PDF《Chevron Reports Second Quarter》

s average sales price per barrel of crude oil and natural gas liquids was $36 in second quarter 2016, down from $50 a year ago. The average sales price of natural gas was $1.21 per thousand cubic feet in second quarter 2016, compared with $1.92 in last year'

s second quarter. Net oil-equivalent production of 682,000 barrels per day in second quarter

2016 was down 48,000 barrels per day from a year earlier. Production increases due to project ramp-ups in the Marcellus Shale in western Pennsylvania, the Gulf of Mexico, and the Permian Basin in Texas and New Mexico were more than offset by the effect of asset sales, maintenance-related downtime, and normal field declines. The net liquids component of oil-equivalent production in second quarter

2016 decreased

2 percent to 501,000 barrels per day, while net natural gas production decreased

17 percent to 1.09 billion cubic feet per day. International Upstream Three Months Ended June

30 Six Months Ended June

30 Millions of Dollars

2016 2015

2016 2015 Earnings* $(1,349) $(1,181) $(1,958) $839 *Includes foreign currency effects $329 $(146) $31 $376 International upstream operations incurred a loss of $1.35 billion in second quarter

2016 compared with a loss of $1.18 billion a year ago. The decrease in earnings was due to lower crude oil and natural gas realizations, higher impairments and other charges, and lower gains on asset sales. Partially offsetting these effects were lower exploration and operating expenses. Foreign currency effects increased earnings by $329 million in the

2016 second quarter, compared with a decrease of $146 million a year earlier. The average sales price for crude oil and natural gas liquids in second quarter

2016 was $40 per barrel, down from $56 a year earlier. The average price of natural gas was $3.93 per thousand cubic feet in the quarter, compared with $4.48 in last year'

s second quarter. -

3 - - MORE - Net oil-equivalent production of 1.85 million barrels per day in second quarter

2016 decreased 20,000 barrels per day, or

1 percent, from a year ago. Production increases from project ramp-ups in Angola, Canada and other areas were more than offset by normal field declines, the Partitioned Zone shut-in and the effects of civil unrest in Nigeria. The net liquids component of oil-equivalent production decreased

2 percent to 1.19 million barrels per day in the

2016 second quarter, while net natural gas production was essentially unchanged at 3.94 billion cubic feet per day. DOWNSTREAM U.S. Downstream Three Months Ended June

30 Six Months Ended June

30 Millions of Dollars

2016 2015

2016 2015 Earnings $537 $731 $784 $1,437 U.S. downstream operations earned $537 million in second quarter

2016 compared with earnings of $731 million a year earlier. The decrease in earnings was primarily due to lower margins on refined product sales and lower earnings from the

50 percent-owned Chevron Phillips Chemical Company LLC. Partially offsetting this decrease were lower operating expenses and higher gains on asset sales. Refinery crude oil input in second quarter

2016 increased

4 percent to 955,000 barrels per day from the year-ago period. Refined product sales of 1.26 million barrels per day were up

3 percent from second quarter 2015, mainly due to higher jet fuel sales. Branded gasoline sales of 544,000 barrels per day were up

2 percent from the

2015 period. International Downstream Three Months Ended June

30 Six Months Ended June

30 Millions of Dollars

2016 2015

2016 2015 Earnings* $741 $2,225 $1,229 $2,942 *Includes foreign currency effects $(26) $(103) $(74) $(49) International downstream operations earned $741 million in second quarter