Chevron Reports Second Quarter Net Income Of $7.2 Billion, Compared To $7.7 Billion In Second Quarter 2011
Chevron Corporation (NYSE: CVX) today reported earnings of $7.2 billion ($3.66 per share – diluted) for the second quarter 2012, compared with $7.7 billion ($3.85 per share – diluted) in the 2011 second quarter.
Sales and other operating revenues in the second quarter 2012 were $60 billion, compared to $67 billion in the year-ago period.
| Earnings Summary | |||||||||||||
| Three Months | Six Months | ||||||||||||
| Ended June 30 | Ended June 30 | ||||||||||||
| Millions of dollars | 2012 | 2011 | 2012 | 2011 | |||||||||
| Earnings by Business Segment | |||||||||||||
| Upstream | $5,620 | $6,871 | $11,791 | $12,848 | |||||||||
| Downstream | 1,881 | 1,044 | 2,685 | 1,666 | |||||||||
| All Other | (291 | ) | (183 | ) | (795 | ) | (571 | ) | |||||
| Total (1)(2) | $7,210 | $7,732 | $13,681 | $13,943 | |||||||||
| (1) Includes foreign currency effects | $198 | $(81 | ) | $(30 | ) | $(245 | ) | ||||||
| (2) Net income attributable to Chevron Corporation (See Attachment 1) | |||||||||||||
“Our second quarter earnings and cash flow were among our strongest ever, even with softer oil markets,” said Chairman and CEO John Watson. “Despite current weakness in the global economy, we continue to invest in our long-term growth projects to help deliver affordable energy to meet future demand. We took several important steps to advance our major upstream capital projects, in particular achieving milestones in our natural gas development projects in the Asia-Pacific region. We also expanded our global exploration resource acreage, including new leases in the Gulf of Mexico where we already hold a significant position.”
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