0001193125-13-033682.txt : 20130201 0001193125-13-033682.hdr.sgml : 20130201 20130201091716 ACCESSION NUMBER: 0001193125-13-033682 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130201 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20130201 DATE AS OF CHANGE: 20130201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHEVRON CORP CENTRAL INDEX KEY: 0000093410 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 940890210 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00368 FILM NUMBER: 13564875 BUSINESS ADDRESS: STREET 1: 6001 BOLLINGER CANYON ROAD CITY: SAN RAMON STATE: CA ZIP: 94583 BUSINESS PHONE: 925-842-1000 MAIL ADDRESS: STREET 1: 6001 BOLLINGER CANYON ROAD CITY: SAN RAMON STATE: CA ZIP: 94583 FORMER COMPANY: FORMER CONFORMED NAME: CHEVRONTEXACO CORP DATE OF NAME CHANGE: 20011009 FORMER COMPANY: FORMER CONFORMED NAME: CHEVRON CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD OIL CO OF CALIFORNIA DATE OF NAME CHANGE: 19840705 8-K 1 d466012d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2013

Chevron Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

     

001-00368

   

94-0890210

(State or other jurisdiction

of incorporation )

     

(Commission

File Number)

   

(I.R.S. Employer

Identification No.)

 

6001 Bollinger Canyon Road, San Ramon, CA

   

94583

(Address of principal executive offices)    (Zip Code)

Registrant’s telephone number, including area code: (925) 842-1000

 

 

None

  
  (Former name or former address, if changed since last report)  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02     Results of Operations and Financial Condition

On February 1, 2013, Chevron Corporation issued a press release announcing unaudited fourth quarter 2012 net income of $7.2 billion. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 1, 2013

 

CHEVRON CORPORATION
By  

/s/ Matthew J. Foehr

  Matthew J. Foehr
  Vice President and Comptroller
  (Principal Accounting Officer and
  Duly Authorized Officer)

EXHIBIT INDEX

 

99.1 Press release issued February 1, 2013.
 EX-99.1 2 d466012dex991.htm PRESS RELEASE ISSUED FEBRUARY 1,2013. Press Release issued February 1,2013.

EXHIBIT 99.1

 

LOGO  

Policy, Government and Public Affairs

Chevron Corporation

P.O. Box 6078

San Ramon, CA 94583-0778

www.chevron.com

News Release

 

FOR RELEASE AT 5:30 AM PST

FEBRUARY 1, 2013

   

Chevron Reports Fourth Quarter Net Income of $7.2 Billion

And 2012 Earnings of $26.2 Billion

Oil and gas reserves replacement reaches 112 percent for the year

SAN RAMON, Calif., February 1, 2013 – Chevron Corporation (NYSE: CVX) today reported earnings of $7.2 billion ($3.70 per share – diluted) for the fourth quarter 2012, compared with $5.1 billion ($2.58 per share – diluted) in the 2011 fourth quarter. Results in the 2012 period included a gain of $1.4 billion from an upstream asset exchange.

Full-year 2012 earnings were $26.2 billion ($13.32 per share – diluted), down 3 percent from $26.9 billion ($13.44 per share – diluted) in 2011.

Sales and other operating revenues in the fourth quarter 2012 were $56 billion, down from $58 billion in the year-ago period, mainly due to lower crude oil volumes.

Earnings Summary

 

    Fourth Quarter     Year  
Millions of dollars           2012                     2011                     2012                     2011          
   

Earnings by Business Segment

        

Upstream

       $6,858               $5,737               $23,788             $24,786        

Downstream

     925             (61)             4,299             3,591        

All Other

     (538)            (553)            (1,908)            (1,482)       
   

Total (1)(2)

       $7,245               $5,123               $26,179             $26,895        
   

(1) Includes foreign currency effects

       $  (131)              $    (83)               $    (454)            $     121        

(2) Net income attributable to Chevron Corporation (See Attachment 1)

        

“Chevron delivered another very strong year in 2012,” said Chairman and CEO John Watson. “Our upstream portfolio continues to produce excellent results. We’ve now led the industry in earnings per barrel for over three years. Our downstream businesses also delivered highly competitive earnings per barrel.”

