Societe Generale Raises Chevron 2Q11 Estimate

After the close, Chevron CVX released its 2Q11 interim update, Societe Generale reports. “Based on the operational update and insights into two months of realized upstream pricing, we are increasing our 2Q11 estimate to $2.58/share from our previous estimate of $2.52/share,” Societe Generale writes. “The lion share of the positive delta is due to higher realized US liquids pricing (note, CA production is typically priced at a 1-month lag). The balance of our change is due to higher implied West Coast marketing margins and slightly better runs in international refining (we assumed a heavier turnaround).” Chevron closed Monday at $104.41.