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SAN FRANCISCO -- Chevron Corp. warned its second-quarter earnings would be hit by a sharp decline in U.S. refining margins, while any benefits from higher oil prices were offset by a weaker dollar, sending shares down 1.8 percent, Reuters reported.
The outlook deepens the concern surrounding the country's refiners, which face toughening regulation and a depressed fuel market, according to the report.
Chevron said the decline in second-quarter U.S. refining margins more than offset an increase in marketing margins, and refining margins were squeezed by higher crude oil prices and weak demand due to the recession, the report stated.
"Downstream results are projected to be significantly lower than the first quarter," Chevron said in its interim update cited by the news agency.
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