Chevron Issues Interim Update for First Quarter 2013

Chevron Issues Interim Update for First Quarter 2013

SAN RAMON, Calif.--(BUSINESS WIRE)-- Chevron Corporation (NYS: CVX) today reported its interim update, which contains industry and company operating data for the first two months of the first quarter. Readers are advised that the commentary below compares results for the first two months of the first quarter 2013 to full fourth quarter 2012 results, unless indicated otherwise.

UPSTREAM


U.S. net oil-equivalent production decreased 11,000 barrels per day due to increased maintenance activity in the Gulf of Mexico. International net oil-equivalent production declined 21,000 barrels per day, largely reflecting the timing of cost recovery volumes under various production sharing contracts and weather-related downtime.

     

2012

   

2013

    1Q     2Q     3Q     4Q     1Q thru Feb
U.S. Upstream
      Net Production:
      Liquids         MBD 456     461     440     462 453
Natural Gas MMCFD 1,170 1,186 1,184 1,273 1,256
Total Oil-Equivalent MBOED 651 659 637 674 663
Average Realizations:
Liquids $/Bbl 101.93 97.46 90.77 90.67 94.07
Natural Gas $/MCF 2.48 2.17 2.63 3.22 3.06
International Upstream
Net Production:
Liquids MBD 1,338 1,317 1,249 1,333 1,301
Natural Gas MMCFD 3,849 3,894 3,778 3,963 4,035
Total Oil Equivalent MBOED 1,980 1,965 1,879 1,994 1,973
Average Realizations:
Liquids $/Bbl 110.03 99.21 98.20 99.93 104.27
      Natural Gas         $/MCF     5.88     6.10     6.03     5.97     6.03  

DOWNSTREAM

U.S. refinery crude-input volumes decreased by 145,000 barrels per day largely due to planned maintenance at the Pascagoula, Mississippi refinery. International refinery crude-input volumes declined 61,000 barrels per day, reflecting increased maintenance activities at multiple refineries.

          2012     2013
          1Q     2Q     3Q     4Q     1Q thru Feb
Volumes:    

 

MBD

      U.S. Refinery Input 926     928     779     702 557
Int'l Refinery Input (1) 779 870 909 918 857
U.S. Branded Mogas Sales 505 521 519 507 491
Refining Market Indicators:

 

$/Bbl

U.S. West Coast - Blended 5-3-2 (2) 19.63 21.23 24.43 19.54 22.44
U.S. Gulf Coast - Maya/Mars 5-3-2 (2) 18.24 22.97 25.92 19.93 19.06
Singapore - Dubai 3-1-1-1 9.73 9.30 10.77 7.17 9.27
Marketing Market Indicators:

 

$/Bbl

U.S. West - Weighted DTW to Spot 4.16 10.14 5.74 8.85 3.77
U.S. East - Houston Mogas Rack to Spot 3.90 5.10 3.99 5.21 4.97
      Asia-Pacific (2)           9.50     11.73     9.58     10.26     10.50  

(1) As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a consolidated basis. Prior to June 2012, crude-input volumes are reported on a net interest basis.

(2) The bases for U.S. refining and Asia Pacific marketing indicators were revised to reflect margin components more closely aligned to Chevron's refinery inputs and outputs and marketing portfolio.

ADDITIONAL ITEMS

The table that follows includes the estimated ranges of select additional items in the full quarter.

$MM           1Q 2013           Comments          
Foreign Exchange           $250 - $350           Primarily balance sheet translation effects        
"All Other" Segment           $(400) - $(500)                      

NOTICE

Chevron's discussion of first quarter 2013 earnings with security analysts will take place on Friday, April 26, 2013, at 8:00 a.m. PDT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron's website at www.chevron.com under the "Investors" section. Additional financial and operating information will be contained in the Earnings Supplement that will be available under "Events & Presentations" in the "Investors" section on the website.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR'' PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This interim update of Chevron Corporation contains forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules," "estimates," "budgets," "outlook" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this interim update. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments required by existing or future environmental regulations and litigation; significant investment or product changes required by existing or future environmental statutes, regulations and litigation; the potential liability resulting from other pending or future litigation; the company's future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading "Risk Factors" on pages 28 through 30 of the company's 2012 Annual Report on Form 10-K. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this interim update could also have material adverse effects on forward-looking statements.



Chevron Corporation
Morgan Crinklaw, 925-336-6415

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

The article Chevron Issues Interim Update for First Quarter 2013 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

What Is Your Risk Tolerance?

Answer the question "What type of investor am I?".

View Course »

Investing in Real Estate

Learn the basics of investing in real estate.

View Course »

Add a Comment

*0 / 3000 Character Maximum