Chevron's (NYSE:CVX) Earnings Preview from Barclays Above Consensus

Chevron (NYSE:CVX) received a preview of their fourth quarter report from Barclays, and as far as earnings go, they come in a a dime over consensus of $2.40 a share.

Barclays says, "We expect CVX to report 4Q10 earnings of $2.50 per share, compared to consensus of $2.40 per share...Upstream: Earnings are expected to be $4,826 million or $19.0/boe, up 34% q-o-q and 21% y-o-y. Production is expected to be 2,764 mboe/d (000's boe/d), up 1% sequentially but down 1% y-o-y. Downstream: We expect downstream earnings (including chemicals) at $490 million, compared to $565 million in 3Q10 and a loss of $515 million in 4Q09. Refinery throughput is expected to be 1,885 mb/d, up 3% y-o-y but down 1% q-o-q. Our CVX 4Q10 estimate now includes a derivative and timing loss of $90 mm after-tax, or $0.04/share, as well as a $100 mm FX loss ($50 mm in international upstream and $50 mm in international downstream), or $0.05/share."

Barclays reiterates an "Overweight" rating on Chevron, which closed Wednesday at $94.64, gaining $0.56, or 0.60 percent. Barclays has a price target on Chevron (CVX) of $113.