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

Refinery crude oil input of 702,000 barrels per day in fourth quarter 2012 decreased 61,000 barrels per day from the year-ago period, primarily due to an early-August fire at the refinery in Richmond, California that shut down the crude unit. Refined product sales of 1.15 million barrels per day were down 75,000 barrels per day from fourth quarter 2011, mainly reflecting lower gasoline, gas oil and kerosene sales. Branded gasoline sales decreased 2 percent to 507,000 barrels per day.


International Downstream
  Fourth Quarter   Year
Millions of Dollars   2012   2011   2012   2011
Earnings*   $ 594     $ 143     $ 2,251     $ 2,085  
*Includes foreign currency effects $ (97 )   $ (81 )   $ (173 )   $ (65 )

International downstream operations earned $594 million in the fourth quarter 2012, compared with $143 million a year earlier. Current quarter earnings benefited from higher gains on asset sales, primarily reflecting the sale of the company’s fuels marketing businesses in three countries in the Caribbean. A favorable change in effects on derivative instruments and improved margins on refined products also contributed to the higher earnings in the 2012 quarter.

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