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Chevron Reports Third Quarter Net Income Of $5.0 Billion

“We continue to make good progress on our major capital projects,” Watson added. “Construction continues, and important milestones are being reached, on our Gorgon and Wheatstone LNG projects in Australia. Important interim construction goals have been recently reached for our Jack/St. Malo and Big Foot deepwater projects in the Gulf of Mexico, in preparation for their project start-ups scheduled for late 2014. We are also moving forward on the development of our liquids-rich unconventional properties in the United States.”

Recent upstream highlights include:

  • Australia – Signed binding long-term Sales and Purchase Agreements with Tohoku Electric Power Company, Inc. for Wheatstone LNG. Binding long-term agreements now cover 85 percent of Chevron’s equity LNG offtake from Wheatstone.
  • Australia – Acquired exploration interests in two blocks located in the deepwater Bight Basin offshore South Australia.
  • Canada – Successfully concluded the initial twelve-well exploration drilling program in the liquids-rich portion of the Duvernay Shale.

“In the downstream business, we continued to advance our growth investments,” said Watson. Chevron Phillips Chemical Company LLC, the company’s 50 percent-owned affiliate, announced a final investment decision on its U.S. Gulf Coast Petrochemicals Project. This project will include an ethane cracker with an annual design capacity of 1.5 million metric tons per year and two polyethylene facilities, each with an annual design capacity of 500,000 metric tons per year.

The company purchased $1.25 billion of its common stock in the third quarter 2013 under its share repurchase program.


Worldwide net oil-equivalent production was 2.59 million barrels per day in the third quarter 2013, up from 2.52 million barrels per day in the 2012 third quarter. The increase was primarily driven by lower maintenance-related downtime at Tengizchevroil and project ramp-ups in the United States, Nigeria and Angola, partially offset by normal field declines.

U.S. Upstream

Three Months Nine Months
Ended Sept. 30     Ended Sept. 30
Millions of Dollars     2013     2012     2013     2012
Earnings     $ 1,026     $ 1,122     $ 3,241     $ 3,969

U.S. upstream earnings of $1.03 billion in the third quarter 2013 were down $96 million from a year earlier, as higher crude oil and natural gas realizations and increased production were more than offset by higher depreciation, exploration and operating expenses.

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