Chevron Shares Fall Most in Month as Barclays Cuts EstimateBy
Chevron Corp. dropped the most in a month after Barclays Plc slashed its third-quarter profit estimate by 20 percent, citing oilfield equipment repairs in Central Asia that crimped crude production.
Chevron fell 1.2 percent to $100.88 at 12:40 p.m. on Thursday in New York, after earlier touching $99.61 for the biggest intraday decline since Sept. 13. The slide trimmed the shares’ year-to-date gain to 12 percent.
Paul Cheng, an oil-industry analyst at Barclays, lowered his third-quarter earnings estimate to 32 cents a share from 40 cents in a note to clients on Thursday. Cheng said longer-than-expected downtime at the Tengiz oilfield in Kazakhstan and Guneshli field in Azerbaijan probably shrank Chevron’s global output by the equivalent of 49,000 barrels a day.
Chevron, which relies on the Tengiz development for about one of every 10 barrels it pumps worldwide, is scheduled to disclose third-quarter results on Oct. 28.
In a separate note on Thursday, Cheng reduced his third-quarter per-share profit estimate for Exxon Mobil Corp. by 4.5 percent to 63 cents. Exxon draws production from the Tengiz and Guneshli fields. Exxon shares fell 0.9 percent to $86.38.
A phone call and e-mail to Chevron’s media-relations department weren’t immediately returned. A telephone message left with Exxon’s media office also wasn’t immediately returned.