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

The company’s average sales price per barrel of crude oil and natural gas liquids was $91 in the third quarter 2012, down from $97 a year ago. The average sales price of natural gas was $2.63 per thousand cubic feet, compared with $4.14 in last year’s third quarter.

Net oil-equivalent production of 637,000 barrels per day in the third quarter 2012 was down 25,000 barrels per day, or 4 percent, from a year earlier. The decrease in production was associated with normal field declines, an absence of volumes associated with Cook Inlet, Alaska, assets sold in 2011, and the effects of storm-related shut-ins in 2012 in the Gulf of Mexico. Partially offsetting this decrease was further ramp-up at the Perdido and Caesar/Tonga projects in the Gulf of Mexico. The net liquids component of oil-equivalent production decreased 3 percent in the 2012 third quarter to 440,000 barrels per day, while net natural gas production decreased 6 percent to 1.18 billion cubic feet per day.

International Upstream
          Three Months

Ended Sept. 30
    Nine Months

Ended Sept. 30
Millions of Dollars             2012       2011       2012       2011
Earnings*           $ 4,017     $ 4,693     $

    $ 14,142
*Includes foreign currency effects $ (252 )   $ 304     $ (241 )   $ 214

International upstream earnings of $4.02 billion decreased $676 million from the third quarter 2011. The decline between quarters was primarily due to lower volumes and realizations for crude oil, as well as higher exploration expense. Mostly offsetting these effects was a nearly $600 million gain on sale of an equity interest in the Wheatstone Project, and lower tax items. Foreign currency effects decreased earnings by $252 million, compared with an increase of $304 million a year earlier.

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