CHEVRON CORP Quarterly Report for Q1 Ended Mar 31, 2012

Summary

Chevron Corporation (CVX) reported solid financial results for the first quarter of 2012, with net income attributable to Chevron Corporation increasing to $6.47 billion, or $3.27 per diluted share, up from $6.21 billion, or $3.09 per diluted share, in the same period of 2011. This growth was primarily driven by higher crude oil realizations, which positively impacted the Upstream segment's earnings. The company maintained a strong balance sheet with total assets of $214.89 billion. Despite a decrease in net cash provided by operating activities to $8.39 billion from $9.81 billion year-over-year, Chevron continued to invest heavily in capital and exploratory expenditures, totaling $6.42 billion, with a significant majority allocated to the Upstream segment. The company also returned value to shareholders through dividends and share repurchases, demonstrating a commitment to capital discipline and shareholder returns.

Key Highlights

• 1Net income attributable to Chevron Corporation increased by 4.2% to $6.47 billion for Q1 2012, compared to $6.21 billion in Q1 2011.
• 2Diluted earnings per share rose to $3.27 in Q1 2012, up from $3.09 in Q1 2011.
• 3Total revenues and other income slightly increased to $60.70 billion in Q1 2012 from $60.34 billion in Q1 2011.
• 4Upstream segment earnings were $6.17 billion, an increase from $5.98 billion in the prior year, primarily due to higher crude oil realizations.
• 5Downstream segment earnings improved to $804 million from $622 million, benefiting from gains on asset sales.
• 6Capital and exploratory expenditures totaled $6.42 billion in Q1 2012, an increase from $5.05 billion in Q1 2011, indicating continued investment in growth.
• 7The company repurchased $1.25 billion of its common stock in Q1 2012, alongside paying dividends, signaling a commitment to shareholder returns.

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