Chevron Delivered Another Very Strong Year, CEO Says

Chevron Corporation today reported earnings of $7.2 billion for the fourth quarter 2012, compared with $5.1 billion ($2.58 per share – diluted) in the 2011 fourth quarter.

Results in the 2012 period included a gain of $1.4 billion from an upstream asset exchange.

Full-year 2012 earnings were $26.2 billion ($13.32 per share – diluted), down 3 percent from $26.9 billion ($13.44 per share – diluted) in 2011.

“Chevron delivered another very strong year in 2012,” said Chairman and CEO John Watson. “Our upstream portfolio continues to produce excellent results. We’ve now led the industry in earnings per barrel for over three years. Our downstream businesses also delivered highly competitive earnings per barrel.”

Sales and other operating revenues in the fourth quarter 2012 were $56 billion, down from $58 billion in the year-ago period, mainly due to lower crude oil volumes.

“We also expanded our global exploration resource acreage in 2012,” Watson noted, “including entries into five new countries, the addition of significant new acreage in the United States, and the recently announced acquisition of a 50 percent operated interest in a western Canada LNG project.”

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Press Release, February 1, 2013