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Chevron Reports Third Quarter Net Income Of $5.0 Billion

Stocks in this article: CVX

Refinery crude oil input of 831,000 barrels per day in the third quarter 2013 increased 52,000 barrels per day from the year-ago period. The increase was primarily due to the absence of effects of an August 2012 incident at the refinery in Richmond, California that shut down the crude unit, partially offset by planned maintenance activities at the refinery in El Segundo, California in the current period. Refined product sales of 1.19 million barrels per day were up 12,000 barrels per day from the third quarter 2012, mainly reflecting higher gasoline sales. Branded gasoline sales increased 2 percent to 529,000 barrels per day.

International Downstream

       
Three Months Nine Months
Ended Sept. 30     Ended Sept. 30
Millions of Dollars     2013     2012     2013     2012
Earnings*     $ 131       $ 233       $ 1,325     $ 1,657  
*Includes foreign currency effects $ (86 )     $ (43 ) $ 20     $ (76 )
 

International downstream operations earned $131 million in the third quarter 2013 compared with $233 million a year earlier. Current quarter earnings decreased due to lower margins on refined product sales, partially offset by a favorable change in effects on derivative instruments. Foreign currency effects decreased earnings by $86 million in the 2013 quarter, compared with a decrease of $43 million a year earlier.

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