Chevron Reports Fourth Quarter Net Income Of $7.2 Billion And 2012 Earnings Of $26.2 Billion

The company’s average sales price per barrel of crude oil and natural gas liquids was $91 in the fourth quarter 2012, down from $101 a year ago. The average sales price of natural gas was $3.22 per thousand cubic feet, compared with $3.62 in last year’s fourth quarter.

Net oil-equivalent production of 674,000 barrels per day in the fourth quarter 2012 increased 13,000 barrels per day, or 2 percent, from a year earlier. The increase in production was primarily due to further ramp-up of projects in the Gulf of Mexico and the recently-acquired Delaware Basin properties, partially offset by an absence of volumes associated with Cook Inlet, Alaska, assets sold in 2011. The net liquids component of oil-equivalent production increased 3 percent in the 2012 fourth quarter to 462,000 barrels per day, while net natural gas production decreased 1 percent to 1.27 billion cubic feet per day.

International Upstream
		Fourth Quarter								Year
Millions of Dollars		2012				2011				2012				2011
Earnings*		$	5,495			$	4,132			$	18,456			$	18,274
*Includes foreign currency effects		$	(34	)		$	(3	)		$	(275	)		$	211

International upstream earnings of $5.5 billion increased $1.4 billion from the fourth quarter 2011. The increase between quarters primarily reflected a gain of approximately $1.4 billion on an asset exchange in Australia. Foreign currency effects decreased earnings by $34 million, compared with a decrease of $3 million a year earlier.

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