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Chevron Reports Third Quarter Net Income Of $5.0 Billion

The average sales price for crude oil and natural gas liquids in the third quarter 2013 was $104 per barrel, up from $98 a year earlier. The average price of natural gas was $5.88 per thousand cubic feet, compared with $6.03 in last year’s third quarter.

Net oil-equivalent production of 1.93 million barrels per day in the third quarter 2013 was up 51,000 barrels per day, or 3 percent, from a year ago. Production increased primarily due to lower maintenance-related downtime at Tengizchevroil and project ramp-ups in Nigeria and Angola, partially offset by normal field declines. The net liquids component of oil-equivalent production increased 2 percent to 1.28 million barrels per day, while net natural gas production increased 3 percent to 3.91 billion cubic feet per day.

DOWNSTREAM

U.S. Downstream

       
Three Months Nine Months
Ended Sept. 30     Ended Sept. 30
Millions of Dollars     2013     2012     2013     2012
Earnings     $ 249     $ 456     $ 522     $ 1,717
       

U.S. downstream operations earned $249 million in the third quarter 2013 compared with earnings of $456 million a year earlier. The decrease was mainly due to lower margins on refined product sales and higher operating expenses reflecting repair and maintenance activities at company refineries. The decrease was partially offset by higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC.

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