e8vk
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 1, 2008
Chevron Corporation
(Exact name of registrant as specified in its charter)
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Delaware
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1-368-2
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94-0890210 |
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(State or other jurisdiction
of incorporation )
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(Commission File Number)
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(I.R.S. Employer No.) |
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6001 Bollinger Canyon Road, San Ramon, CA
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94583 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (925) 842-1000
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligations of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On February 1, 2008, Chevron Corporation issued a press release announcing unaudited fourth quarter
2007 net income of $4.9 billion. The press release is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
The information included herein and in Exhibit 99.1 shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference
in any filing under the Securities Act of 1933.
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: February 1, 2008
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CHEVRON CORPORATION |
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By
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/s/ M.A. Humphrey |
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M. A. Humphrey, Vice President and |
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Comptroller |
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(Principal Accounting Officer and |
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Duly Authorized Officer) |
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EXHIBIT INDEX
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99.1
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Press release issued February 1, 2008. |
exv99w1
Exhibit 99.1
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Policy, Government and Public Affairs
Chevron Corporation
P.O. Box 6078
San Ramon, CA 94583-0778
www.chevron.com
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News Release
EXHIBIT 99.1
FOR RELEASE AT 5:30 AM PST
FEBRUARY 1, 2008
CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $4.9 BILLION,
UP 29 PERCENT FROM $3.8 BILLION IN FOURTH QUARTER 2006
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Upstream earnings of $4.8 billion increase $1.9 billion, due mainly to higher prices for
crude oil |
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Downstream profits of $204 million decline $750 million on narrowed margins for refined
products |
SAN RAMON, Calif., February 1, 2008 - Chevron Corporation (NYSE: CVX) today reported net
income of $4.9 billion ($2.32 per share diluted) for the fourth quarter 2007, compared with $3.8
billion ($1.74 per share diluted) in the year-ago period. For the full year 2007, net income was
$18.7 billion ($8.77 per share diluted), up 9 percent from $17.1 billion ($7.80 per share -
diluted) in 2006.
Earnings Summary
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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Income by Business Segment |
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Upstream - Exploration and Production |
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$ |
4,839 |
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$ |
2,909 |
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$ |
14,816 |
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$ |
13,142 |
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Downstream - Refining, Marketing and Transportation |
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204 |
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954 |
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3,502 |
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3,973 |
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Chemicals |
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69 |
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124 |
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396 |
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539 |
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All Other |
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(237 |
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(215 |
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(26 |
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(516 |
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Net Income* |
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$ |
4,875 |
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$ |
3,772 |
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$ |
18,688 |
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$ |
17,138 |
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* Includes foreign
currency effects |
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$ |
(2 |
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$ |
56 |
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$ |
(352 |
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$ |
(219 |
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Fourth quarter earnings for our upstream business benefited from a significant increase
in the price of crude oil, said Chairman and CEO Dave OReilly. However, downstream profits
were off sharply because of planned and unplanned refinery downtime in the United States, as
well as the impact of higher crude-oil costs that were not fully recovered in the sales price of
refined products.
Our
results overall capped a successful year for our company, OReilly added. We achieved record
earnings in 2007 and invested a record $20 billion in our excellent queue of capital and
exploratory projects. Our financial strength also enabled us to increase the common stock dividend
payment for the 20th consecutive year and buy back $7 billion of our common shares.
In the fourth quarter, OReilly indicated significant progress was made on strategic
milestones that are important to the companys future success:
-MORE-
-2-
Upstream
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Angola Made the final investment decision with partners to construct a liquefied
natural gas (LNG) plant, to be owned 36 percent by Chevron. It will be designed with a
capacity to process one billion cubic feet of natural gas per day and produce 5.2
million metric tons a year of LNG and related products. |
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China Signed a 30-year production-sharing contract with China National Petroleum
Corporation to assume operatorship and hold a 49 percent interest in the development of
the Chuandongbei natural gas area in central China. |
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Kazakhstan Initiated production from the first phase of the expansion projects at
the 50 percent-owned Tengiz Field, which increased production capacity by 90,000
barrels of crude oil per day to approximately 400,000. |
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Thailand Signed an agreement to increase daily sales of natural gas by 500 million
cubic feet to 1.2 billion by 2012 from company-operated offshore Blocks 10 through 13,
for which 10-year lease extensions had earlier been received and in which Chevron has
ownership interests ranging from 60 percent to 80 percent. |
Downstream
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South Korea Commissioned new facilities associated with a $1.5 billion upgrade of
the 50 percent-owned GS Caltex Yeosu Refinery, enabling the refinery to process heavier
and higher-sulfur crude oils and increase the production of gasoline, diesel and other
light products. |
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United States Completed the second phase of modifications at the refinery in El
Segundo, California, also enabling the processing of heavier crude oils into light
transportation fuels and other refined products. |
UPSTREAM EXPLORATION AND PRODUCTION
Worldwide oil-equivalent production was 2.61 million barrels per day in the fourth quarter
2007, down 42,000 barrels per day from the corresponding 2006 period. Approximately 25,000 barrels
per day of the decline was associated with the impact of higher prices on cost-recovery and
variable-royalty volumes under provisions of certain production contracts outside the United
States.
