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Chevron Reports Second Quarter Net Income Of $5.7 Billion

Chevron Corporation (NYSE:CVX) today reported earnings of $5.7 billion ($2.98 per share – diluted) for second quarter 2014, compared with $5.4 billion ($2.77 per share – diluted) in the 2013 second quarter. Foreign currency effects decreased earnings in the 2014 quarter by $232 million, compared with an increase of $302 million a year earlier.

Sales and other operating revenues in second quarter 2014 were $56 billion, compared to $55 billion in the year-ago period.

Earnings Summary
 
 

Three Months Ended June 30
 

Six Months Ended June 30
Millions of dollars   2014   2013   2014   2013
Earnings by Business Segment        
Upstream $ 5,264 $ 4,949 $ 9,571 $ 10,865
Downstream 721 766 1,431 1,467
All Other     (320 )     (350 )     (825 )     (789 )
Total (1)(2)   $ 5,665     $ 5,365     $ 10,177     $ 11,543  
(1) Includes foreign currency effects $ (232 ) $ 302 $ (311 ) $ 548
(2) Net income attributable to Chevron Corporation (See Attachment 1)
 

“Our second quarter earnings and cash flow were solid,” said Chairman and CEO John Watson. “Current quarter earnings reflected stronger market conditions for crude oil, although some of these benefits were offset by lower production volumes as a result of planned maintenance activity at Tengizchevroil in Kazakhstan. Gains on asset sales also contributed to our results, as we completed important sales under our three-year divestment program.”

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