Watson noted that, while investing for long-term production growth, the company remained focused on providing near-term shareholder returns as well. The company purchased $1.25 billion of its common stock in the third quarter 2012 under its share repurchase program.
Worldwide net oil-equivalent production was 2.52 million barrels per day in the third quarter 2012, down from 2.60 million barrels per day in the 2011 third quarter. Production increases from project ramp-ups in Thailand, Nigeria and the United States were more than offset by the effects of planned maintenance-related downtime, normal field declines, continued shut-in of the Frade Field in Brazil, dispositions and storm-related shut-ins in the Gulf of Mexico. The company expects increased production in the fourth quarter 2012 compared to the current quarter, reflecting the completion of planned turnarounds and restoration of shut-in production in the Gulf of Mexico.
|Three Months Ended Sept. 30||Nine Months Ended Sept. 30|
|Millions of Dollars||2012||2011||2012||2011|
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