Chevron Reports Third Quarter Net Income of $5 Billion

Chevron Reports Third Quarter Net Income of $5 Billion

Chevron Corporation (NYSE: CVX) today reported earnings of $5.0 billion ($2.57 per share – diluted) for the third quarter 2013, compared with $5.3 billion ($2.69 per share – diluted) in the 2012 third quarter.

Sales and other operating revenues in the third quarter 2013 were $57 billion, compared to $56 billion in the year-ago period.

“Our third quarter earnings were down from a year ago,” said Chairman and CEO John Watson, “primarily reflecting lower margins for refined products in the current period.”

“We continue to make good progress on our major capital projects,” Watson added. “Construction continues, and important milestones are being reached, on our Gorgon and Wheatstone LNG projects in Australia. Important interim construction goals have been recently reached for our Jack/St. Malo and Big Foot deepwater projects in the Gulf of Mexico, in preparation for their project start-ups scheduled for late 2014. We are also moving forward on the development of our liquids-rich unconventional properties in the United States.”

Source: chevron.com

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