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UNITED STATES 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 18, 2000
Chevron Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-368-2 94-0890210
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer No.)
of incorporation )
575 Market Street, San Francisco, CA 94105
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 894-7700
NONE
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(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Chevron Corporation is filing the following restated
financial statements of Chevron Corporation and
Subsidiaries:
o Consolidated Statements of Comprehensive Income for
the three- and six- month periods ended June 30,
1999 and the three- and nine-month periods ended
September 30, 1999;
o Consolidated Balance Sheets at June 30, 1999 and
September 30, 1999.
These statements were restated to recognize the initial ownership of certain
marketable equity securities and subsequent unrealized gains on these
securities.
SIGNATURE
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 18, 2000
CHEVRON CORPORATION
By /s/ S.J. Crowe
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S. J. Crowe, Comptroller
(Principal Accounting Officer and
Duly Authorized Officer)
CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
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Millions of Dollars 1999(1) 1998 1999(1) 1998(2)
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Net Income $ 350 $ 577 $ 679 $ 1,084
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Currency translation adjustment (11) (1) (11) (1)
Unrealized holding gain(loss) on securities 28 (3) 22 (1)
Minimum pension liability adjustment - - (11) (16)
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Other Comprehensive Income (Loss), net of tax 17 (4) - (18)
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Comprehensive Income $ 367 $ 573 $ 679 $ 1,066
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Three Months Ended Nine Months Ended
September 30, September 30,
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Millions of Dollars 1999(1) 1998 1999(1) 1998(2)
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Net Income $ 582 $ 461 $ 1,261 $ 1,545
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Currency translation adjustment (30) - (41) (1)
Unrealized holding gain on securities 11 7 33 6
Minimum pension liability adjustment - - (11) (16)
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Other Comprehensive (Loss) Income, net of tax (19) 7 (19) (11)
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Comprehensive Income $ 563 $ 468 $ 1,242 $ 1,534
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(1) Restated for the effect of unrealized gains on certain marketable securities
(2) Restated for accounting changes effective January 1, 1998, the net effect of
which was immaterial
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CHEVRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, June 30,
Millions of Dollars 1999(1) 1999(1)
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ASSETS
Cash and cash equivalents $ 703 $ 752
Marketable securities 834 1,004
Accounts and notes receivable 3,342 3,027
Inventories:
Crude oil and petroleum products 641 573
Chemicals 543 523
Materials, supplies and other 288 320
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1,472 1,416
Prepaid expenses and other current assets 1,056 1,007
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Total Current Assets 7,407 7,206
Long-term receivables 860 863
Investments and advances 5,105 4,916
Properties, plant and equipment, at cost 54,249 52,674
Less: accumulated depreciation, depletion and amortization 28,558 28,244
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25,691 24,430
Deferred charges and other assets 1,162 1,036
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Total Assets $ 40,225 $ 38,451
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LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 3,460 $ 3,801
Accounts payable 2,790 2,384
Accrued liabilities 2,148 2,187
Federal and other taxes on income 968 512
Other taxes payable 475 463
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Total Current Liabilities 9,841 9,347
Long-term debt 4,585 4,044
Capital lease obligations 272 275
Deferred credits and other non-current obligations 1,728 1,735
Deferred income taxes 4,646 4,097
Reserves for employee benefit plans 1,786 1,775
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Total Liabilities 22,858 21,273
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Preferred stock (authorized 100,000,000
shares, $1.00 par value, none issued) - -
Common stock (authorized 1,000,000,000 shares,
$1.50 par value, 712,487,068 shares issued) 1,069 1,069
Capital in excess of par value 2,214 2,205
Deferred compensation (646) (646)
Accumulated other comprehensive (loss) income (109) (90)
Retained earnings 17,016 16,828
Treasury stock, at cost (56,221,456 and 56,553,770 shares
at September 30, 1999 and June 30, 1999, respectively) (2,177) (2,188)
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Total Stockholders' Equity 17,367 17,178
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Total Liabilities and Stockholders' Equity $ 40,225 $ 38,451
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(1) Restated for the effect of unrealized gains on certain marketable securities
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