Chevron Issues Interim Update For Fourth Quarter 2012

Chevron Corporation (NYSE: CVX) today reported in its interim update that earnings for the fourth quarter 2012 are expected to be notably higher than third quarter 2012. Upstream results are projected to be higher between sequential quarters, reflecting increased gains on asset transactions and higher liftings. Downstream earnings in the fourth quarter are also expected to be higher, largely reflecting a positive swing in timing effects, despite a sharp decline in industry refining margins.

Basis for Comparison in Interim Update

This interim update contains certain industry and company operating data for the fourth quarter 2012. The production volumes, realizations, margins and certain other items in the report are based on a portion of the quarter and are not necessarily indicative of Chevron's full quarterly results to be reported on February 1, 2013. The reader should not place undue reliance on this data.

Readers are advised that portions of the commentary below compare results for the first two months of the fourth quarter 2012 to full third quarter 2012 results, as indicated.

UPSTREAM

The table that follows includes information on production and price indicators for crude oil and natural gas for specific markets. Actual realizations may vary from indicative pricing due to quality and location differentials and the effect of pricing lags. International earnings reflect actual liftings, which may differ from production due to the timing of cargoes and other factors.

				2011		2012
				4Q		1Q		2Q		3Q		4Q thru Nov		4Q thru Dec
U.S. Upstream
Net Production:
Liquids		MBD		447		456		461		440		467		n/a
Natural Gas		MMCFD		1,290		1,170		1,186		1,184		1,261		n/a
Total Oil-Equivalent		MBOED		661		651		659		637		676		n/a
Pricing:
Avg. WTI Spot Price		$/Bbl		93.98		103.00		93.34		92.25		88.21		88.22
Avg. Midway Sunset Posted Price 1		$/Bbl		107.83		112.01		102.72		100.71		98.32		98.59
Nat. Gas-Henry Hub "Bid Week" Avg.		$/MCF		3.55		2.73		2.21		2.81		3.25		3.40
Nat. Gas-CA Border "Bid Week" Avg.		$/MCF		3.74		2.96		2.40		2.46		2.96		3.37
Nat. Gas-Rocky Mountain "Bid Week" Avg.		$/MCF		3.35		2.56		1.88		2.91		3.15		3.56
Average Realizations:
Crude		$/Bbl		105.37		108.37		103.91		97.34		97.61		n/a
Liquids		$/Bbl		100.65		101.93		97.46		90.77		91.11		n/a
Natural Gas		$/MCF		3.62		2.48		2.17		2.63		3.14		n/a
International Upstream
Net Production:
Liquids		MBD		1,369		1,338		1,317		1,249		1,335		n/a
Natural Gas		MMCFD		3,658		3,849		3,894		3,778		3,900		n/a
Total Oil Equivalent		MBOED		1,980		1,980		1,965		1,879		1,986		n/a
Pricing:
Avg. Brent Spot Price 2		$/Bbl		109.35		118.60		108.29		109.50		110.38		110.08
Average Realizations:
Liquids		$/Bbl		101.33		110.03		99.21		98.20		100.06		n/a
Natural Gas		$/MCF		5.55		5.88		6.10		6.03		5.94		n/a
1 As of second quarter 2012, Avg. Midway Sunset Posted Price is based on the average of four companies’ posted prices to better reflect realizations. Prior to second quarter 2012, the price is based only on the Chevron average posting.
2 The Avg. Brent Spot Price is based on Platts daily assessments, using Chevron’s internal formula to produce a quarterly average.

U.S. net oil-equivalent production increased 39,000 barrels per day during the first two months of the fourth quarter, reflecting recovery from the impacts of Hurricane Isaac and an increase in production associated with recently acquired acreage in the Permian Basin. International net oil-equivalent production during the first two months of the fourth quarter increased 107,000 barrels per day, mainly due to the absence of planned maintenance in Kazakhstan and the United Kingdom.

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