Chevron Corporation last Wednesday reported in its interim update that earnings for the third quarter 2013 are expected to be lower than in the second quarter. Upstream results for the third quarter are projected to be slightly higher than the prior quarter while downstream earnings are expected to be significantly lower.

Second quarter earnings included foreign exchange gains of approximately $300 million, compared to similarly sized losses anticipated for the third quarter. The interim update contains industry and company operating data for the first two months of the third quarter. These financials compare results for the first two months of the third quarter 2013 to full second quarter 2013 results, unless indicated otherwise.

U.S. upstream net oil-equivalent production was slightly lower, primarily due to planned turnaround activity across multiple assets in the Gulf of Mexico. International net oil-equivalent production was modestly higher compared to the second quarter, reflecting less turnaround and maintenance activity related to several different assets worldwide.

On the downstream side, U.S. refinery crude-input volumes were slightly higher as the Richmond, California refinery resumed normal operations during the second quarter, but the increase was mostly offset by planned maintenance activity at the El Segundo, California refinery. International refinery crude-input volumes increased following maintenance activity early in the second quarter.

Chevron will report its third quarter 2013 earnings on Friday, November 1, 2013.