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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 24, 1997
CHEVRON CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-368-2 94-0890210
----------------- ------------------------ --------------------
(State or other (Commission File Number) (I.R.S. Employer No.)
jurisdiction of
incorporation)
575 Market Street, San Francisco, CA 94105
--------------------------------------------- ---------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(415) 894-7700
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(Former name or former address, if changed since last report)
Item 5. Other Events.
-------------
On January 23, 1997, Chevron Corporation issued a press release
announcing preliminary, unaudited earnings for the year ended
December 31, 1996.
Item 7. Financial Statements and Exhibits.
----------------------------------
(c) Exhibits.
99.1 Press Release of Chevron Corporation dated January 23,
1997, entitled "Chevron Reports Record Net Income of
$2.607 Billion For The Year 1996."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: January 24, 1997
CHEVRON CORPORATION
By /s/ L. I. BEEBE
-------------------
L. I. Beebe, Secretary
EXHIBIT 99.1
------------
NEWS "Chevron Logo"Chevron
-------
Chevron Corporation
Public Affairs
P.O. Box 7753
San Francisco, CA 94120-7753
Phone 415 894 4246
FOR RELEASE AT 6:00 AM PST
JANUARY 23, 1997
--------------------------
CHEVRON REPORTS RECORD NET INCOME OF $2.607 BILLION
FOR THE YEAR 1996
- -- Operating earnings for the year increased 35 percent to $2.651 billion
- -- Fourth quarter operating earnings of $685 million were up 52 percent
- -- Annual return on capital employed (excluding special items) increased to
12.8 percent
- -- Debt was reduced $1.6 billion during the year
- -- Annual dividends increased for the ninth consecutive year
- -- International liquids production increased 8 percent, the seventh
consecutive year that both production and reserves have increased
- -- Worldwide oil and gas reserve additions exceeded production for fourth
consecutive year
- -- Fourth quarter U.S. combined oil and gas production increased 4 percent from
the 1995 fourth quarter, reversing the U.S. production decline
SAN FRANCISCO, Jan. 23 -- Chevron Corporation today reported that preliminary
net income for the year 1996 was a record $2.607 billion ($3.99 per share), up
significantly from the prior year 1995 net income of $930 million ($1.43 per
share) when the adoption of a new accounting standard and other special charges
reduced reported earnings by $1.032 billion. Net income in 1996 included $44
million of net special charges.
Fourth quarter net income of $464 million ($.71 per share) included special
charges totaling $221 million, mostly related to the previously announced
merger of the company's United Kingdom refining and marketing operations with
two other oil companies. The 1995 fourth quarter loss of $418 million ($ .64
per share loss) included charges totaling $869 million, primarily for the
effect of adopting the new accounting standard on asset impairments.
Operating earnings for 1996 were $2.651 billion, up 35 percent from $1.962
billion earned in 1995, after excluding special charges in all periods and the
prior-year effect of adopting the new accounting standard. Fourth quarter 1996
operating earnings increased 52 percent to $685 million from $451 million
earned in the 1995 fourth quarter.
Fourth Quarter Year
-------------- -------------
$ Millions 1996 1995 1996 1995
----- ----- ----- -----
Operating Earnings 685 451 2,651 1,962
Adoption of New Accounting
Standard (SFAS 121) - (659) - (659)
Special Items (221) (210) (44) (373)
----- ----- ----- -----
Net Income (Loss) 464 (418) 2,607 930
----- ----- ----- -----
-Page 1-
Commenting on the year's results, Chairman and CEO Ken Derr said, "I am proud
to report that Chevron just completed the most successful year in its history.
Not only was it a record earnings year, we also performed very well
operationally and completed or initiated several significant steps that lay the
groundwork for profitable future growth. While we certainly benefited from the
higher crude oil and natural gas prices throughout the year, much of the credit
for Chevron's improved performance goes to our employees, whose commitment to
carrying out our strategies has allowed us to find opportunities for growth
without losing our focus on keeping costs under control."
Derr pointed out that although the higher oil and gas prices boosted upstream
earnings, they reduced downstream and chemicals results because market
competition prevented the higher raw material and fuel costs from being
recovered in the marketplace. Consequently, sales margins for refined
products, such as gasoline, and chemicals were severely squeezed.
