{"id":31468,"date":"2012-07-30T12:04:00","date_gmt":"2012-07-30T12:04:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/chevron-corporation-cvx-second-quarter-earnings-and-cash-flow-among-strongest-ever\/31442\/"},"modified":"2012-07-30T12:04:00","modified_gmt":"2012-07-30T12:04:00","slug":"chevron-corporation-cvx-second-quarter-earnings-and-cash-flow-among-strongest-ever","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/chevron-corporation-cvx-second-quarter-earnings-and-cash-flow-among-strongest-ever\/31468\/","title":{"rendered":"Chevron Corporation &#8211; CVX &#8211;  Second quarter earnings and cash flow among strongest ever"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>Chevron Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=CVX\">NYSE: CVX<\/a>)<\/strong> reported earnings of $7.2 billion ($3.66 per share \u2013 diluted) for the second quarter 2012, compared with $7.7 billion ($3.85 per share \u2013 diluted) in the 2011 second quarter.<\/p>\n<p>\u201cOur second quarter earnings and cash flow were among our strongest ever, even with softer oil markets,\u201d said Chairman and CEO John Watson. \u201cDespite current weakness in the global economy, we continue to invest in our long-term growth projects to help deliver affordable energy to meet future demand. We took several important steps to advance our major upstream capital projects, in particular achieving milestones in our natural gas development projects in the Asia-Pacific region. We also expanded our global exploration resource acreage, including new leases in the Gulf of Mexico where we already hold a significant position.\u201d<\/p>\n<p><strong>CVX &#8211; Important recent upstream milestones include<\/strong>:<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<ul>\n<li>Australia \u2013 Signed nonbinding Heads of Agreement with Tohoku Electric for LNG offtake, and additional binding agreements with Tokyo Electric for LNG offtake and an equity interest, for the Wheatstone Project. To date, more than 80 percent of Chevron\u2019s equity LNG from Wheatstone is covered under long-term agreements with customers in Asia.<\/li>\n<li>Australia \u2013 Announced a natural gas discovery, Pontus-1, in the Carnarvon Basin in 47.3 percent-owned Block WA-37-L.<\/li>\n<li>United Kingdom \u2013 Initiated front-end engineering and design (FEED) for the deepwater Rosebank Project west of the Shetland Islands.<\/li>\n<li>Kurdistan Region of Iraq \u2013 Acquired an 80 percent interest and operatorship in the Rovi and Sarta blocks.<\/li>\n<li>Suriname \u2013 Acquired a 50 percent interest in two offshore exploration blocks.<\/li>\n<li>Ukraine \u2013 Bid successfully for a 50 percent interest and operatorship in a shale gas block.<\/li>\n<li>United States \u2013 Bid successfully for additional shelf and deepwater exploration acreage in the Gulf of Mexico.<\/li>\n<\/ul>\n<p>\u201cIn the downstream business, we continued divesting non-core assets, while also furthering work on new growth investments,\u201d Watson added. The company completed the sale of several of its fuels-marketing and aviation businesses in the Caribbean, and the company\u2019s 50 percent-owned GS Caltex affiliate in South Korea completed the sale of its power operations. On July 26, 2012, Caltex Australia Ltd., the company\u2019s 50 percent-owned affiliate, announced that it plans to convert its Kurnell Refinery to an import terminal in 2014. In addition, the company\u2019s 50 percent-owned Chevron Phillips Chemical Company LLC announced the execution of FEED contracts for an ethylene cracker at its Cedar Bayou facility in Baytown, Texas and two polyethylene facilities near its Sweeny facility in Old Ocean, Texas.<\/p>\n<p>The company purchased $1.25 billion of its common stock in the second quarter 2012 under its share repurchase program.<\/p>\n<p><strong>About Chevron Corporation &#8211; CVX<\/strong><\/p>\n<p>Chevron Corporation (CVX) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120801031053\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fthestockmarketwatch.com%2Fstock-market-news%2Fchevron-corporation-cvx-second-quarter-earnings-and-cash-flow-among-strongest-ever%2F31468&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/commvault-cvlt-expands-fujitsu-partnership\/31536\">\nCommVault &#8211; CVLT &#8211; Expands Fujitsu Partnership<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/american-financial-group-afg-pleased-with-strong-pc-underwriting-results-and-record-operating-earnings-in-annuity-and-supplemental-businesses\/31537\">\nAmerican Financial Group &#8211; 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COH &#8211; Strong double-digit sales and earnings gains<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/the-goodyear-tire-rubber-company-gt-business-is-on-track-to-achieve-its-2013-target-one-year-ahead-of-plan\/31541\">\nThe Goodyear Tire &#038; Rubber Company &#8211; GT &#8211; Business is on track to achieve its 2013 target, one year ahead of plan<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chevron Corporation (NYSE: CVX) reported earnings of $7.2 billion ($3.66 per share \u2013 diluted) for the second quarter 2012, compared 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