Chevron Issues Interim Update for First Quarter 2013

Wed Apr 10, 2013 5:00pm EDT

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SAN RAMON, Calif.--(Business Wire)--
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.

                                                                     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 

Copyright Business Wire 2013

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