U.S. Upstream
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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Income |
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$ |
1,378 |
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$ |
886 |
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$ |
4,532 |
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$ |
4,270 |
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U.S. upstream income of $1.38 billion in the fourth quarter increased $492 million from the
2006 period, due mainly to an increase in the price of crude oil. This benefit to income was
partially offset by a decline in oil-equivalent production and an increase in operating,
exploration and depreciation expenses.
The average sales price per barrel of crude oil and natural gas liquids was approximately $79
in the fourth quarter 2007, an increase of about $28 from the corresponding 2006 period. The
average sales price of natural gas increased about 18 cents per thousand cubic feet to $6.08.
-MORE-
-3-
Net oil-equivalent production of 730,000 barrels per day declined 4 percent from the 2006
quarter. Net liquids production of 451,000 barrels per day was about 3 percent lower. Net natural
gas production was down 6 percent to approximately 1.68 billion cubic feet per day, due mainly to
normal field declines.
International Upstream
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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Income* |
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$ |
3,461 |
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$ |
2,023 |
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$ |
10,284 |
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$ |
8,872 |
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* Includes foreign
currency effects |
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$ |
(88 |
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$ |
(52 |
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$ |
(417 |
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$ |
(371 |
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International upstream earnings of $3.46 billion increased $1.44 billion from the fourth
quarter 2006, due mainly to higher prices for crude oil. Partially offsetting this benefit to
income were lower crude oil sales volumes due to the timing of certain cargo liftings and higher
operating expenses. Results for the 2007 quarter also included approximately $150 million of
favorable tax items, including the effect of a tax-law change in Canada reducing the corporate
income tax rate.
The average sales price for crude oil and natural gas liquids in the 2007 quarter increased
$29 per barrel from a year earlier to about $80, while the average price of natural gas was up 65
cents to $4.32 per thousand cubic feet.
Net oil-equivalent production of 1.88 million barrels per day in the 2007 fourth quarter was
essentially flat from a year earlier. Increased output in Bangladesh, Trinidad and Tobago, and
Thailand was offset by lower production in Canada, Nigeria and Indonesia. The net liquids component
of production, including volumes produced from oil sands in Canada, declined about 5 percent to
1.32 million barrels per day, while net natural gas production increased 11 percent to 3.41 billion
cubic feet per day.
DOWNSTREAM REFINING, MARKETING AND TRANSPORTATION
U.S. Downstream
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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(Loss) Income |
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(55 |
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$ |
343 |
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$ |
966 |
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$ |
1,938 |
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U.S. downstream incurred a loss of $55 million in the fourth quarter 2007, compared with
income of $343 million a year earlier. The swing from profit to a loss was mainly the result of
market conditions that prevented the full recovery of higher crude-oil costs in the price of
refined products, the adverse effects of refinery downtime and higher operating expenses. The 2007
quarter included a gain on the sale of the companys credit card operations.
Refined-product sales volumes were 1.42 million barrels per day in the fourth quarter 2007,
down 3 percent from a year earlier. Branded gasoline sales volumes were relatively flat between
quarters at 620,000 barrels per day.
Refinery crude input was down 78,000 barrels per day, primarily due to the ongoing effects of
an August 2007 fire at the refinery in Pascagoula, Mississippi. The crude unit is expected to be
back in
-MORE-
-4-
service late in the first quarter 2008, as planned. Despite this outage, the company has
been able to maintain uninterrupted product supplies to customers through the use of other
feedstocks in its gasoline-producing facilities at the refinery.
