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

Net charges in the fourth quarter 2012 were $538 million, compared with $553 million in the year-ago period.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in 2012 were $34.2 billion, compared with $29.1 billion in 2011. The amounts included approximately $2.1 billion in 2012 and $1.7 billion in 2011 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 89 percent of the companywide total in 2012.

NOTICE

Chevron’s discussion of fourth quarter 2012 earnings with security analysts will take place on Friday, February 1, 2013, at 8:00 a.m. PST. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s Web site at www.chevron.com under the “Investors” section. Additional financial and operating information will be contained in the Earnings Supplement that will be available under “Events and Presentations” in the “Investors” section on the Web site.

Chevron will post selected first quarter 2013 interim performance data for the company and industry on its Web site on Wednesday, April 10, 2013, at 2:00 p.m. PDT . Interested parties may view this interim data at www.chevron.com under the “Investors” section.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets,” “outlook” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes required by existing or future environmental statutes, regulations and litigation; the potential liability resulting from other pending or future litigation; the company’s future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” on pages 29 through 31 of the company’s 2011 Annual Report on Form 10-K. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.

 
CHEVRON CORPORATION - FINANCIAL REVIEW

Attachment 1

(Millions of Dollars, Except Per-Share Amounts)
 

CONSOLIDATED STATEMENT OF INCOME

     

(unaudited)

Three Months Year Ended
Ended December 31 December 31
REVENUES AND OTHER INCOME 2012 2011 2012 2011
Sales and other operating revenues * $ 56,254 $ 58,027 $ 230,590 $ 244,371
Income from equity affiliates 1,815 1,567 6,889 7,363
Other income 2,483 391 4,430 1,972
Total Revenues and Other Income 60,552 59,985 241,909 253,706
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products 33,959 36,363 140,766 149,923
Operating, selling, general and administrative expenses 7,455 7,278 27,294 26,394
Exploration expenses 357 386 1,728 1,216
Depreciation, depletion and amortization 3,554 3,313 13,413 12,911
Taxes other than on income * 3,251 2,680 12,376 15,628
Interest and debt expense - - - -
Total Costs and Other Deductions 48,576 50,020 195,577 206,072
Income Before Income Tax Expense 11,976 9,965 46,332 47,634
Income tax expense 4,679 4,813 19,996 20,626
Net Income 7,297 5,152 26,336 27,008
Less: Net income attributable to noncontrolling interests 52 29 157 113

NET INCOME ATTRIBUTABLE TO CHEVRON CORPORATION

$ 7,245 $ 5,123 $ 26,179 $ 26,895
 
PER-SHARE OF COMMON STOCK
Net Income Attributable to Chevron Corporation
- Basic $ 3.73 $ 2.61 $ 13.42 $ 13.54
- Diluted $ 3.70 $ 2.58 $ 13.32 $ 13.44
Dividends $ 0.90 $ 0.81 $ 3.51 $ 3.09
 
Weighted Average Number of Shares Outstanding (000's)
- Basic 1,938,257 1,972,803 1,950,480 1,986,482
- Diluted 1,952,298 1,987,146 1,964,755 2,000,785
 
* Includes excise, value-added and similar taxes. $ 2,131 $ 1,713 $ 8,010 $ 8,085
 
 
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 2
(Millions of Dollars)
(unaudited)
       

EARNINGS BY MAJOR OPERATING AREA

Three Months Year Ended
Ended December 31 December 31
2012 2011 2012 2011
Upstream
United States $ 1,363 $ 1,605 $ 5,332 $ 6,512
International 5,495   4,132   18,456   18,274  
Total Upstream 6,858   5,737   23,788   24,786  
Downstream
United States 331 (204 ) 2,048 1,506
International 594   143   2,251   2,085  
Total Downstream 925   (61 ) 4,299   3,591  
All Other (1) (538 ) (553 ) (1,908 ) (1,482 )
Total (2) $ 7,245   $ 5,123   $ 26,179   $ 26,895  
 
 

SELECTED BALANCE SHEET ACCOUNT DATA

 

Dec. 31, 2012

 

Dec. 31, 2011

Cash and Cash Equivalents $

20,939

$ 15,864
Time Deposits $ 708 $ 3,958
Marketable Securities $ 266 $ 249
Total Assets $ 232,982 $ 209,474
Total Debt $ 12,192 $ 10,152
Total Chevron Corporation Stockholders' Equity $ 136,524 $ 121,382
 
 
Three Months Year Ended

 

Ended December 31 December 31

CAPITAL AND EXPLORATORY EXPENDITURES (3)

2012 2011 2012 2011
United States
Upstream $ 3,488 $ 1,977 $ 8,531 $ 8,318
Downstream 792 567 1,913 1,461
Other 262   120   602   575  
Total United States 4,542 2,664 11,046 10,354
 
International
Upstream 6,494 5,110 21,913 17,554
Downstream 512 487 1,259 1,150
Other 8   3   11   8  
Total International 7,014   5,600   23,183   18,712  
Worldwide $ 11,556   $ 8,264   $ 34,229   $ 29,066  
 

(1) Includes mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, alternative fuels and technology companies.

(2) Net Income Attributable to Chevron Corporation (See Attachment 1)
(3) Includes interest in affiliates:
United States $ 126 $ 83 $ 308 $ 277
International 623   577   1,809   1,418  
Total $ 749   $ 660   $ 2,117   $ 1,695  
 
 
CHEVRON CORPORATION - FINANCIAL REVIEW Attachment 3
     

 

OPERATING STATISTICS (1)

Three Months Ended December 31

Year Ended December 31

NET LIQUIDS PRODUCTION (MB/D): (2) 2012 2011 2012 2011
 
United States 462 447 455 465
International 1,333 1,369 1,309 1,384
Worldwide 1,795 1,816 1,764 1,849
 
NET NATURAL GAS PRODUCTION (MMCF/D): (3)
United States 1,273 1,290 1,203 1,279
International 3,963 3,658 3,871 3,662
Worldwide 5,236 4,948 5,074 4,941
 
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4)
United States 674 661 655 678
International 1,994 1,980 1,955 1,995
Worldwide 2,668 2,641 2,610 2,673
 
SALES OF NATURAL GAS (MMCF/D):
United States 5,509 6,041 5,470 5,836
International 4,214 4,319 4,315 4,361
Worldwide 9,723 10,360 9,785 10,197
 
SALES OF NATURAL GAS LIQUIDS (MB/D):
United States 167 165 157 161
International 92 86 88 87
Worldwide 259 251 245 248
 
SALES OF REFINED PRODUCTS (MB/D):
United States 1,152 1,227 1,211 1,257
International (5) 1,565 1,570 1,554 1,692
Worldwide 2,717 2,797 2,765 2,949
 
REFINERY INPUT (MB/D):
United States 702 763 833 854
International (6) 918 805 869 933
Worldwide 1,620 1,568 1,702 1,787
 
(1) Includes interest in affiliates.
(2) Includes: Canada - Synthetic Oil 43 39 43 40

              Venezuela Affiliate - Synthetic Oil

22 37 17 32
(3) Includes natural gas consumed in operations (MMCF/D):
United States 58 62 51 69
International 524 548 523 513

(4) Oil-equivalent production is the sum of net liquids production and net gas production. The oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.

(5) Includes share of affiliate sales (MB/D): 522 575 522 556

(6) As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a 100 percent consolidated basis. Prior to June 2012, crude-input volumes reflect a 64 percent equity interest.

 




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