UPDATE: Chevron Offers Interim Production Update for Q2, Says Upstream US Net Oil-Equivalent Inline with Q1, Int'l Upstream Declined

Chevron Corporation

today reported its interim update, which contains industry and company operating data for the first two months of the second quarter. Readers are advised that the commentary below compares results for the first two months of the second quarter 2013 to full first quarter 2013 results, unless indicated otherwise. UPSTREAM U.S. net oil-equivalent production was comparable with first quarter 2013 results. International net oil-equivalent production decreased 71,000 barrels per day, primarily due to planned turnaround activity in Kazakhstan and Australia, maintenance in Nigeria, and lower demand in Thailand. 2012 2013 2Q 3Q 4Q 1Q 2Q thru May U.S. Upstream Net Production: Liquids MBD 461 440 462 455 455 Natural Gas MMCFD 1,186 1,184 1,273 1,255 1,225 Total Oil-Equivalent MBOED 659 637 674 664 659 Average Realizations: Liquids $/Bbl 97.46 90.77 90.67 94.49 93.08 Natural Gas $/MCF 2.17 2.63 3.22 3.11 3.83 International Upstream Net Production: Liquids MBD 1,317 1,249 1,333 1,305 1,253 Natural Gas MMCFD 3,894 3,778 3,963 4,054 3,937 Total Oil-Equivalent MBOED 1,965 1,879 1,994 1,981 1,910 Average Realizations: Liquids $/Bbl 99.21 98.20 99.93 102.35 93.01 Natural Gas $/MCF 6.10 6.03 5.97 6.07 5.96 DOWNSTREAM U.S. refinery crude-input volumes increased by 183,000 barrels per day, largely due to the completion of planned maintenance activity at the Pascagoula, Mississippi refinery and the late-April restart of the Richmond, California refinery crude unit which resumed normal operations by quarter-end. International refinery crude-input volumes increased 40,000 barrels per day, reflecting completion of maintenance activities at the Burnaby, Canada and Cape Town, South Africa refineries. Chemicals earnings are expected to be lower due to planned and unplanned outages affecting ethylene production. 2012 2013 2Q 3Q 4Q 1Q 2Q thru May Volumes: MBD U.S. Refinery Input 928 779 702 576 759 Int'l Refinery Input (1) 870 909 918 818 858 U.S. Branded Mogas Sales 521 519 507 500 523 Refining Market Indicators: $/Bbl U.S. West Coast – Blended 5-3-2 21.23 24.43 19.54 21.37 22.23 U.S. Gulf Coast – Maya/Mars 5-3-2 22.97 25.92 19.93 19.73 20.54 Singapore – Dubai 3-1-1-1 9.30 10.77 7.17 9.40 7.49 Marketing Market Indicators: $/Bbl U.S. West – Weighted DTW to Spot 10.14 5.74 8.85 5.51 6.15 U.S. East – Houston Mogas Rack to Spot 5.10 3.99 5.21 4.78 5.30 Asia-Pacific 11.73 9.58 10.26 11.07 11.59