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

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.

UPSTREAM

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.

U.S. Upstream

          Three Months

Ended Sept. 30

    Nine Months

Ended Sept. 30

Millions of Dollars             2012     2011       2012     2011
Earnings           $ 1,122   $ 1,508     $ 3,969   $ 4,907

U.S. upstream earnings of $1.12 billion in the third quarter 2012 were down $386 million from a year earlier, primarily due to lower crude oil and natural gas realizations and lower production.

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