“Strong cash flows allowed us to invest aggressively in our major capital projects and to acquire several important, new resource opportunities. We also raised the dividend on our common shares for the 25th consecutive year and continued our share repurchase program, both of which demonstrate our commitment to providing near-term, top-tier returns to our shareholders.”

 

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Watson continued, “We made significant progress on our Gorgon and Wheatstone LNG projects in Australia in the past year. At the same time, we announced six additional natural gas discoveries offshore Australia, and completed an asset exchange that increased our interests in Carnarvon Basin fields. These results support future expansion opportunities for these two projects.”

“We also expanded our global exploration resource acreage in 2012,” Watson noted, “including entries into five new countries, the addition of significant new acreage in the United States, and the recently announced acquisition of a 50 percent operated interest in a western Canada LNG project.”

Watson commented that the company added approximately 1.07 billion barrels of net oil-equivalent proved reserves in 2012. These additions, which are subject to final reviews, equate to 112 percent of net oil-equivalent production for the year. The largest additions were for the Gorgon Project, as a result of development drilling and additional reservoir data. Also significant were additions for fields in the United States, Asia and offshore eastern Canada. The company will provide additional details relating to 2012 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 22.

“In the downstream business, we completed a multiyear plan to streamline the asset portfolio. We continued to focus our investments toward higher growth and higher margin products,” Watson added. In 2012, the company’s 50 percent-owned affiliate, Chevron Phillips Chemical Company LLC, announced the beginning of commercial production at a petrochemical facility in Saudi Arabia, and the initiation of front-end engineering and design for several petrochemical projects on the U.S. Gulf Coast. Significant progress was also made on the construction of new capacity to make premium base oil at the company’s Pascagoula, Mississippi, refinery and additional capacity at the company’s existing additives plant in Singapore.

The company purchased $1.25 billion of its common stock in fourth quarter 2012 under its share repurchase program. Repurchases for the full year totaled $5 billion. At year end, balances of cash, cash equivalents, time deposits and marketable securities totaled $21.9 billion, an increase of $1.8 billion from the end of 2011. Total debt at December 31, 2012 stood at $12.2 billion, an increase of $2.0 billion from a year earlier.

UPSTREAM

Worldwide net oil-equivalent production was 2.67 million barrels per day in the fourth quarter 2012, up from 2.64 million barrels per day in the 2011 fourth quarter. Production increases from project ramp-ups in Nigeria, the United States and Thailand, higher cost recovery volumes in Bangladesh and new volumes from the recently-acquired Delaware Basin properties were partially offset by normal field declines and the continued shut-in of the Frade Field in Brazil.

 

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U.S. Upstream

 

     Fourth Quarter      Year  
Millions of Dollars    2012      2011        2012      2011    
                                     

Earnings

    $ 1,363       $ 1,605         $ 5,332       $ 6,512     
   

U.S. upstream earnings of $1.36 billion in the fourth quarter 2012 were down $242 million from a year earlier. Lower crude oil and natural gas realizations were partially offset by higher crude oil production.

The company’s average sales price per barrel of crude oil and natural gas liquids was $91 in the fourth quarter 2012, down from $101 a year ago. The average sales price of natural gas was $3.22 per thousand cubic feet, compared with $3.62 in last year’s fourth quarter.

Net oil-equivalent production of 674,000 barrels per day in the fourth quarter 2012 increased 13,000 barrels per day, or 2 percent, from a year earlier. The increase in production was primarily due to further ramp-up of projects in the Gulf of Mexico and the recently-acquired Delaware Basin properties, partially offset by an absence of volumes associated with Cook Inlet, Alaska, assets sold in 2011. The net liquids component of oil-equivalent production increased 3 percent in the 2012 fourth quarter to 462,000 barrels per day, while net natural gas production decreased 1 percent to 1.27 billion cubic feet per day.

