Chevron Issues Interim Update For Fourth Quarter 2012

International upstream earnings in the fourth quarter are expected to include a gain of approximately $1.4 billion from a previously announced asset exchange in Australia, compared to a gain of $600 million in the third quarter associated with the sale of an equity interest in the Wheatstone project.

U.S. crude oil realizations increased $0.27, to $97.61 per barrel during the first two months of the fourth quarter, consistent with the typical monthly lag on pricing in the Gulf of Mexico. International liquids realizations increased $1.86, to $100.06 per barrel. U.S. natural gas realizations increased $0.51 to $3.14 per thousand cubic feet, while international natural gas realizations decreased $0.09 to $5.94 per thousand cubic feet during the first two months of the fourth quarter.

DOWNSTREAM

The table that follows includes industry benchmark indicators for refining and marketing margins. Actual margins realized by the company will differ due to crude and product mix effects, planned and unplanned shutdown activity and other company-specific and operational factors.

				2011		2012
				4Q		1Q		2Q		3Q		4Q thru Nov		4Q thru Dec
Downstream
Market Indicators:		$/Bbl
Refining Margins
U.S. West Coast – Blended 5-3-1-1				14.45		19.64		21.32		24.37		23.45		19.45
U.S. Gulf Coast – Maya 5-3-1-1				11.84		20.56		24.89		28.19		24.15		23.24
Singapore – Dubai 3-1-1-1				8.77		9.73		9.30		10.77		7.59		7.17
Marketing Margins
U.S. West – Weighted DTW to Spot				5.39		4.16		10.14		5.74		9.76		8.85
U.S. East – Houston Mogas Rack to Spot				4.35		3.90		5.10		3.99		4.98		5.21
Asia-Pacific / Middle East / Africa				5.65		4.75		6.98		6.08		6.63		4.39
Actual Volumes:
U.S. Refinery Input		MBD		763		926		928		779		702		n/a
Int’l Refinery Input 1		MBD		805		779		870		909		918		n/a
U.S. Branded Mogas Sales		MBD		515		505		521		519		511		n/a
1 As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a consolidated basis. Prior to June 2012, crude-input volumes are reported on a net interest basis.

For the full fourth quarter, U.S. and international refining margins decreased significantly compared to third quarter 2012. International marketing margins also declined, while U.S. marketing margins improved from the previous quarter.

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