For the first half of 2009, earnings were $3.58 billion ($1.79 per share - diluted), down 68 percent from $11.14 billion ($5.38 per share - diluted) in the first six months of 2008.
Sales and other operating revenues in the second quarter 2009 were $40 billion, compared with $81 billion in the year-ago quarter. First-half 2009 revenues were $75 billion, versus $146 billion in the corresponding 2008 period. The decline in both comparative periods was primarily due to lower prices for refined products, crude oil and natural gas.
|
Earnings Summary |
||||||||||||||||
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
|||||||||||||||
| Millions of dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
| Earnings by Business Segment | ||||||||||||||||
| Upstream - Exploration and Production | $ | 1,519 | $ | 7,248 | $ | 2,788 | $ | 12,376 | ||||||||
| Downstream - Refining, Marketing and Transportation | 161 | (734 | ) | 984 | (482 | ) | ||||||||||
| Chemicals | 108 | 41 | 147 | 84 | ||||||||||||
| All Other | (43 | ) | (580 | ) | (337 | ) | (835 | ) | ||||||||
| Total (1) (2) | $ | 1,745 | $ | 5,975 | $ | 3,582 | $ | 11,143 | ||||||||
| (1) Includes foreign currency effects | $ | (453 | ) | $ | 126 | $ | (507 | ) | $ | 81 | ||||||
|
(2) Net income attributable to Chevron Corporation (See Attachment 1) |
||||||||||||||||
"Operationally, we had another very successful quarter," said Chairman and CEO Dave O'Reilly. "In our upstream business, we had major project start-ups at Tahiti in the Gulf of Mexico and Frade offshore Brazil, and our company's net oil-equivalent production increased 5 percent from a year ago. In our downstream operations, refinery utilization was higher than in last year's second quarter."
O'Reilly said a 79 percent drop in upstream quarterly earnings, which was driven by lower prices for crude oil and natural gas, was offset only partially by improved results in the downstream segment. "Although our downstream results were better than a year ago, the demand for refined products remained generally weak," O'Reilly added. "Sales margins in this year's second quarter were narrow, and our U.S. downstream business operated at a loss." On a companywide basis, O'Reilly said aggressive cost-management efforts resulted in about a 15 percent decrease in recurring operating, selling, general and administrative expenses between periods.
In additional comments on upstream activities, O'Reilly said another deepwater project is expected to start up this year at 31 percent-owned Tombua-Landana in Angola. Total maximum oil-equivalent production of approximately 100,000 barrels per day is projected to be reached in 2011. Recent milestones for other upstream projects were achieved in:
- United States - Start-up in the Gulf of Mexico of deepwater production at the 58 percent-owned and operated Tahiti Field, reaching maximum total oil-equivalent production of 135,000 barrels per day during July.
- Brazil - Start-up of deepwater production at the 52 percent-owned and operated Frade Field, which is projected to attain maximum production of 90,000 barrels per day of crude oil and natural gas liquids in 2011.
- Angola - Start-up of the 39 percent-owned and operated Mafumeira Norte offshore project, which is expected to reach maximum total daily production of 30,000 barrels of crude oil and 30 million cubic feet of natural gas in 2011.
- Republic of the Congo - Discovery of crude oil offshore at 31 percent-owned Moho Nord Marine-4 in the area of the Moho-Bilondo project, which commenced production in 2008.
- Australia - Award of the front-end engineering and design (FEED) contract for an LNG plant with two trains, each with a processing capacity of 4.3 million metric tons per year, and a co-located domestic gas plant that would support development of the company's 100 percent-owned Wheatstone Field and other natural gas resources off the northwest coast.
- Australia - Recommendation by the Western Australian Environmental Protection Authority (EPA) that the proposed revision and expansion of the 50 percent-owned and operated Gorgon Project to add a third 5 million metric-ton-per-year LNG train could meet the EPA's environmental objectives, representing a necessary step in Chevron's process to make a final investment decision later this year.
UPSTREAM - EXPLORATION AND PRODUCTION
Worldwide oil-equivalent production was 2.67 million barrels per day in the second quarter 2009, up 133,000 barrels per day, or about 5 percent, from 2.54 million in the 2008 second quarter. The increase was driven by project start-ups since last year's second quarter and the impact of lower prices on cost-recovery and variable-royalty volumes in certain production contracts outside the United States. Production quotas imposed by OPEC curtailed company crude-oil production in the 2009 second quarter by about 35,000 barrels per day.
