Chevron sees profits dip 2.5% in 2012

Grey skies: Chevron posts incomes down around 2.5%

Tag Christof

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Bill Lehane

 01 February 2013 13:56 GMT

US supermajor Chevron has reported a 2.5% dip in annual net income from $27 billion in 2011 to $26.3 billion last year.

Total revenues declined from $253.7 billion to $241.9 billion during the 12-month period.

Chief executive John Watson made little mention of the annual revenue slip, pointing instead to "excellent results" in upstream that have "led the industry in earnings per barrel for over three years".

Watson highlighted the 1.07 billion barrels of oil equivalent (boe) in proved reserves added during the year, particularly at the Gorgon project of Australia as well as at plays in the US, offshore Canada and Asia.

He also said Chevron had expanded its portfolio in 2012, “including entries…

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