zman’s Energy Brain

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COP warns over 3Q- Prudhoe & Refining Margins Hurt

Posted by zmann on October 3, 2006

COP Tuesday said it expects production for the third quarter to come in about 5% lower than the previous quarter due to the issues with the Prudhoe Bay oil field in Alaska and planned seasonal maintenance in the U.K. and Venezuela. The company also said it expects worldwide refining margins to be significantly lower than second-quarter levels, while worldwide marketing margins are seen as coming in significantly higher on a sequential basis.

– maybe those refining margin comments will crimp XOM’s style

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