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Last Update: 27-Jul-12 09:15 ET
Chevron shares little changed following beat on EPS and revenues
Chevron (CVX $108.29 +0.02) reported second quarter earnings of $3.66 per share, $0.42 better than the Capital IQ consensus of $3.24, while revenues fell 9.2% year/year to $62.61 billion the $58.37 bln consensus. Upstream: Worldwide net oil-equivalent production was 2.62 million barrels per day in the second quarter 2012, down from 2.69 million barrels per day in the 2011 second quarter. Production increases from project ramp-ups in Thailand, the United States and Nigeria were more than offset by normal field declines, the shut-in of the Frade Field in Brazil, maintenance-related downtime and dispositions. U.S. upstream earnings of $1.32 billion in the second quarter 2012 were down $632 million from a year earlier, primarily due to lower crude oil and natural gas realizations, lower production and the absence of gains on asset sales. International upstream earnings of $4.30 billion decreased $619 million from the second quarter 2011. The decline between quarters was primarily due to lower realizations and volumes for crude oil, as well as higher exploration expense, partially offset by higher realizations for natural gas. Downstream: U.S. downstream operations earned $802 million in the second quarter 2012, compared with earnings of $564 million a year earlier. Earnings mainly benefited from improved margins on refined product sales. International downstream operations earned $1.08 billion in the second quarter 2012, compared with $480 million a year earlier.
