Chevron Issues Interim Update for First Quarter 2013

10.04.2013  |  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.

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.

⁽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.

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.