International Upstream

 

     Fourth Quarter     Year  
Millions of Dollars    2012     2011     2012     2011  
   

Earnings*

    $ 5,495      $ 4,132      $ 18,456      $ 18,274   
   

*Includes foreign currency effects

    $ (34 )    $ (3 )    $ (275 )    $ 211   

International upstream earnings of $5.5 billion increased $1.4 billion from the fourth quarter 2011. The increase between quarters primarily reflected a gain of approximately $1.4 billion on an asset exchange in Australia. Foreign currency effects decreased earnings by $34 million, compared with a decrease of $3 million a year earlier.

The average sales price for crude oil and natural gas liquids in the 2012 fourth quarter was $100 per barrel, compared with $101 a year earlier. The average price of natural gas was $5.97 per thousand cubic feet, up from $5.55 in last year’s fourth quarter.

Net oil-equivalent production of 1.99 million barrels per day in the fourth quarter 2012 increased 14,000 barrels per day from a year ago. Production increases from project ramp-ups in Nigeria and Thailand and higher cost recovery volumes in Bangladesh were partially offset by the continued shut-in of the Frade Field in Brazil. The net liquids component of oil-equivalent production decreased 3 percent to 1.33 million barrels per day, while net natural gas production increased 8 percent to 3.96 billion cubic feet per day.

 

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DOWNSTREAM

U.S. Downstream

 

     Fourth Quarter      Year  
Millions of Dollars    2012      2011         2012      2011    
   

Earnings

    $ 331       $ (204)        $ 2,048       $ 1,506     
   

U.S. downstream operations earned $331 million in the fourth quarter 2012, compared with a loss of $204 million a year earlier. The increase was due to improved margins on refined products and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC.

Refinery crude oil input of 702,000 barrels per day in fourth quarter 2012 decreased 61,000 barrels per day from the year-ago period, primarily due to an early-August fire at the refinery in Richmond, California that shut down the crude unit. Refined product sales of 1.15 million barrels per day were down 75,000 barrels per day from fourth quarter 2011, mainly reflecting lower gasoline, gas oil and kerosene sales. Branded gasoline sales decreased 2 percent to 507,000 barrels per day.

International Downstream

 

     Fourth Quarter     Year  
Millions of Dollars    2012     2011     2012     2011  
                                  

Earnings*

    $ 594      $ 143      $ 2,251      $ 2,085   
                                  

*Includes foreign currency effects

    $ (97 )    $ (81 )    $ (173 )    $ (65 ) 

International downstream operations earned $594 million in the fourth quarter 2012, compared with $143 million a year earlier. Current quarter earnings benefited from higher gains on asset sales, primarily reflecting the sale of the company’s fuels marketing businesses in three countries in the Caribbean. A favorable change in effects on derivative instruments and improved margins on refined products also contributed to the higher earnings in the 2012 quarter.

Refinery crude oil input of 918,000 barrels per day increased 113,000 barrels per day from fourth quarter 2011, primarily due to consolidation of the 64 percent-owned Star Petroleum Refining Company beginning June 2012. Total refined product sales of 1.57 million barrels per day in the 2012 fourth quarter were flat compared to a year earlier.

ALL OTHER

 

     Fourth Quarter     Year  
Millions of Dollars    2012     2011     2012     2011  
   

Net Charges*

    $ (538 )    $ (553 )    $ (1,908 )    $ (1,482 ) 
   

*Includes foreign currency effects

    $ 0      $ 1      $ (6 )    $ (25 ) 

All Other consists of mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, energy services, alternative fuels, and technology companies.

Net charges in the fourth quarter 2012 were $538 million, compared with $553 million in the year-ago period.

 

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CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in 2012 were $34.2 billion, compared with $29.1 billion in 2011. The amounts included approximately $2.1 billion in 2012 and $1.7 billion in 2011 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 89 percent of the companywide total in 2012.

# # #

NOTICE

Chevron’s discussion of fourth quarter 2012 earnings with security analysts will take place on Friday, February 1, 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 Web site 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 and Presentations” in the “Investors” section on the Web site.

Chevron will post selected first quarter 2013 interim performance data for the company and industry on its Web site on Wednesday, April 10, 2013, at 2:00 p.m. PDT. Interested parties may view this interim data at www.chevron.com under the “Investors” section.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release 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 press release. 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 under 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

 

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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 29 through 31 of the company’s 2011 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 press release could also have material adverse effects on forward-looking statements.

