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Chevron Reports Third Quarter Net Income Of $5.0 Billion

The company’s average sales price per barrel of crude oil and natural gas liquids was $97 in the third quarter 2013, up from $91 a year ago. The average sales price of natural gas was $3.23 per thousand cubic feet, compared with $2.63 in last year’s third quarter.

Net oil-equivalent production of 655,000 barrels per day in the third quarter 2013 was up 18,000 barrels per day, or 3 percent, from a year earlier. Production increases in the Delaware Basin in New Mexico and the Marcellus Shale in western Pennsylvania, along with the absence of weather-related downtime in the Gulf of Mexico, were partially offset by normal field declines elsewhere. The net liquids component of oil-equivalent production increased 2 percent in the 2013 third quarter to 448,000 barrels per day, while net natural gas production increased 5 percent to 1.24 billion cubic feet per day.

International Upstream

Three Months Nine Months
Ended Sept. 30     Ended Sept. 30
Millions of Dollars     2013     2012     2013     2012
Earnings*     $ 4,066       $ 4,017       $ 12,716     $ 12,961  
*Includes foreign currency effects $ (188 )     $ (252 ) $ 259     $ (241 )

International upstream earnings of $4.07 billion increased $49 million from the third quarter 2012. The increase between quarters was primarily due to higher volumes and realizations for crude oil, largely offset by the absence of a 2012 gain of approximately $600 million from the sale of an equity interest in the Wheatstone Project, and higher operating expenses in the current period. Foreign currency effects decreased earnings by $188 million in the 2013 quarter, compared with a decrease of $252 million a year earlier.

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