Derr continued, "Cost consciousness has become an essential part of the way we
do business. Although total operating and administrative expenses increased
slightly in 1996, largely because of higher fuel and transportation costs, our
per barrel expenses stayed about flat at $6.10. In absolute terms, we have
removed over $1.4 billion from our annual cost structure since 1991. And if
inflation is taken into account, the savings are even greater. Our employees
deserve tremendous credit for not only achieving, but maintaining, our
competitive cost structure.
"A number of significant events affecting our operations occurred in 1996",
said Derr. These included:
- -- Caspian Pipeline. In early December, an agreement was signed that will
allow the Caspian Pipeline Consortium, in which Chevron will have a 15 percent
interest, to begin construction on a crude oil pipeline from the Tengiz oil
field in Kazakstan to the Russian Black Sea coast. This will unlock these vast
oil and gas reserves by providing increased access to world markets. The $2
billion pipeline is expected to be completed in 1999.
- -- Tengizchevroil. Production from the Tengizchevroil joint venture averaged
112,000 barrels per day in 1996, nearly double the 58,000 barrels per day
produced in 1995. The joint venture has been very successful in developing
alternate oil markets and was producing about 160,000 barrels per day at year-
end 1996.
- -- NGC Merger. In August the merger of Chevron's natural gas marketing
business and its natural gas liquids company with NGC Corporation was
completed. Chevron has a 28 percent ownership in NGC, a leading gatherer,
processor, transporter and marketer of energy products and services in North
America and the United Kingdom. Since the time of the merger announcement in
January 1996, the value of NGC stock has more than doubled.
- -- Boscan Operating Service Agreement. In July the company began operating the
80,000 barrels per day Boscan heavy oil field in Venezuela. Under a fee
arrangement, Chevron assumed responsibility for all operations and increased
development of this giant field.
-Page 2-
- -- Production. Worldwide liquids production reached its highest level in 11
years, reflecting increased production in Kazakstan, new production in Congo
and continued production increases in the company's other prolific West African
fields. The Nkossa oil field in Congo, in which Chevron has a 30 percent
interest, came on stream in June, and was producing 80,000 barrels per day at
year-end 1996.
- -- CARB Gasoline. Following the completion of the $1 billion upgrade and
modification of its two California refineries, the company successfully
introduced the California-mandated cleaner-burning gasolines, in early 1996,
with no supply disruptions. Chevron is the largest producer of these fuels.
- -- Chemicals. Several major chemicals projects are underway or announced.
These include domestic projects to expand high-density polyethylene capacity
at the Orange, Texas plant; a paraxylene expansion at the Pascagoula, Miss.
refinery; expansion of ethylene and cumene production facilities at Port
Arthur, Texas; and an expansion of a polystyrene plant at Marietta, Ohio.
Internationally, the company is constructing a fuel and lube oil additives
plant in Singapore, has announced plans to build a polystyrene plant in China,
and has entered into a 50-50 joint venture to build and operate a benzene plant
and cyclohexane unit in Saudi Arabia.
- -- United Kingdom Downstream Merger. The company announced in November it was
merging its United Kingdom refining and marketing operations with those of Elf
and Murphy Oil. Chevron will own about 41 percent of the new, larger company.
Fourth quarter results included an estimated $200 million asset impairment
provision in connection with this planned transaction.
- -- Caltex Refineries. Chevron's 50-percent owned Caltex affiliate sold its
interest in two Japanese refineries to its partner for $2 billion, started up
its new 130,000 barrel per day refinery in Thailand and completed the expansion
of its 50-percent owned refinery in Korea, doubling that refinery's capacity to
600,000 barrels per day.
- -- Asset Sales. The company substantially completed its exit from the real
estate development business with the May sale of its last major portfolio of
California properties. In October, four producing oil fields in the North Sea
and one in Indonesia were sold. Proceeds of nearly $500 million from these
sales will provide funds for more attractive growth projects.
"All these events are expected to add profitable growth to the company," said
Derr. "Chevron's return on capital employed, excluding special items,
increased to 12.8 percent for the year 1996, compared with 9.8 percent for
1995."
Total revenues in 1996 were $43.9 billion, up 18 percent from $37.1 billion in
1995. Fourth quarter revenues of $11.5 billion were 25 percent higher than
1995 fourth quarter revenues of $9.2 billion. Revenues increased on higher
crude oil, natural gas and refined products prices.
