Chevron Issues Interim Update for First Quarter 2013

Chevron Issues Interim Update for First Quarter 2013

Chevron Corporation (NYSE: 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.
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.
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.
Source: Chevron
Oil and Gas Press

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