Chevron Corporation CVX today reported in its interim update that
earnings for the fourth quarter 2012 are expected to be notably higher than
third quarter 2012. Upstream results are projected to be higher between
sequential quarters, reflecting increased gains on asset transactions and
higher liftings. Downstream earnings in the fourth quarter are also expected
to be higher, largely reflecting a positive swing in timing effects, despite a
sharp decline in industry refining margins.
Basis for Comparison in Interim Update
This interim update contains certain industry and company operating data for
the fourth quarter 2012. The production volumes, realizations, margins and
certain other items in the report are based on a portion of the quarter and
are not necessarily indicative of Chevron's full quarterly results to be
reported on February 1, 2013. The reader should not place undue reliance on
this data.
Readers are advised that portions of the commentary below compare results for
the first two months of the fourth quarter 2012 to full third quarter 2012
results, as indicated.
UPSTREAM
The table that follows includes information on production and price indicators
for crude oil and natural gas for specific markets. Actual realizations may
vary from indicative pricing due to quality and location differentials and the
effect of pricing lags. International earnings reflect actual liftings, which
may differ from production due to the timing of cargoes and other factors.
2011 2012
4Q 4Q
4Q 1Q 2Q 3Q thru thru
Nov Dec
U.S. Upstream
Net Production:
Liquids MBD 447 456 461 440 467 n/a
Natural Gas MMCFD 1,290 1,170 1,186 1,184 1,261 n/a
Total MBOED 661 651 659 637 676 n/a
Oil-Equivalent
Pricing:
Avg. WTI Spot $/Bbl 93.98 103.00 93.34 92.25 88.21 88.22
Price
Avg. Midway
Sunset Posted $/Bbl 107.83 112.01 102.72 100.71 98.32 98.59
Price^1
Nat. Gas-Henry
Hub "Bid Week" $/MCF 3.55 2.73 2.21 2.81 3.25 3.40
Avg.
Nat. Gas-CA
Border "Bid $/MCF 3.74 2.96 2.40 2.46 2.96 3.37
Week" Avg.
Nat. Gas-Rocky
Mountain "Bid $/MCF 3.35 2.56 1.88 2.91 3.15 3.56
Week" Avg.
Average
Realizations:
Crude $/Bbl 105.37 108.37 103.91 97.34 97.61 n/a
Liquids $/Bbl 100.65 101.93 97.46 90.77 91.11 n/a
Natural Gas $/MCF 3.62 2.48 2.17 2.63 3.14 n/a
International
Upstream
Net Production:
Liquids MBD 1,369 1,338 1,317 1,249 1,335 n/a
Natural Gas MMCFD 3,658 3,849 3,894 3,778 3,900 n/a
Total Oil MBOED 1,980 1,980 1,965 1,879 1,986 n/a
Equivalent
Pricing:
Avg. Brent Spot $/Bbl 109.35 118.60 108.29 109.50 110.38 110.08
Price ^2
Average
Realizations:
Liquids $/Bbl 101.33 110.03 99.21 98.20 100.06 n/a
Natural Gas $/MCF 5.55 5.88 6.10 6.03 5.94 n/a
^1 As of second quarter 2012, Avg. Midway Sunset Posted Price is based on the
average of four companies' posted prices to better reflect realizations. Prior
to second quarter 2012, the price is based only on the Chevron average
posting.
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