Foreign currency losses included in net income were $22 million in 1996 and $15
million in 1995. For the fourth quarter of 1996, foreign currency losses were
$8 million compared with currency gains of $5 million in the 1995 fourth
quarter.
-Page 3-
Exploration and Production
--------------------------
U.S. exploration and production
- -------------------------------
$ Millions Fourth Quarter Year
-------------- -------------
1996 1995 1996 1995
----- ----- ----- -----
Operating Earnings 418 140 1,109 552
Adoption of New Accounting Standard - (490) - (490)
Special Items (30) (9) (22) 10
----- ----- ----- -----
Net Earnings (Loss) 388 (359) 1,087 72
The significant improvement in U.S. upstream earnings for the year and fourth
quarter was due to higher crude oil and natural gas prices. For the year 1996,
the company's average crude oil realization of $18.80 per barrel was $3.46
higher than the $15.34 averaged for 1995. In the fourth quarter, average
realizations were $21.32, up $6.38 per barrel from the prior-year quarter.
Average natural gas prices increased $.77 to $2.28 per thousand cubic feet for
the year and increased $.99 to $2.68 per thousand cubic feet in the fourth
quarter, from comparable prior-year periods.
Net liquids production for the year averaged 341,000 barrels per day, down from
350,000 in 1995. Fourth quarter production increased to 343,000 barrels per
day, which was flat with the prior-year fourth quarter. Net natural gas
production in 1996 averaged 1.88 billion cubic feet per day, about the same as
1995. For the 1996 fourth quarter, natural gas production averaged 1.94
billion cubic feet per day, up from 1.80 billion in the year-earlier quarter.
In the fourth quarter, new oil and gas production reversed the U.S. production
decline experienced the past several years. Development projects underway are
expected to stabilize U.S. oil and gas production volumes.
Special charges in the year and quarter related to asset impairment,
environmental remediation and litigation provisions were partially offset by
asset sale gains.
International exploration and production
- ----------------------------------------
Fourth Quarter Year
-------------- -------------
$Millions 1996 1995 1996 1995
----- ----- ----- -----
Operating Earnings 333 273 1,142 811
Adoption of New Accounting Standard - (81) - (81)
Special Items 76 (8) 69 (40)
----- ----- ----- -----
Net Earnings 409 184 1,211 690
Strong international upstream results reflected higher crude oil sales volumes
and prices. For the year 1996, net liquids production increased 8 percent to
702,000 barrels per day and was up 10 percent to 735,000 barrels per day in the
fourth quarter. Increased production in Kazakstan and new production in Congo
were the principal drivers of the increase. Net natural gas production volumes
also increased, from 565 million cubic feet per day in 1995 to 584 million
cubic feet per day in 1996 and from 573 million cubic feet per day in the 1995
fourth quarter to
-Page 4-
625 million cubic feet per day in the 1996 fourth quarter. Most of the natural
gas volume increase occurred in Kazakstan.
1996 was the seventh consecutive year of increased oil and gas production and
reserves additions, reflecting the company's highly successful strategy to grow
its international operations. In 1996, the company more than replaced its
international oil and gas production through additions to proved reserves.
Further production increases are expected in 1997 as new developments come on
stream in West Africa, including the mid-year start up of a large gas project
in Nigeria; offshore Canada where the Hibernia oil field's first production is
scheduled in late 1997; and from continuing field development in Kazakstan.
Special items in the year and quarterly results included gains of $91 million
from the sales of producing fields in the United Kingdom North Sea and
Indonesia, partially offset by provisions for asset impairment in western
Canada and employee severance.
Refining and Marketing
----------------------
U.S. refining and marketing
- ---------------------------
$ Millions Fourth Quarter Year
-------------- --------------
1996 1995 1996 1995
----- ----- ----- -----
Operating (Loss) Earnings (28) (50) 290 75
Adoption of New Accounting Standard - - - -
Special Items (60) (158) (97) (179)
----- ----- ----- -----
Net (Loss) Earnings (88) (208) 193 (104)
Although much improved from 1995, U.S. downstream results were depressed in
1996 by competitive conditions in many of the company's markets that did not
allow the full recovery of higher crude oil costs and, in California, the
increased manufacturing cost of the mandated cleaner-burning gasolines. Market
conditions were especially difficult in the fourth quarter when crude oil
prices rose to their highest level of the year and price competition was
especially strong in southern California.
