Chevron Corp (CVX) said its fourth-quarter profits would be "notably higher" than the previous quarter as oil and gas output bounced back and the second-largest U.S. oil company booked a $1.4 billion gain on an asset transaction.

Royal Dutch Shell Plc (NYSE:RDS.a) announced in August a swap of interests in two fields off the Australian coast for Chevron's holdings in the Browse liquefied natural gas project.