Chevron (NYSE:CVX) expects significantly higher earnings for its 4Q 2012 compared to the previous quarter, the company said in an interim update in advance of the official release of those results. The improvement is due to increases in both its upstream operations, due to what it terms "asset transactions and higher liftings," and its downstream activities.

In its presentation, the company provided data for the first two months of its 4Q. Many of these figures show a marked increase over the three months of the previous quarter.

Chevron's 4Q will also benefit greatly from a gain of around $1.4 billion from an asset exchange transaction in Australia.

The company will release its full quarterly results on February 1.