U.S. Upstream
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
|||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||
| Earnings | $273 | $2,191 | $294 | $3,790 | ||
U.S. upstream earnings of $273 million in the second quarter of 2009 were down $1.9 billion from a year earlier on sharply lower prices for crude oil and natural gas. Operating expenses were lower between periods, but this benefit to income was more than offset by higher depreciation expense, including charges of approximately $100 million for asset impairments in this year's second quarter.
The average sales price per barrel of crude oil and natural gas liquids was approximately $50 in the 2009 quarter, compared with $109 a year ago. The average sales price of natural gas was $3.27 per thousand cubic feet, down from $9.84 in last year's second quarter.
Net oil-equivalent production of 700,000 barrels per day was down 2,000 from the second quarter 2008. A production increase of approximately 60,000 barrels per day between periods was associated with the late-2008 start-up of the Blind Faith Field and the start-up in this year's second quarter of the Tahiti Field, both in the Gulf of Mexico. This impact was offset, however, by normal field declines, production shut in as a result of last year's hurricanes and asset sales. The net liquids component of production was up about 7 percent to 467,000 barrels per day. Net natural-gas production of 1.40 billion cubic feet per day in the 2009 quarter declined 12 percent between periods, with most of the decrease associated with normal field declines, asset sales and the hurricane effects.
|
International Upstream |
|||||||||||||||||
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
||||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Earnings* | $ | 1,246 | $ | 5,057 | $ | 2,494 | $ | 8,586 | |||||||||
| *Includes foreign currency effects | $ | (476 | ) | $ | 80 | $ | (443 | ) | $ | (87 | ) | ||||||
International upstream earnings of $1.2 billion decreased $3.8 billion from the second quarter 2008 due mainly to lower prices for crude oil and natural gas. Foreign-currency effects decreased earnings by $476 million in the 2009 period, compared with an increase of $80 million in last year's second quarter. Depreciation expenses were higher between periods, and the 2009 quarter included charges of about $100 million for exploratory well write-offs.
The average sales price per barrel of crude oil and natural gas liquids in the 2009 quarter was $53, compared with $110 a year earlier. The average price of natural gas was $3.73 per thousand cubic feet, down from $5.44 in last year's second quarter.
Net oil-equivalent production of 1.97 million barrels per day in the second quarter 2009 was up 7 percent, or 135,000 barrels per day, from a year ago. Included in the increase was about 185,000 barrels per day of production associated with the start-up since last year's second quarter of two major projects in Nigeria and Kazakhstan. Decreases to production between periods resulted mainly from OPEC-related curtailments of 35,000 barrels per day, 30,000 barrels per day that were offline due to civil unrest in the onshore area of Nigeria, about 25,000 barrels per day of lower oil-equivalent natural gas production in Thailand and the effect of normal field declines. The impact of lower prices on cost-recovery volumes and other contractual provisions affecting Chevron's share of production resulted in a net increase of about 85,000 barrels per day between periods. The net liquids component of production increased about 11 percent from a year ago to 1.37 million barrels per day, while net natural gas production declined about 1 percent to 3.59 billion cubic feet per day.
DOWNSTREAM - REFINING, MARKETING AND TRANSPORTATION
|
U.S. Downstream |
||||||||||||
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
|||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||
| (Loss)/Earnings | $ | (95) | $ | (682) | $ | 38 | $ | (678) | ||||
U.S. downstream operations incurred a loss of $95 million in the second quarter 2009, compared with a loss of $682 million a year earlier. Margins on the sales of refined products were weak in both periods. Operating expenses declined from last year's second quarter, which included higher expenses associated with planned shutdowns for refinery maintenance. Refinery crude-input of 923,000 barrels per day in the second quarter 2009 increased 13 percent, or 107,000 barrels per day, from the year-ago period.
Refined-product sales volumes increased 4 percent from the second quarter of 2008 to 1.44 million barrels per day primarily due to higher gasoline sales. Branded gasoline sales volumes were up 7 percent between quarters to 639,000 barrels per day.
|
International Downstream |
|||||||||||||||
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | |||||||||||
| Earnings/(Loss)* | $ | 256 | $ | (52 | ) | $ | 946 | $ | 196 | ||||||
| *Includes foreign currency effects | $ | (25 | ) | $ | 46 | $ | (90 | ) | $ | 157 | |||||
International downstream operations earned $256 million in the second quarter 2009, compared with a loss of $52 million a year earlier. Margins on the sale of refined products improved in most areas, due mainly to a decrease in crude-oil feedstock costs. Operating expenses were lower between the quarterly periods. Earnings in the second quarter 2009 included gains of approximately $140 million associated with asset sales. Foreign-currency effects reduced earnings by $25 million in the 2009 quarter, compared with a $46 million benefit a year earlier.
