Summary
Chevron Corporation reported net income attributable to Chevron Corporation of $7.21 billion for the second quarter of 2012, a decrease from $7.73 billion in the same period of 2011. For the first six months of 2012, net income was $13.68 billion, down from $13.94 billion in the first half of 2011. The decline in earnings was primarily driven by lower crude oil prices and production volumes in the Upstream segment, which were partially offset by improved performance in the Downstream segment, largely due to gains on asset sales and better refining margins. The company's financial position remained strong, with cash and cash equivalents increasing to $21.2 billion. Capital expenditures for the first half of 2012 were $14.2 billion, reflecting continued investment in upstream projects. Chevron also continued its commitment to shareholder returns, paying $3.4 billion in dividends and repurchasing $1.25 billion in common stock during the second quarter.
Financial Highlights
44 data points| Revenue | $62.61B |
| SG&A Expenses | $1.25B |
| Operating Expenses | $50.25B |
| Net Income | $7.21B |
| EPS (Basic) | $3.68 |
| EPS (Diluted) | $3.66 |
| Shares Outstanding (Basic) | 1.95B |
| Shares Outstanding (Diluted) | 1.97B |
Key Highlights
- 1Net income attributable to Chevron Corporation for Q2 2012 was $7.21 billion, down from $7.73 billion in Q2 2011.
- 2For the first six months of 2012, net income was $13.68 billion, a slight decrease from $13.94 billion in the prior year period.
- 3Upstream segment earnings decreased due to lower crude oil realizations and volumes.
- 4Downstream segment earnings increased significantly, driven by asset sale gains and improved refining margins.
- 5Cash and cash equivalents increased to $21.2 billion as of June 30, 2012.
- 6Capital expenditures for the first six months of 2012 totaled $14.2 billion, with a significant portion allocated to upstream projects.
- 7The company paid $3.4 billion in dividends and repurchased $1.25 billion of its stock in the second quarter of 2012.