 

Attachment 1

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars, Except Per-Share Amounts)

 

CONSOLIDATED STATEMENT OF INCOME   Three Months     Year  
                    (unaudited)   Ended December 31     Ended December 31  
 

 

 

    

 

 

  
    2012     2011     2012     2011  

REVENUES AND OTHER INCOME

        

Sales and other operating revenues *

   $ 56,254      $ 58,027      $ 230,590      $ 244,371   

Income from equity affiliates

     1,815        1,567        6,889        7,363   

Other income

     2,483        391        4,430        1,972   
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Revenues and Other Income

     60,552        59,985        241,909        253,706   
 

 

 

    

 

 

    

 

 

    

 

 

  

COSTS AND OTHER DEDUCTIONS

        

Purchased crude oil and products

     33,959        36,363        140,766        149,923   

Operating, selling, general and administrative expenses

     7,455        7,278        27,294        26,394   

Exploration expenses

     357        386        1,728        1,216   

Depreciation, depletion and amortization

     3,554        3,313        13,413        12,911   

Taxes other than on income *

    3,251        2,680        12,376        15,628   

Interest and debt expense

     —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Costs and Other Deductions

     48,576        50,020        195,577        206,072   
 

 

 

    

 

 

    

 

 

    

 

 

  

Income Before Income Tax Expense

     11,976        9,965        46,332        47,634   

Income tax expense

     4,679        4,813        19,996        20,626   
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

     7,297        5,152        26,336        27,008   

Less: Net income attributable to noncontrolling interests

     52        29        157        113   
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME ATTRIBUTABLE TO CHEVRON CORPORATION

   $ 7,245      $ 5,123      $ 26,179      $ 26,895   
 

 

 

    

 

 

    

 

 

    

 

 

  

PER-SHARE OF COMMON STOCK

        

Net Income Attributable to Chevron Corporation

        

- Basic

   $ 3.73      $ 2.61      $ 13.42      $ 13.54   

- Diluted

   $ 3.70      $ 2.58      $ 13.32      $ 13.44   

Dividends

   $ 0.90      $ 0.81      $ 3.51      $ 3.09   

Weighted Average Number of Shares Outstanding (000's)

        

- Basic

     1,938,257        1,972,803        1,950,480        1,986,482   

- Diluted

     1,952,298        1,987,146        1,964,755        2,000,785   

 

* Includes excise, value-added and similar taxes.

   $ 2,131      $ 1,713      $ 8,010      $ 8,085   

Attachment 2

CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)

 

EARNINGS BY MAJOR OPERATING AREA    Three Months
Ended December 31		          Year
Ended December 31		      
     2012          2011          2012          2011      

Upstream

                    

United States

    $ 1,363         $ 1,605         $ 5,332         $ 6,512     

International

      5,495           4,132           18,456           18,274     
  

 

 

       

 

 

       

 

 

       

 

 

    

Total Upstream

      6,858           5,737           23,788           24,786     
  

 

 

       

 

 

       

 

 

       

 

 

    

Downstream

                    

United States

      331           (204 )         2,048           1,506     

International

      594           143           2,251           2,085     
  

 

 

       

 

 

       

 

 

       

 

 

    

Total Downstream

      925           (61 )         4,299           3,591     
  

 

 

       

 

 

       

 

 

       

 

 

    

All Other (1)

      (538 )         (553 )         (1,908 )         (1,482 )   
  

 

 

       

 

 

       

 

 

       

 

 

    

Total (2)

    $ 7,245         $ 5,123         $ 26,179         $ 26,895     
  

 

 

       

 

 

       

 

 

       

 

 

    

 

SELECTED BALANCE SHEET ACCOUNT DATA        Dec. 31, 2012                Dec. 31, 2011      

Cash and Cash Equivalents

          $ 20,939                   $ 15,864         

Time Deposits

          $ 708                   $ 3,958         

Marketable Securities

          $ 266                   $ 249         

Total Assets

          $ 232,982                   $ 209,474         

Total Debt

          $ 12,192                   $ 10,152         

Total Chevron Corporation Stockholders' Equity

          $ 136,524                   $ 121,382         

 