Refinery performance was improved from 1995 and the introduction of the new
California gasolines went smoothly with no supply disruptions. Product sales
volumes in 1996 and 1995 averaged 1.12 million barrels per day. Fourth quarter
sales volumes increased to 1.13 million barrels per day from 1.09 million in
1995. Gasoline sold through the company's marketing system increased 2 percent
for the year and nearly 3 percent in the fourth quarter from comparable prior-
year periods.
Special charges in the 1996 year and fourth quarter related to environmental
and litigation provisions. The 1996 fourth quarter also included a $38 million
asset impairment provision for pipelines associated with the company's Point
Arguello field offshore California, necessitated by downward revisions of crude
oil reserves estimates.
-Page 5-
International refining and marketing
- ------------------------------------
$ Millions Fourth Quarter Year
-------------- -------------
1996 1995 1996 1995
----- ----- ----- -----
Operating Earnings 29 103 167 283
Adoption of New Accounting Standard - - - -
Special Items (201) (3) 59 62
----- ----- ----- -----
Net (Loss) Earnings (172) 100 226 345
International refining and marketing results in 1996 were depressed due to the
inability to recover higher crude oil costs in the selling price of refined
products, particularly in the company's Caltex affiliate's operating areas.
There was a $32 million unfavorable swing in foreign currency effects for the
year, although for the fourth quarter, the foreign currency fluctuation was a
positive $10 million.
Refined products sales volumes for the year declined to 944,000 barrels per day
from 969,000 in 1995. Fourth quarter volumes were 934,000 and 1,055,000
barrels per day in 1996 and 1995, respectively. The declines were due to the
Caltex sale of its interest in two Japanese refineries, partially offset by
continued volume increases in other Caltex operating areas in the Asia-Pacific
region.
1996 special items principally consisted of a $279 million gain, representing
Chevron's share of the Caltex gain from the sale of the two Japanese
refineries, offset by a fourth quarter estimated $200 million asset impairment
provision arising from the announced merger of the company's United Kingdom
refining and marketing operations with those of two other oil companies.
Chemicals
---------
Chemicals Fourth Quarter Year
- --------- -------------- ------------
$ Millions 1996 1995 1996 1995
----- ----- ----- -----
Operating Earnings 36 38 228 524
Adoption of New Accounting Standard - (13) - (13)
Special Items - (6) (28) (27)
----- ----- ----- -----
Net Earnings 36 19 200 484
A cyclical downturn in the chemicals industry caused 1996 earnings to decline
from record 1995 results. Although sales volumes remained strong for most of
the year, weak prices and increased feedstock costs resulted in lower margins
for most of the company's major chemical products.
-Page 6-
Coal and Other Minerals
-----------------------
Coal and other minerals Fourth Quarter Year
- ----------------------- -------------- -------------
$ Millions 1996 1995 1996 1995
----- ----- ----- -----
Operating Earnings 10 22 48 47
Adoption of New Accounting Standard - (63) - (63)
Special Items 1 (1) (2) (2)
----- ----- ----- -----
Net Earnings (Loss) 11 (42) 46 (18)
Coal earnings continued to be depressed in 1996 from an abundance of low-cost
hydroelectric power in the western United States, resulting in low coal demand
and prices in both periods.
Corporate and Other
-------------------
Corporate and other Fourth Quarter Year
- ------------------- -------------- ------------
$ Millions 1996 1995 1996 1995
----- ----- ----- -----
Operating Charges, Net (113) (75) (333) (330)
Adoption of New Accounting Standard - (12) - (12)
Special Items (7) (25) (23) (197)
----- ----- ----- -----
Net Charges (120) (112) (356) (539)
Corporate and other operating charges for the year were about flat with 1995 as
lower interest expense in 1996, due to lower debt levels, was offset by higher
fourth quarter insurance adjustments and accruals for employee benefit
programs.
Special items in 1996 included a favorable $52 million prior-year income tax
adjustment that was more than offset by asset write-offs, adjustment of the
loss from exiting the real estate development business, and litigation
provisions. Special items in 1995 consisted primarily of a $168 million
provision for the expected loss from the sale of the company's real estate
development properties.
