Chevron Corp. (NYSE: CVX) reported third-quarter 2012 earnings this morning. The oil supermajor posted diluted earnings per share (EPS) of $2.69 on revenues of $58 billion. In the same period a year ago, the company reported adjusted EPS of $3.92 on revenues of $61.3 billion. First-quarter results compare to the Thomson Reuters consensus estimates for EPS of $2.83 and $64.1 billion in revenues.
The company’s CEO said:
Crude oil prices were down and we had a heavy period of planned oil field maintenance which temporarily reduced oil and gas production in several locations. Foreign currency movements also hurt our results this quarter, while they benefited the year-ago period.
That about covers the field. Worldwide production fell from 2.6 million barrels of oil equivalent a day to 2.52 million barrels, and the average realized price per barrel fell from $97 to $91.
The average U.S. natural gas price declined from $4.14 per thousand cubic feet in the third quarter of 2011 to $2.63. U.S. net oil-equivalent production fell by 25,000 barrels a day (4%) to 637,000 barrels. U.S. upstream earnings were down $386 million.
Internationally, upstream earnings fell by $676 million year-over-year. Crude prices fell from an average of $103 a barrel to $98. The average price for natural gas rose from $5.50 per thousand cubic feet in the third quarter of last year to $6.03 this year.
Refinery input fell by 118,000 barrels a day and refined products sales fell by 69,000 barrels a day in the United States, mainly as a result of the refinery fire in California. International refinery input rose to 909,000 barrels a day (up 27,000 barrels), but refined products sales fell 2% due primarily to the sale of the company’s Pembroke refinery in the United Kingdom.
The company offered no guidance, but the consensus fourth-quarter estimates call for EPS of $3.11 on revenues of $66.85 billion. Full-year estimates anticipate EPS of $12.85 on revenues of $251.46 billion. Neither looks safe given this quarter’s numbers and the continuing lower price for crude oil.
Chevron’s shares are trading down about 0.6% this morning at $110.80 in a 52-week range of $92.29 to $118.53. The consensus target price for the shares was around $124.60 before today’s report.
Paul Ausick
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
