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

The average sales price for crude oil and natural gas liquids in the 2012 third quarter was $98 per barrel, down from $103 a year earlier. The average price of natural gas was $6.03 per thousand cubic feet, compared with $5.50 in last year’s third quarter.

Net oil-equivalent production of 1.88 million barrels per day in the third quarter 2012 was down 58,000 barrels per day from a year ago. Production increases from project ramp-ups in Thailand and Nigeria were more than offset by planned maintenance-related downtime, continued shut-in of the Frade Field in Brazil and normal field declines. The net liquids component of oil-equivalent production decreased 8 percent to 1.25 million barrels per day, while net natural gas production increased 8 percent to 3.78 billion cubic feet per day.

DOWNSTREAM

U.S. Downstream
          Three Months

Ended Sept. 30
    Nine Months

Ended Sept. 30
Millions of Dollars             2012     2011       2012     2011
Earnings           $ 456   $ 704     $ 1,717   $ 1,710

U.S. downstream operations earned $456 million in the third quarter 2012, compared with earnings of $704 million a year earlier. The decline was mainly due to lower margins on refined product sales and higher operating expenses.

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