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Chevron Issues Interim Update For Third Quarter 2012

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.

DOWNSTREAM

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.
    2011   2012
3Q   4Q 1Q   2Q   3Q thru Aug   3Q thru Sep

Downstream
 

Market Indicators:
$/Bbl

Refining Margins
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

Marketing Margins
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

Actual Volumes:
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.
 

For the full third quarter, U.S. and international refining margins increased compared to second quarter 2012, while U.S. marketing margins decreased sharply over the same period, particularly for the U.S. West Coast.

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