Chevron Reports Fourth Quarter Net Income Of $7.2 Billion And 2012 Earnings Of $26.2 Billion
Chevron Corporation (NYSE: CVX) today reported earnings of $7.2 billion ($3.70 per share – diluted) for the fourth quarter 2012, compared with $5.1 billion ($2.58 per share – diluted) in the 2011 fourth quarter. Results in the 2012 period included a gain of $1.4 billion from an upstream asset exchange.
Full-year 2012 earnings were $26.2 billion ($13.32 per share – diluted), down 3 percent from $26.9 billion ($13.44 per share – diluted) in 2011.
Sales and other operating revenues in the fourth quarter 2012 were $56 billion, down from $58 billion in the year-ago period, mainly due to lower crude oil volumes.
| Earnings Summary | ||||||||||||||||
| Fourth Quarter | Year | |||||||||||||||
| Millions of dollars | 2012 | 2011 | 2012 | 2011 | ||||||||||||
| Earnings by Business Segment | ||||||||||||||||
| Upstream | $ | 6,858 | $ | 5,737 | $ | 23,788 | $ | 24,786 | ||||||||
| Downstream | 925 | (61 | ) | 4,299 | 3,591 | |||||||||||
| All Other | (538 | ) | (553 | ) | (1,908 | ) | (1,482 | ) | ||||||||
| Total (1)(2) | $ | 7,245 | $ | 5,123 | $ | 26,179 | $ | 26,895 | ||||||||
| $ | (131 | ) | $ | (83 | ) | $ | (454 | ) | $ | 121 | ||||||
| (1) Includes foreign currency effects | ||||||||||||||||
| (2) Net income attributable to Chevron Corporation (See Attachment 1) | ||||||||||||||||
“Chevron delivered another very strong year in 2012,” said Chairman and CEO John Watson. “Our upstream portfolio continues to produce excellent results. We’ve now led the industry in earnings per barrel for over three years. Our downstream businesses also delivered highly competitive earnings per barrel.”
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