Chevron Issues Interim Update for Second Quarter 2013

  Chevron Issues Interim Update for Second Quarter 2013

Business Wire

SAN RAMON, Calif. -- July 10, 2013

Chevron Corporation (NYSE: CVX) today reported its interim update, which
contains industry and company operating data for the first two months of the
second quarter. Readers are advised that the commentary below compares results
for the first two months of the second quarter 2013 to full first quarter 2013
results, unless indicated otherwise.


U.S. net oil-equivalent production was comparable with first quarter 2013
results. International net oil-equivalent production decreased 71,000 barrels
per day, primarily due to planned turnaround activity in Kazakhstan and
Australia, maintenance in Nigeria, and lower demand in Thailand.

                                                2012                         2013
                                                                                           2Q thru
                                                2Q      3Q   4Q          1Q  
U.S. Upstream
 Net Production:
    Liquids               MBD     461     440       462               455      455
       Natural Gas                  MMCFD     1,186     1,184       1,273             1,255      1,225
       Total                        MBOED     659       637         674               664        659
       Liquids                      $/Bbl     97.46     90.77       90.67             94.49      93.08
       Natural Gas                  $/MCF     2.17      2.63        3.22              3.11       3.83
  Net Production:
       Liquids                      MBD       1,317     1,249       1,333             1,305      1,253
       Natural Gas                  MMCFD     3,894     3,778       3,963             4,054      3,937
       Total                        MBOED     1,965     1,879       1,994             1,981      1,910
       Liquids                      $/Bbl     99.21     98.20       99.93             102.35     93.01
    Natural Gas           $/MCF   6.10    6.03      5.97        6.07     5.96


U.S. refinery crude-input volumes increased by 183,000 barrels per day,
largely due to the completion of planned maintenance activity at the
Pascagoula, Mississippi refinery and the late-April restart of the Richmond,
California refinery crude unit which resumed normal operations by quarter-end.
International refinery crude-input volumes increased 40,000 barrels per day,
reflecting completion of maintenance activities at the Burnaby, Canada and
Cape Town, South Africa refineries. Chemicals earnings are expected to be
lower due to planned and unplanned outages affecting ethylene production.

                               2012                           2013
                             2Q      3Q      4Q         1Q      thru

Volumes:               MBD
   Refinery                       928     779     702             576     759
      Refinery                       870       909       918             818       858
      Input ^(1)
      U.S. Branded                   521       519       507             500       523
      Mogas Sales
Refining Market        $/Bbl
      U.S. West
      Coast –                        21.23     24.43     19.54           21.37     22.23
      U.S. Gulf
      Coast –                        22.97     25.92     19.93           19.73     20.54
      Singapore –
      Dubai                          9.30      10.77     7.17            9.40      7.49
Marketing Market       $/Bbl
      U.S. West –
      Weighted DTW                   10.14     5.74      8.85            5.51      6.15
      to Spot
      U.S. East –
      Houston                        5.10      3.99      5.21            4.78      5.30
      Mogas Rack
      to Spot
   Asia-Pacific            11.73   9.58    10.26      11.07   11.59

^(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.

                               ADDITIONAL ITEMS

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

$MM                    2Q 2013            Comments
Foreign Exchange       $250 - $300        Primarily balance sheet
                                                translation effects
“All Other” Segment       $(400) - $(500)
Asset Impairment       $(100)             Power-related equity affiliate


Chevron’s discussion of second quarter 2013 earnings with security analysts
will take place on Friday, August 2, 2013, at 8:00 a.m. PST. 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
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.

                                   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


Chevron Corporation
Morgan Crinklaw, 925-790-6908
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