'

13 January, 10
Recent financial results from Texaco's parent company do not spell bad news, analysts have asserted.

Chevron released its projected results for the fourth quarter of 2009 earlier this week, revealing that although its production levels rose nine per cent year-on-year across the three months, its revenues were "sharply lower".

Despite this, oil industry experts at Credit Suisse claimed that all is not lost despite the fall in earnings, the Financial Times reported.

Analysts at the firm expect Texaco's parent to see a nine per cent increase in exploration and production activity compared to the same period in 2008, which the news provider remarked is "almost unprecedented for a supermajor".

"Convincing evidence has now emerged of the scale of the Chevron operational and financial turnaround story," Credit Suisse said.

The energy giant's production could be further boosted after its southern Africa production manager John Baltz told the Wall Street Journal that output could begin in Congo-Brazzaville in 2012.

Posted by Sean WebbADNFCR-2675-ID-19555640-ADNFCR

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Chevron's interim results 'are not bad news'