International upstream earnings in the third quarter are expected to include a gain of approximately $600 million from the previously announced sale of an equity interest in the Wheatstone LNG project.
U.S. crude oil realizations decreased $8.47, to $95.44 per barrel during the first two months of the third quarter, consistent with the typical monthly lag on pricing in the Gulf of Mexico. International liquids realizations decreased $2.35, to $96.86 per barrel. U.S. natural gas realizations increased $0.50 to $2.67 per thousand cubic feet, while international natural gas realizations decreased $0.11 to $5.99 per thousand cubic feet during the first two months of the third quarter.
The table that follows includes industry benchmark indicators for refining and marketing margins. Actual margins realized by the company will differ due to crude and product mix effects, planned and unplanned shutdown activity and other company-specific and operational factors.
|3Q||4Q||1Q||2Q||3Q thru Aug||3Q thru Sep|
|U.S. West Coast – Blended 5-3-1-1||14.31||14.45||19.64||21.32||22.55||24.37|
|U.S. Gulf Coast – Maya 5-3-1-1||24.45||11.84||20.56||24.89||27.94||28.19|
|Singapore – Dubai 3-1-1-1||10.39||8.77||9.73||9.30||11.10||10.77|
|U.S. West – Weighted DTW to Spot||5.07||5.39||4.16||10.14||4.85||5.74|
|U.S. East – Houston Mogas Rack to Spot||4.46||4.35||3.90||5.10||3.46||3.99|
|Asia-Pacific / Middle East / Africa||6.19||5.65||4.75||6.98||6.32||n/a|
|U.S. Refinery Input||MBD||897||763||926||928||836||n/a|
|Int’l Refinery Input 3||MBD||882||805||779||870||912||n/a|
|U.S. Branded Mogas Sales||MBD||529||515||505||521||526||n/a|
3 As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a consolidated basis. Prior to June 2012, crude-input volumes are reported on a net interest basis.
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