Chevron Corporation (NYSE: CVX) reported on July 10th in an interim update that earnings for the second quarter 2014 are expected to be higher than first quarter 2014. The San Ramon-based company said this is a result of gains on asset sales and an absence of impairments in the prior quarter.

U.S. net oil-equivalent production was higher compared to the first quarter, primarily due to less maintenance activity in the Gulf of Mexico and increased production in the Permian Basin.

International net oil-equivalent production was lower as a result of planned turnaround activity in Kazakhstan, in addition to the shutdown of the LNG facility in Angola.

Foreign exchange losses in the second quarter are expected to be higher than first quarter losses. The interim update covers the first two months of the second quarter.