Chevron Reports Second Quarter Net Income of $5.4 Billion
Chevron Corporation (NYSE: CVX) today reported earnings of $5.4 billion ($2.77 per share – diluted) for the second quarter 2013, compared with $7.2 billion ($3.66 per share – diluted) in the 2012 second quarter.
Sales and other operating revenues in the second quarter 2013 were $55 billion, compared to $60 billion in the year-ago period.
“Our second quarter earnings were down from the very strong level of a year ago,” said Chairman and CEO John Watson. “The decrease was largely due to softer market conditions for crude oil and refined products. Earnings were also reduced as a result of repair and maintenance activities in our U.S. refineries.”
“We continue to advance our major capital projects. An important milestone was achieved in the second quarter with the loading of the first cargo of liquefied natural gas at the Angola LNG project, one of the largest energy projects on the African continent.” Watson continued, “This marks an important step in the development of our LNG business. Additional LNG growth is expected in the coming years from our Gorgon and Wheatstone projects in Australia.”
Other recent upstream milestones include:
Argentina – Signed an agreement advancing the development of shale oil and natural gas resources from the Vaca Muerta formation.
Brazil – Awarded participation in a deepwater block in the Ceará Basin.
Canada – Announced agreement to acquire additional, complementary acreage in the Duvernay Shale located in western Canada.
Kurdistan Region of Iraq – Announced the acquisition of an 80 percent interest and operatorship of the Qara Dagh Block.
United States – Announced a joint development agreement for additional Permian Basin acreage and access to related infrastructure.
“We also reached milestones on important growth investments in our downstream business,” said Watson. GS Caltex, the company’s 50 percent-owned joint venture, started commercial operations of its newest heavy oil upgrading unit at the Yeosu Refinery three months ahead of schedule. With this unit on-stream, GS Caltex is one of the largest upgraders of heavy oil in South Korea. In addition, Chevron Phillips Chemical Company LLC, the company’s 50 percent-owned affiliate, announced plans to expand annual ethylene production by 200 million pounds at its Sweeny complex in Old Ocean, Texas.
The company purchased $1.25 billion of its common stock in the second quarter 2013 under its share repurchase program.
Chevron 2013 2Q Earnings Release
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