UPDATE 1-Chevron expects first-quarter profit to slip

miércoles 9 de abril de 2014 17:54 GYT

(Adds result details, Argentina expansion)

By Ernest Scheyder

April 9 (Reuters) - Chevron Corp, the second-largest oil company in the United States, said on Wednesday it expected first-quarter income to slip because of high currency conversion costs and environmental charges in its mining unit.

Output from the company's oil and natural wells fell because of bitterly cold weather throughout the United States, Canada and Kazakhstan.

The company, which operates in about 180 countries, expects foreign currency exchange charges of $100 million for the first quarter.

Chevron plans to list impairment charges of $400 million to $500 million, most of which would be related to its mining operations.

The company operates an underground molybdenum mine in New Mexico, though now-closed parts of the facility have been deemed a superfund environmental cleanup area by the U.S. Environmental Protection Agency.

Excluding the charges, Chevron said results should be "comparable" with the fourth quarter, when it reported net income of $4.93 billion, or $2.57 per share.

Analysts expect first-quarter earnings of $2.77 per share, according to Thomson Reuters I/B/E/S.   Continuación...