     Three Months
Ended December 31		           Year
Ended December 31		       
     2012           2011           2012           2011       

CAPITAL AND EXPLORATORY EXPENDITURES (3)

                        

United States

                        

Upstream

    $ 3,488          $ 1,977          $ 8,531          $ 8,318      

Downstream

      792            567            1,913            1,461      

Other

      262            120            602            575      
  

 

 

        

 

 

        

 

 

        

 

 

     

Total United States

      4,542            2,664            11,046            10,354      

International

                        

Upstream

      6,494            5,110            21,913            17,554      

Downstream

      512            487            1,259            1,150      

Other

      8            3            11            8      
  

 

 

        

 

 

        

 

 

        

 

 

     

Total International

      7,014            5,600            23,183            18,712      
  

 

 

        

 

 

        

 

 

        

 

 

     

Worldwide

    $ 11,556          $ 8,264          $ 34,229          $ 29,066      
  

 

 

        

 

 

        

 

 

        

 

 

     

 

(1)    Includes mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, alternative fuels and technology companies.

                        

(2)    Net Income Attributable to Chevron Corporation (See Attachment 1)

                        

(3)    Includes interest in affiliates:

                        

United States

    $ 126          $ 83          $ 308          $ 277      

International

      623            577            1,809            1,418      
  

 

 

        

 

 

        

 

 

        

 

 

     

Total

    $ 749          $ 660          $ 2,117          $ 1,695      
  

 

 

        

 

 

        

 

 

        

 

 

     

Attachment 3

CHEVRON CORPORATION - FINANCIAL REVIEW

 

     Three Months
Ended December 31		      Year
Ended December 31		  
     2012      2011      2012      2011  

OPERATING STATISTICS (1)

            

NET LIQUIDS PRODUCTION (MB/D): (2)

            

United States

      462         447         455         465   

International

      1,333         1,369         1,309         1,384   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      1,795         1,816         1,764         1,849   
  

 

 

     

 

 

     

 

 

     

 

 

  

NET NATURAL GAS PRODUCTION (MMCF/D): (3)

            

United States

      1,273         1,290         1,203         1,279   

International

      3,963         3,658         3,871         3,662   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      5,236         4,948         5,074         4,941   
  

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4)

            

United States

      674         661         655         678   

International

      1,994         1,980         1,955         1,995   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      2,668         2,641         2,610         2,673   
  

 

 

     

 

 

     

 

 

     

 

 

  

SALES OF NATURAL GAS (MMCF/D):

            

United States

      5,509         6,041         5,470         5,836   

International

      4,214         4,319         4,315         4,361   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      9,723         10,360         9,785         10,197   
  

 

 

     

 

 

     

 

 

     

 

 

  

SALES OF NATURAL GAS LIQUIDS (MB/D):

            

United States

      167         165         157         161   

International

      92         86         88         87   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      259         251         245         248   
  

 

 

     

 

 

     

 

 

     

 

 

  

SALES OF REFINED PRODUCTS (MB/D):

            

United States

      1,152         1,227         1,211         1,257   

International (5)

      1,565         1,570         1,554         1,692   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      2,717         2,797         2,765         2,949   
  

 

 

     

 

 

     

 

 

     

 

 

  

REFINERY INPUT (MB/D):

            

United States

      702         763         833         854   

International (6)

      918         805         869         933   
  

 

 

     

 

 

     

 

 

     

 

 

  

Worldwide

      1,620         1,568         1,702         1,787   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)    Includes interest in affiliates.

            

(2)    Includes: Canada - Synthetic Oil

      43         39         43         40   

Venezuela Affiliate - Synthetic Oil

      22         37         17         32   

(3)    Includes natural gas consumed in operations (MMCF/D):

            

United States

      58         62         51         69   

International

      524         548         523         513   

(4)    Oil-equivalent production is the sum of net liquids production and net gas production. The oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.

            

(5)    Includes share of affiliate sales (MB/D):

      522         575         522         556   

(6)    As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a 100 percent consolidated basis. Prior to June 2012, crude-input volumes reflect a 64 percent equity interest.

            
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