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Chevron Reports Third Quarter Net Income Of $5.3 Billion, Compared To $7.8 Billion In Third Quarter 2011

Chevron Corporation (NYSE: CVX) today reported earnings of $5.3 billion ($2.69 per share – diluted) for the third quarter 2012, compared with $7.8 billion ($3.92 per share – diluted) in the 2011 third quarter.

Sales and other operating revenues in the third quarter 2012 were $56 billion, compared to $61 billion in the year-ago period.


Earnings Summary



                    Three Months

Ended Sept. 30

    Nine Months

Ended Sept. 30

Millions of dollars                       2012       2011         2012       2011  
Earnings by Business Segment        
Upstream $ 5,139 $ 6,201 $ 16,930 $ 19,049
Downstream 689 1,986 3,374 3,652
All Other                       (575 )     (358 )       (1,370 )     (929 )
Total (1)(2)                     $ 5,253     $ 7,829       $ 18,934     $ 21,772  
(1) Includes foreign currency effects $ (293 ) $ 449 $ (323 ) $ 204
(2) Net income attributable to Chevron Corporation (See Attachment 1)

“This quarter’s earnings were solid, but off from their near record level of a year ago,” said Chairman and CEO John Watson. “Crude oil prices were down and we had a heavy period of planned oil field maintenance which temporarily reduced oil and gas production in several locations. Foreign currency movements also hurt our results this quarter, while they benefited the year-ago period.”

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