Downstream Operations to Boost Chevron's Second Quarter

Chevron Corporation (CVX) said that second-quarter results should be higher than in the first quarter, boosted by improvements in downstream results.

The refining margin for U.S. West Coast crude was $16.30 a barrel in the second quarter through June, compared with $13.04 in the first quarter, the company said in a statement. Downstream results also benefited from the strengthening dollar.

Chevron's general guidance for quarterly net after-tax charges is $250 million - $350 million for the quarter. The company expects actual net charges to be lower.