The average sales price for crude oil and natural gas liquids in the 2012 third quarter was $98 per barrel, down from $103 a year earlier. The average price of natural gas was $6.03 per thousand cubic feet, compared with $5.50 in last year’s third quarter.

Net oil-equivalent production of 1.88 million barrels per day in the third quarter 2012 was down 58,000 barrels per day from a year ago. Production increases from project ramp-ups in Thailand and Nigeria were more than offset by planned maintenance-related downtime, continued shut-in of the Frade Field in Brazil and normal field declines. The net liquids component of oil-equivalent production decreased 8 percent to 1.25 million barrels per day, while net natural gas production increased 8 percent to 3.78 billion cubic feet per day.

DOWNSTREAM

U.S. Downstream
          Three Months

Ended Sept. 30
    Nine Months

Ended Sept. 30
Millions of Dollars             2012     2011       2012     2011
Earnings           $ 456   $ 704     $ 1,717   $ 1,710

U.S. downstream operations earned $456 million in the third quarter 2012, compared with earnings of $704 million a year earlier. The decline was mainly due to lower margins on refined product sales and higher operating expenses.

If you liked this article you might like

CEOs Are Dropping Like Flies

Total Reaches Agreement With Chevron for Gulf of Mexico Exploration

Stocks In Negative Territory as Chances for December Hike Surge

Energy Stocks Lead a Neutral Market Even After Oil Inventories Spike

Energy Takes a Backseat as Crude Oil Stabilizes Under $50