Buy, Sell or Hold Update: Chevron Corp. Predicts Higher Profits, Despite Lower Output

Chevron Corp. (CVX), the focus of Money Morning’s popular “Buy, Sell or Hold?” feature back in late July, said it is predicting a jump in its third-quarter results, despite a decline in oil-and-gas output. Without offering actual financial details, the second-biggest U.S. oil company said in its interim update that it “expects third-quarter earnings to exceed those of 2008’s second quarter.” The San Ramon, Calif.-based Chevron attributed the improved results to higher energy prices and better refining margins - both factors that were predicted by Money Morning Contributing Editor Horacio Marquez. “I am happy to see Chevron executing – as we expected – and slowly improving its refining margins back to historical [norms],” Marquez said in an interview late last week. “The company’s vertical integration gives it a natural hedge... [read full story]