Capital and Exploratory Expenditures
------------------------------------
Capital and exploratory expenditures, including the company's share of
affiliates' expenditures, were $4.821 billion for the year 1996, compared with
$4.800 billion spent in 1995. Fourth quarter expenditures were $1.572 billion
and $1.508 billion in 1996 and 1995. In 1996, exploration and production
spending totaled $3.003 billion, of which 62 percent was spent in international
areas. The company recently announced its 1997 capital and exploratory budget
at a record $5.9 billion, a 22 percent increase from 1996 expenditures. About
60 percent of the total capital program, or $3.6 billion, is earmarked for
worldwide exploration and production.
-Page 7-
CHEVRON CORPORATION - FINANCIAL REVIEW -1-
(MILLIONS OF DOLLARS)
CONSOLIDATED STATEMENT OF INCOME
- --------------------------------
(unaudited)
Fourth Quarter Twelve Months
-------------- -------------
REVENUES: 1996 1995 1996 1995
------ ------ ------- ------
Sales and Other Operating Revenues (1) $11,265 $ 8,922 $42,782 $36,310
Equity in Net Income of Affiliated
Companies and Other Income 246 235 1,111 772
------ ------ ------- ------
11,511 9,157 43,893 37,082
------ ------ ------ ------
COSTS AND OTHER DEDUCTIONS:
Purchased Crude Oil and Products 6,109 4,463 22,826 18,033
Operating Expenses 1,719 1,608 6,007 5,974
Selling, General and Administrative 334 397 1,377 1,384
Exploration Expenses 126 138 455 372
Depreciation, Depletion and Amortization 603 1,679 2,216 3,381
Taxes Other Than on Income (1) 1,550 1,483 5,908 5,748
Interest and Debt Expense 90 94 364 401
------ ------ ------ ------
10,531 9,862 39,153 35,293
------ ------ ------ ------
Income Before Income Tax Expense 980 (705) 4,740 1,789
Income Tax Expense 516 (287) 2,133 859
------ ------ ------ ------
NET INCOME $ 464 $ (418)$ 2,607 $ 930
------ ------ ------ ------
PER SHARE AMOUNTS
NET INCOME $ .71 $ ( .64)$ 3.99 $ 1.43
DIVIDENDS $ .54 $ .50 $ 2.08 $ 1.925
Average Common Shares
Outstanding (000's) 653,019 652,263 652,769 652,084
EARNINGS BY MAJOR OPERATING AREA
- --------------------------------
(unaudited) Fourth Quarter Twelve Months
-------------- -------------
1996 1995 1996 1995
------- ------ ------ ------
Exploration and Production
United States $ 388 $ (359)$ 1,087 $ 72
International 409 184 1,211 690
------ ------ ------ ------
Total Exploration and Production 797 (175) 2,298 762
------ ------ ------ ------
Refining, Marketing and Transportation
United States (88) (208) 193 (104)
International (172) 100 226 345
------ ------ ------ ------
Total Refining, Marketing
and Transportation (260) (108) 419 241
------ ------ ------ ------
Total Petroleum Operations 537 (283) 2,717 1,003
Chemicals 36 19 200 484
Coal and Other Minerals 11 (42) 46 (18)
Corporate and Other (2) (120) (112) (356) (539)
------ ------ ------ ------
NET INCOME $ 464 $ (418)$ 2,607 $ 930
------ ------ ------ ------
(1) Includes consumer excise taxes $ 1,357 $ 1,286 $ 5,202 $ 4,988
(2) "Corporate and Other" includes interest expense, interest income on cash
and marketable securities, corporate center costs, and real estate and
insurance activities.