Refinery crude-input was 970,000 barrels per day in the 2009 second quarter, up 18,000 from the year-ago period. Total refined-product sales volumes of 1.82 million barrels per day in the 2009 second quarter were 12 percent lower than a year earlier, due mainly to asset sales since the second quarter of last year. Excluding the impact of 2009 asset sales, sales volumes were down 5 percent between periods primarily due to lower demand for jet fuel and fuel oil.
CHEMICALS
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
|||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||
| Earnings* | $ | 108 | $ | 41 | $ | 147 | $ | 84 | ||||
| *Includes foreign currency effects | $ | 6 | $ | 1 | $ | 13 | $ | - | ||||
Chemical operations earned $108 million in the second quarter of 2009, compared with $41 million in the year-ago quarter. Earnings of the 50-percent owned Chevron Phillips Chemical Company LLC (CPChem) and Chevron's Oronite subsidiary were both higher between periods. For CPChem, lower utility and manufacturing costs were partially offset by lower margins on the sale of commodity chemicals. For Oronite, higher margins on the sale of lubricant and fuel additives more than offset the effect of lower volumes.
ALL OTHER
|
Three Months
Ended June 30 |
Six Months
Ended June 30 |
|||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||
| Net Charges* | $(43) | $(580) | $(337) | $(835) | ||||
| *Includes foreign currency effects | $ 42 | $ (1) | $ 13 | $ 11 | ||||
All Other consists of mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, alternative fuels and technology companies.
Net charges in the second quarter 2009 were $43 million, compared with $580 million in the year-ago period. The change between periods included lower charges for environmental remediation at sites that previously had been closed or sold, a favorable change in corporate tax items and lower charges for employee compensation and benefits.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first six months of 2009 were $11.4 billion, composed of outlays of $6.5 billion in the first quarter and $4.9 billion in the second quarter. Expenditures for upstream projects represented 80 percent of the six-month total. Capital and exploratory expenditures in the first six months of 2008 were $10.3 billion. Refer to Attachment 2 for expenditure detail by business segment.
NOTICE
Chevron's discussion of second quarter 2009 earnings with security analysts will take place on Friday, July 31, 2009, at 8:00 a.m. PDT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron's Web site at www.chevron.com under the "Investors" section. Additional financial and operating information will be contained in the Earnings Supplement that will be available under "Events and Presentations" in the "Investors" section on the Web site.
Chevron will post selected third quarter 2009 interim performance data for the company and industry on its Web site on Thursday, October 8, 2009, at 2:00 p.m. PDT. Interested parties may view this interim data at www.chevron.com under the "Investors" section.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION
FOR
THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE
PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes, "seeks," "schedules," "estimates," "budgets" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude-oil and natural-gas prices; refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude-oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude-oil and natural-gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries (OPEC); the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes, regulations and litigation; the potential liability resulting from pending or future litigation; the company's acquisition or disposition of assets; gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign-currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading "Risk Factors" on pages 30 and 31 of the company's 2008 Annual Report on Form 10-K. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
| CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 1 | |||||||||||||||||||
| (Millions of Dollars, Except Per-Share Amounts) | ||||||||||||||||||||
|
CONSOLIDATED STATEMENT OF INCOME |
||||||||||||||||||||
| (unaudited) | Three Months | Six Months | ||||||||||||||||||
| Ended June 30 | Ended June 30 | |||||||||||||||||||
| REVENUES AND OTHER INCOME | 2009 | 2008 (1) | 2009 | 2008 (1) | ||||||||||||||||
| Sales and other operating revenues (2) | $ | 39,647 | $ | 80,962 | $ | 74,634 | $ | 145,621 | ||||||||||||
| Income from equity affiliates | 735 | 1,563 | 1,346 | 2,807 | ||||||||||||||||
| Other income | (177) | 464 | 355 | 507 | ||||||||||||||||
| Total Revenues and Other Income | 40,205 | 82,989 | 76,335 | 148,935 | ||||||||||||||||
| COSTS AND OTHER DEDUCTIONS | ||||||||||||||||||||
| Purchased crude oil and products, | ||||||||||||||||||||
| operating and other expenses | 29,368 | 63,250 | 55,472 | 111,833 | ||||||||||||||||
| Depreciation, depletion and amortization | 3,099 | 2,275 | 5,966 | 4,490 | ||||||||||||||||
| Taxes other than on income (2) | 4,386 | 5,699 | 8,364 | 11,142 | ||||||||||||||||
| Interest and debt expense | 6 | - | 14 | - | ||||||||||||||||
| Total Costs and Other Deductions | 36,859 | 71,224 | 69,816 | 127,465 | ||||||||||||||||
| Income Before Income Tax Expense | 3,346 | 11,765 | 6,519 | 21,470 | ||||||||||||||||
| Income tax expense | 1,585 | 5,756 | 2,904 | 10,265 | ||||||||||||||||
| Net Income | 1,761 | 6,009 | 3,615 | 11,205 | ||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 16 | 34 | 33 | 62 | ||||||||||||||||
| NET INCOME ATTRIBUTABLE TO | ||||||||||||||||||||
| CHEVRON CORPORATION | $ | 1,745 | $ | 5,975 | $ | 3,582 | $ | 11,143 | ||||||||||||
| PER-SHARE OF COMMON STOCK (3) | ||||||||||||||||||||
| Net Income Attributable to Chevron Corporation | ||||||||||||||||||||
| - Basic | $ | 0.88 | $ | 2.91 | $ | 1.80 | $ | 5.41 | ||||||||||||
| - Diluted | $ | 0.87 | $ | 2.90 | $ | 1.79 | $ | 5.38 | ||||||||||||
| Dividends | $ | 0.65 | $ | 0.65 | $ | 1.30 | $ | 1.23 | ||||||||||||
| Weighted Average Number of Shares Outstanding (000's) | ||||||||||||||||||||
| - Basic | 1,991,605 | 2,050,773 | 1,991,368 | 2,058,596 | ||||||||||||||||
| - Diluted | 1,999,667 | 2,064,888 | 1,999,588 | 2,072,549 | ||||||||||||||||
|
(1) Amounts have been reclassified to reflect the implementation |
||||||||||||||||||||
| (2) Includes excise, value-added and similar taxes. | $ | 2,034 | $ | 2,652 | $ | 3,944 | $ | 5,189 | ||||||||||||
|
(3) Amounts are calculated on a basis consistent with prior |
||||||||||||||||||||
| CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 2 | ||||||||||||||||||||
| (Millions of Dollars) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
|
EARNINGS BY MAJOR OPERATING AREA |
Three Months | Six Months | |||||||||||||||||||
| Ended June 30 | Ended June 30 | ||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||
| Upstream - Exploration and Production | |||||||||||||||||||||
| United States | $ | 273 | $ | 2,191 | $ | 294 | $ | 3,790 | |||||||||||||
| International | 1,246 | 5,057 | 2,494 | 8,586 | |||||||||||||||||
| Total Exploration and Production | 1,519 | 7,248 | 2,788 | 12,376 | |||||||||||||||||
| Downstream - Refining, Marketing and Transportation | |||||||||||||||||||||
| United States | (95 | ) | (682 | ) | 38 | (678 | ) | ||||||||||||||
| International | 256 | (52 | ) | 946 | 196 | ||||||||||||||||
| Total Refining, Marketing and Transportation | 161 | (734 | ) | 984 | (482 | ) | |||||||||||||||
| Chemicals | 108 | 41 | 147 | 84 | |||||||||||||||||
| All Other (1) | (43 | ) | (580 | ) | (337 | ) | (835 | ) | |||||||||||||
| Total (2) | $ | 1,745 | $ | 5,975 | $ | 3,582 | $ | 11,143 | |||||||||||||
|
SELECTED BALANCE SHEET ACCOUNT DATA |
June 30, 2009 | Dec. 31, 2008 | |||||||||||||||||||
| Cash and Cash Equivalents | $ | 7,236 | $ | 9,347 | |||||||||||||||||
| Marketable Securities | $ | 108 | $ | 213 | |||||||||||||||||
| Total Assets | $ | 161,201 | $ | 161,165 | |||||||||||||||||
| Total Debt | $ | 12,060 | $ | 8,901 | |||||||||||||||||
