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

Stocks in this article: CVX

Refinery crude oil input of 779,000 barrels per day in third quarter 2012 decreased 118,000 barrels per day from the year-ago period, primarily due to an early-August fire at the refinery in Richmond, California. Refined product sales of 1.18 million barrels per day were down 69,000 barrels per day from third quarter 2011, mainly due to lower gasoline sales. Branded gasoline sales decreased 2 percent to 519,000 barrels per day.

International Downstream

          Three Months

Ended Sept. 30

    Nine Months

Ended Sept. 30

Millions of Dollars             2012       2011       2012       2011
Earnings*           $ 233     $ 1,282     $ 1,657     $ 1,942
*Includes foreign currency effects $ (43 )   $ 148     $ (76 )   $ 16

International downstream operations earned $233 million in the third quarter 2012, compared with $1.3 billion a year earlier. Current quarter earnings decreased due to lower gains on asset sales, including the absence of a 2011 gain of approximately $500 million from the sale of the Pembroke Refinery and related marketing assets in the United Kingdom and Ireland. An unfavorable change in effects on derivative instruments also contributed to the lower earnings in the 2012 quarter. Foreign currency effects decreased earnings by $43 million in the 2012 quarter, compared with an increase of $148 million a year earlier.

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