The average sales price for crude oil and natural gas liquids in the 2012 fourth quarter was $100 per barrel, compared with $101 a year earlier. The average price of natural gas was $5.97 per thousand cubic feet, up from $5.55 in last year’s fourth quarter.

Net oil-equivalent production of 1.99 million barrels per day in the fourth quarter 2012 increased 14,000 barrels per day from a year ago. Production increases from project ramp-ups in Nigeria and Thailand and higher cost recovery volumes in Bangladesh were partially offset by the continued shut-in of the Frade Field in Brazil. The net liquids component of oil-equivalent production decreased 3 percent to 1.33 million barrels per day, while net natural gas production increased 8 percent to 3.96 billion cubic feet per day.

DOWNSTREAM
 

U.S. Downstream
  Fourth Quarter   Year
Millions of Dollars   2012   2011   2012   2011
Earnings   $ 331   $ (204 )   $ 2,048   $ 1,506
     

U.S. downstream operations earned $331 million in the fourth quarter 2012, compared with a loss of $204 million a year earlier. The increase was due to improved margins on refined products and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC.

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