Friday, April 27, 2012

Chevron Reports Strong Earnings, Increases Dividend

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Chevron Corporation (NYSE: CVX) today reported earnings of $6.5 billion ($3.27 per share – diluted) for the first quarter 2012, compared with $6.2 billion ($3.09 per share – diluted) in the 2011 first quarter.

• Portfolio produces strong earnings and cash flows
• Key development projects on track to deliver longer-term volume growth
• Dividend increase raises yield to 3.4 percent

Sales and other operating revenues in the first quarter 2012 were $59 billion, compared to $58 billion in the year ago period.

Earnings Summary

                                                   Three Months
                                                   Ended March 31
Millions of dollars                                                                2012                 2011
Earnings by Business Segment
Upstream                                                                          $6,171              $5,977
Downstream                                                                         804                   622
All Other                                                                             (504)                 (388)

Total (1)(2)                                                                        $6,471              $6,211
(1) Includes foreign currency effects                                                            $(228)                     $(164)
(2) Net income attributable to Chevron Corporation (See the entire report)

“In the first quarter, we continued to post strong earnings and healthy cash flows,” said Chairman and CEO John Watson. “This has enabled us to both reward our shareholders with a substantial dividend increase, our third in just over a year, and to reinvest in profitable growth projects to help meet rising global energy demand. Our key development projects remain on track to deliver compelling volume growth over the next five years.” Watson continued, “New production is coming on as planned, and we continue to see strong customer interest in our Australia LNG projects that underpin our future growth.”

Read the entire report at Chevron.Com

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