Chevron Reports Second Quarter Net Income Of $5.4 Billion

Chevron Corporation (NYSE: CVX) today reported earnings of $5.4 billion ($2.77 per share – diluted) for the second quarter 2013, compared with $7.2 billion ($3.66 per share – diluted) in the 2012 second quarter.

Sales and other operating revenues in the second quarter 2013 were $55 billion, compared to $60 billion in the year-ago period.

Earnings Summary
       
Three Months Six Months
Ended June 30     Ended June 30
Millions of dollars     2013     2012     2013     2012
Earnings by Business Segment        
Upstream $ 4,949 $ 5,620 $10,865 $ 11,791
Downstream 766 1,881 1,467 2,685
All Other       (350 )       (291 )     (789 )       (795 )
Total (1)(2)     $ 5,365       $ 7,210       $11,543       $ 13,681  

(1) Includes foreign currency effects
$ 302 $ 198 $548 $ (30 )

(2) Net income attributable to Chevron Corporation (See Attachment 1)
 

“Our second quarter earnings were down from the very strong level of a year ago,” said Chairman and CEO John Watson. “The decrease was largely due to softer market conditions for crude oil and refined products. Earnings were also reduced as a result of repair and maintenance activities in our U.S. refineries.”

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