CHEVRON CORPORATION - FINANCIAL REVIEW -2-
(MILLIONS OF DOLLARS)
SPECIAL ITEMS BY MAJOR OPERATING AREA Fourth Quarter Twelve Months
- ------------------------------------- -------------- -------------
(unaudited) 1996 1995 1996 1995
------ ------ ------ ------
U.S. Exploration and Production $ (30) $ (499) $ (22) $(480)
International Exploration and Production 76 (89) 69 (121)
U.S. Refining, Marketing and Transportation (60) (158) (97) (179)
International Refining, Marketing
and Transportation (201) (3) 59 62
Chemicals - (19) (28) (40)
Coal and Other Minerals 1 (64) (2) (65)
Corporate and Other* (7) (37) (23) (209)
------ ------ ------ ------
Total Special Items $ (221) $ (869) $ (44)$(1,032)
------ ------ ------ ------
SUMMARY OF SPECIAL ITEMS Fourth Quarter Twelve Months
- ------------------------ -------------- --------------
(unaudited) 1996 1995 1996 1995
------ ------ ------ ------
Asset Write-offs and Revaluations
Adoption of New Accounting Standard $ - $ (659) $ - $ (659)
Other (289) (136) (337) (304)
Environmental Remediation Provisions (1) (41) (54) (90)
Restructurings & Reorganizations 3 (19) (14) (50)
Prior-Year Tax Adjustments - - 52 (22)
Asset Dispositions 95 7 391 7
LIFO Inventory (Losses) Gains (4) 2 (4) 2
Other, Net (25) (23) (78) 84
------ ------ ------ ------
Total Special Items $ (221) $ (869) $ (44)$(1,032)
------ ------ ------ ------
FOREIGN EXCHANGE (LOSSES) GAINS $ (8) $ 5 $ (22)$ (15)
- -------------------------------
EARNINGS BY MAJOR OPERATING AREA
EXCLUDING SPECIAL ITEMS
- --------------------------------
(unaudited) Fourth Quarter Twelve Months
-------------- --------------
1996 1995 1996 1995
------ ------ ------ ------
Exploration and Production
United States $ 418 $ 140 $1,109 $ 552
International 333 273 1,142 811
------ ------ ------ ------
Total Exploration and Production 751 413 2,251 1,363
------ ------ ------ ------
Refining, Marketing and Transportation
United States (28) (50) 290 75
International 29 103 167 283
------ ------ ------ ------
Total Refining, Marketing and Transportation 1 53 457 358
------ ------ ------ ------
Total Petroleum Operations 752 466 2,708 1,721
Chemicals 36 38 228 524
Coal and Other Minerals 10 22 48 47
Corporate and Other* (113) (75) (333) (330)
------ ------ ------ ------
Earnings Excluding Special Items 685 451 2,651 1,962
Special Items (221) (869) (44) (1,032)
------ ------ ------ ------
Net Income $ 464 $ (418) $2,607 $ 930
------ ------ ------ ------
* "Corporate and Other" includes interest expense, interest income on cash and
marketable securities, corporate center costs, and real estate and insurance
activities.
CHEVRON CORPORATION-FINANCIAL REVIEW -3-
OPERATING STATISTICS (1)
- ------------------------
Fourth Quarter Twelve Months
-------------- -------------
1996 1995 1996 1995
------ ------ ------ ------
NET LIQUIDS PRODUCTION (MB/D):
United States 343 343 341 350
International 735 670 702 651
------ ------ ------ ------
Worldwide 1,078 1,013 1,043 1,001
------ ------ ------ ------
NET NATURAL GAS PRODUCTION (MMCF/D):
United States 1,940 1,795 1,875 1,868
International 625 573 584 565
------ ------ ------ ------
Worldwide 2,565 2,368 2,459 2,433
------ ------ ------ ------
SALES OF NATURAL GAS (MMCF/D):
United States 3,807 2,918 3,588 2,815
International 818 633 778 564
------ ------ ------ ------
Worldwide 4,625 3,551 4,366 3,379
------ ------ ------ ------
SALES OF NATURAL GAS LIQUIDS (MB/D):
United States 124 211 187 213
International 38 38 36 47
------ ------ ------ ------
Worldwide 162 249 223 260
------ ------ ------ ------
SALES OF REFINED PRODUCTS (MB/D):
United States 1,127 1,087 1,122 1,117
International 934 1,055 944 969
------ ------ ------ ------
Worldwide 2,061 2,142 2,066 2,086
------ ------ ------ ------
REFINERY INPUT (MB/D):
United States 942 826 951 925
International 524 631 537 598
------ ------ ------ ------
Worldwide 1,466 1,457 1,488 1,523
------ ------ ------ ------
CHEMICALS SALES & OTHER OPERATING
REVENUES (millions of dollars) (2)
United States $ 718 $ 698 $ 2,936 $ 3,332
International 147 148 605 621
------ ------ ------ ------
Worldwide $ 865 $ 846 $ 3,541 $ 3,953
------ ------ ------ ------
(1) Includes interest in affiliates.
(2) Includes sales to other Chevron companies.