| Total Chevron Corporation Stockholders' Equity | $ | 87,958 | $ | 86,648 | |||||||||||||||||
| Three Months | Six Months | ||||||||||||||||||||
| Ended June 30 | Ended June 30 | ||||||||||||||||||||
|
CAPITAL AND EXPLORATORY EXPENDITURES (3) |
2009 | 2008 | 2009 | 2008 | |||||||||||||||||
| United States | |||||||||||||||||||||
| Upstream - Exploration and Production | $ | 795 | $ | 1,239 | $ | 1,812 | $ | 2,690 | |||||||||||||
| Downstream - Refining, Marketing and Transportation | 553 | 528 | 923 | 900 | |||||||||||||||||
| Chemicals | 38 | 21 | 74 | 127 | |||||||||||||||||
| Other | 87 | 142 | 156 | 265 | |||||||||||||||||
| Total United States | 1,473 | 1,930 | 2,965 | 3,982 | |||||||||||||||||
| International | |||||||||||||||||||||
| Upstream - Exploration and Production | 2,915 | 2,887 | 7,372 | 5,723 | |||||||||||||||||
| Downstream - Refining, Marketing and Transportation | 538 | 325 | 1,043 | 554 | |||||||||||||||||
| Chemicals | 23 | 13 | 34 | 22 | |||||||||||||||||
| Other | - | 2 | 1 | 3 | |||||||||||||||||
| Total International | 3,476 | 3,227 | 8,450 | 6,302 | |||||||||||||||||
| Worldwide | $ | 4,949 | $ | 5,157 | $ | 11,415 | $ | 10,284 | |||||||||||||
|
(1) Includes mining operations, power generation businesses, |
|||||||||||||||||||||
| (2) Net Income Attributable to Chevron Corporation (See Attachment 1) | |||||||||||||||||||||
| (3) Includes interest in affiliates: | |||||||||||||||||||||
| United States | $ | 40 | $ | 50 | $ | 80 | $ | 172 | |||||||||||||
| International | 252 | 391 | 497 | 769 | |||||||||||||||||
| Total | $ | 292 | $ | 441 | $ | 577 | $ | 941 | |||||||||||||
| CHEVRON CORPORATION - FINANCIAL REVIEW | Attachment 3 | ||||||||||||||||
| Three Months | Six Months | ||||||||||||||||
|
OPERATING STATISTICS (1) |
Ended June 30 | Ended June 30 | |||||||||||||||
| NET LIQUIDS PRODUCTION (MB/D): | 2009 | 2008 | 2009 | 2008 | |||||||||||||
| United States | 467 | 438 | 454 | 437 | |||||||||||||
| International | 1,346 | 1,207 | 1,353 | 1,218 | |||||||||||||
| Worldwide | 1,813 | 1,645 | 1,807 | 1,655 | |||||||||||||
| NET NATURAL GAS PRODUCTION (MMCF/D): (2) | |||||||||||||||||
| United States | 1,395 | 1,588 | 1,387 | 1,627 | |||||||||||||
| International | 3,593 | 3,621 | 3,618 | 3,695 | |||||||||||||
| Worldwide | 4,988 | 5,209 | 5,005 | 5,322 | |||||||||||||
| OTHER PRODUCTION - OIL SANDS (INTERNATIONAL) (MB/D): | 26 | 24 | 25 | 26 | |||||||||||||
| TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (3) | |||||||||||||||||
| United States | 700 | 702 | 686 | 708 | |||||||||||||
| International | 1,970 | 1,835 | 1,981 | 1,860 | |||||||||||||
| Worldwide | 2,670 | 2,537 | 2,667 | 2,568 | |||||||||||||
| SALES OF NATURAL GAS (MMCF/D): | |||||||||||||||||
| United States | 5,721 | 7,631 | 6,046 | 7,817 | |||||||||||||
| International | 3,962 | 4,205 | 4,108 | 4,190 | |||||||||||||
| Worldwide | 9,683 | 11,836 | 10,154 | 12,007 | |||||||||||||
| SALES OF NATURAL GAS LIQUIDS (MB/D): | |||||||||||||||||
| United States | 163 | 167 | 157 | 156 | |||||||||||||
| International | 110 | 127 | 113 | 131 | |||||||||||||
| Worldwide | 273 | 294 | 270 | 287 | |||||||||||||
| SALES OF REFINED PRODUCTS (MB/D): | |||||||||||||||||
| United States | 1,441 | 1,383 | 1,422 | 1,408 | |||||||||||||
| International (4) | 1,821 | 2,066 | 1,890 | 2,059 | |||||||||||||
| Worldwide | 3,262 | 3,449 | 3,312 | 3,467 | |||||||||||||
| REFINERY INPUT (MB/D): | |||||||||||||||||
| United States | 923 | 816 | 931 | 855 | |||||||||||||
| International | 970 | 952 | 977 | 960 | |||||||||||||
| Worldwide | 1,893 | 1,768 | 1,908 | 1,815 | |||||||||||||
| (1) Includes interest in affiliates. | |||||||||||||||||
| (2) Includes natural gas consumed in operations (MMCF/D): | |||||||||||||||||
| United States | 56 | 69 | 57 | 80 | |||||||||||||
| International | 487 | 424 | 493 | 454 | |||||||||||||
|
(3) Oil-equivalent production is the sum of net liquids production, |
|||||||||||||||||
| (4) Includes share of affiliate sales (MB/D): | 504 | 511 | 497 | 504 | |||||||||||||
SOURCE: Chevron Corporation
Chevron Corporation
Don Campbell, 925-842-2589