The company purchased $1.25 billion of its common stock in fourth quarter 2012 under its share repurchase program. Repurchases for the full year totaled $5 billion. At year end, balances of cash, cash equivalents, time deposits and marketable securities totaled $21.9 billion, an increase of $1.8 billion from the end of 2011. Total debt at December 31, 2012 stood at $12.2 billion, an increase of $2.0 billion from a year earlier.
Worldwide net oil-equivalent production was 2.67 million barrels per day in the fourth quarter 2012, up from 2.64 million barrels per day in the 2011 fourth quarter. Production increases from project ramp-ups in Nigeria, the United States and Thailand, higher cost recovery volumes in Bangladesh and new volumes from the recently-acquired Delaware Basin properties were partially offset by normal field declines and the continued shut-in of the Frade Field in Brazil.
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U.S. upstream earnings of $1.36 billion in the fourth quarter 2012 were down $242 million from a year earlier. Lower crude oil and natural gas realizations were partially offset by higher crude oil production.