Chevron Preview: Lower Oil Prices, Flat Production To Weigh On Upstream Earnings

Chevron is scheduled to announce its 2014 fourth quarter earnings on January 30th. We expect lower crude oil prices to weigh significantly on the company's upstream earnings growth. Benchmark crude oil prices have declined sharply over the past few months on rising supplies and falling demand growth estimates. The average Brent crude oil spot price declined by more than 30% year-on-year during the fourth quarter. In addition, Chevron’s net upstream production is also expected to remain relativ...