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Chevron Reports Third Quarter Net Income Of $5.0 Billion

Net charges in the third quarter 2013 were $522 million, compared with $575 million in the year-ago period. The change between periods was mainly due to lower employee compensation and benefits expenses and other corporate charges, partially offset by an impairment of a power-related equity affiliate.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first nine months of 2013 were $28.9 billion, compared with $22.7 billion in the corresponding 2012 period. The amounts included $1.8 billion in 2013 and $1.4 billion in 2012 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Capital expenditures increased between periods as work progressed on a number of major capital projects, particularly two Australian LNG projects and two deepwater Gulf of Mexico projects. In addition, the company acquired new resource opportunities in Australia, the Permian Basin and the Kurdistan Region of Iraq, along with interests in the Kitimat LNG Project in Canada. Expenditures for upstream represented 92 percent of the companywide total in the first nine months of 2013.

NOTICE

Chevron’s discussion of third quarter 2013 earnings with security analysts will take place on Friday, November 1, 2013, at 8:00 a.m. PDT. 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 fourth quarter 2013 interim performance data for the company and industry on its Web site on Thursday, January 9, 2014, at 2:00 p.m. PST . 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 chemicals 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 28 through 30 of the company’s 2012 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.

 

Attachment 1

CHEVRON CORPORATION - FINANCIAL REVIEW
(Millions of Dollars, Except Per-Share Amounts)
               

CONSOLIDATED STATEMENT OF INCOME

(unaudited) Three Months Nine Months
Ended September 30 Ended September 30
REVENUES AND OTHER INCOME 2013 2012 2013 2012
Sales and other operating revenues * $ 56,603 $ 55,660 $ 166,206 $ 174,336
Income from equity affiliates 1,635 1,274 5,703 5,074
Other income 265 1,110 781 1,947
Total Revenues and Other Income 58,503 58,044 172,690 181,357
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products 34,822 33,982 102,005 106,807
Operating, selling, general and administrative expenses 7,263 7,046 21,440 19,839
Exploration expenses 559 475 1,135 1,371
Depreciation, depletion and amortization 3,658 3,370 10,551 9,859
Taxes other than on income * 3,366 3,239 9,852 9,125
Interest and debt expense - - - -
Total Costs and Other Deductions 49,668 48,112 144,983 147,001
Income Before Income Tax Expense 8,835 9,932 27,707 34,356
Income tax expense 3,839 4,624 11,068 15,317
Net Income 4,996 5,308 16,639 19,039
Less: Net income attributable to noncontrolling interests 46 55 146 105
NET INCOME ATTRIBUTABLE TO
CHEVRON CORPORATION $ 4,950 $ 5,253 $ 16,493 $ 18,934
 
PER-SHARE OF COMMON STOCK
Net Income Attributable to Chevron Corporation
- Basic $ 2.58 $ 2.71 $ 8.58 $ 9.69
- Diluted $ 2.57 $ 2.69 $ 8.52 $ 9.62
Dividends $ 1.00 $ 0.90 $ 2.90 $ 2.61
 
Weighted Average Number of Shares Outstanding (000's)
- Basic 1,914,047 1,945,840 1,921,429 1,954,584
- Diluted 1,929,831 1,960,141 1,936,797 1,968,939
 
* Includes excise, value-added and similar taxes. $ 2,223 $ 2,163 $ 6,364 $ 5,879
 
 

Attachment 2

CHEVRON CORPORATION - FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
               

EARNINGS BY MAJOR OPERATING AREA

Three Months Nine Months

      Ended September 30

Ended September 30

     2013

     2012

2013 2012
Upstream
United States $ 1,026 $ 1,122 $ 3,241 $ 3,969
International 4,066 4,017 12,716 12,961
Total Upstream 5,092 5,139

 

15,957 16,930
Downstream
United States 249 456 522 1,717
International 131 233 1,325 1,657
Total Downstream 380 689 1,847 3,374
All Other (1) (522) (575) (1,311) (1,370)
Total (2) $ 4,950 $ 5,253 $ 16,493 $ 18,934
 
 

SELECTED BALANCE SHEET ACCOUNT DATA

Sept. 30, 2013

Dec. 31, 2012
Cash and Cash Equivalents $ 17,014 $ 20,939
Time Deposits $ 1,308 $ 708
Marketable Securities $ 258 $ 266
Total Assets $ 247,838 $ 232,982
Total Debt $ 18,581 $ 12,192
Total Chevron Corporation Stockholders' Equity $ 144,779 $ 136,524
 
 
Three Months Nine Months
Ended September 30 Ended September 30

CAPITAL AND EXPLORATORY EXPENDITURES (3)

2013 2012 2013 2012
United States
Upstream $ 2,067 $ 1,696 $ 5,913 $ 5,043
Downstream 517 442 1,287 1,121
Other 159 188 446 340
Total United States 2,743 2,326 7,646 6,504
 
International
Upstream 7,605 5,841 20,566 15,419
Downstream 230 262 690 747
Other 7 1 17 3
Total International 7,842 6,104 21,273 16,169
Worldwide $ 10,585 $ 8,430 $ 28,919 $ 22,673
 

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

(2) Net Income Attributable to Chevron Corporation (See Attachment 1)
(3) Includes interest in affiliates:
United States $ 219 $ 84 $ 450 $ 182
International 465 457 1,304 1,186
Total $ 684 $ 541 $ 1,754 $ 1,368
 
 

Attachment 3

CHEVRON CORPORATION - FINANCIAL REVIEW

               
Three Months Nine Months

OPERATING STATISTICS (1)

Ended September 30 Ended September 30
NET LIQUIDS PRODUCTION (MB/D): (2) 2013     2012 2013     2012
 
United States 448 440 452 452
International 1,279 1,249 1,281 1,302
Worldwide 1,727 1,689 1,733 1,754
 
NET NATURAL GAS PRODUCTION (MMCF/D): (3)
United States 1,242 1,184 1,241 1,180
International 3,910 3,778 3,983 3,840
Worldwide 5,152 4,962 5,224 5,020
 
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4)
United States 655 637 659 649
International 1,930 1,879 1,945 1,941
Worldwide 2,585 2,516 2,604 2,590
 
SALES OF NATURAL GAS (MMCF/D):
United States 5,643 5,447 5,795 5,457
International 4,072 4,008 4,279 4,349
Worldwide 9,715 9,455 10,074 9,806
 
SALES OF NATURAL GAS LIQUIDS (MB/D):
United States 133 152 137 154
International 90 92 89 87
Worldwide 223 244 226 241
 
SALES OF REFINED PRODUCTS (MB/D):
United States 1,195 1,183 1,169 1,231
International (5) 1,561 1,561 1,520 1,550
Worldwide 2,756 2,744 2,689 2,781
 
REFINERY INPUT (MB/D):
United States 831 779 742 877
International (6) 885 909 858 853
Worldwide 1,716 1,688 1,600 1,730
 
(1) Includes interest in affiliates.
(2) Includes: Canada - Synthetic Oil 43 45 42 42
Venezuela Affiliate - Synthetic Oil 30 1 23 14
(3) Includes natural gas consumed in operations (MMCF/D):
United States (7) 70 54 74 64
International 518 504 519 523

(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): 474 491 472 522

(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.

(7) 2012 conforms to 2013 presentation.
 




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