International Downstream
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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Income* |
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$ |
259 |
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$ |
611 |
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$ |
2,536 |
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$ |
2,035 |
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* Includes foreign currency
effects |
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$ |
87 |
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$ |
96 |
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$ |
62 |
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$ |
98 |
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International downstream earned $259 million in the 2007 quarter, a decrease of about $350
million from the year-ago period due mainly to lower margins on the sale of refined products and
higher operating expenses.
Total refined-product sales volumes of 2.05 million barrels per day were 2 percent lower than
last years quarter, reflecting the impact of asset sales between periods.
Refinery crude input was up 40,000 barrels per day, primarily due to the effect of major
planned maintenance that occurred during the 2006 fourth quarter at the Pembroke Refinery in the
United Kingdom. Crude inputs also increased at the 50 percent-owned refinery in Yeosu, South Korea,
following a major expansion and upgrading project. Partly offsetting these higher inputs was the
impact of a sale of the companys interest in a Netherlands refinery in the first quarter 2007.
CHEMICALS
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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Income* |
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$ |
69 |
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$ |
124 |
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$ |
396 |
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$ |
539 |
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* Includes foreign
currency effects |
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$ |
(5 |
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$ |
(1 |
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$ |
(3 |
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$ |
(8 |
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Chemical operations earned $69 million in the 2007 fourth quarter, compared with $124 million
a year ago. Margins were lower on sales of commodity chemicals by the 50 percent-owned Chevron
Phillips Chemical Company LLC and on sales of lubricant and fuel additives by the companys Oronite
subsidiary.
ALL OTHER
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Fourth Quarter |
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Year |
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Millions of dollars |
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2007 |
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2006 |
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2007 |
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2006 |
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Net Charges* |
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$ |
(237 |
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$ |
(215 |
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$ |
(26 |
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$ |
(516 |
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* Includes foreign
currency effects |
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$ |
4 |
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$ |
13 |
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$ |
6 |
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$ |
62 |
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All Other includes 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, and the companys interest in Dynegy
prior to its sale in May 2007.
Net charges in the fourth quarter 2007 were $237 million, up $22 million from the
corresponding period in 2006. The benefit of favorable tax items in the 2007 quarter was more than
offset by an increase in charges for litigation matters and other corporate expenses.
-MORE-
-5-
SALES AND OTHER OPERATING REVENUES
Sales and other operating revenues in the fourth quarter 2007 were $60 billion, up
approximately $14 billion from a year earlier. For the full year 2007, sales and other operating
revenues of $214 billion were up from $205 billion in the year-ago period.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures for the year 2007 were $20 billion, compared with $16.6
billion in the corresponding 2006 period. The amounts included approximately $2.3 billion and $1.9
billion, respectively, for the companys share of expenditures by affiliates, which did not require
cash outlays by Chevrons consolidated companies. Expenditures for upstream projects represented
about 78 percent of the companywide total in 2007.
# # #
NOTICE
Chevrons discussion of fourth quarter 2007 earnings with security analysts will take place on
Friday, February 1, 2008, at 8:00 a.m. PST. A webcast of the meeting will be available in a
listen-only mode to individual investors, media and other interested parties on Chevrons Web site
at www.chevron.com under the Investors heading. Additional financial and operating
information is contained in the Investor Relations Earnings Supplement that is available under
Events and Presentations.
Chevron will issue a press release containing selected first quarter 2008 interim company and
industry performance data and post the same information on its Web site on Wednesday, April 9,
2008, at 2:00 p.m. PDT. Interested parties may view this interim data at www.chevron.com
under the Investors heading.
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 of Chevron Corporation contains forward-looking statements relating to
Chevrons operations that are based on managements 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 our 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 margins and marketing
margins; chemicals prices and margins; actions of competitors; timing of exploration expenses; 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
companys 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 companys 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 OPEC (Organization
of Petroleum Exporting Countries); the potential liability for remedial actions 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 companys acquisition or disposition of assets;
gains and losses from asset dispositions or impairments; government-mandated sales, divestitures,
recapitalizations, 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 31 and 32 of the
companys 2006 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 press release could also have material adverse effects on
forward-looking statements.
-MORE-
-1-
CHEVRON CORPORATION FINANCIAL REVIEW
(Millions of Dollars, Except Per-Share Amounts)
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
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Three Months |
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Year Ended |
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Ended December 31 |
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December 31 |
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2007 |
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2006 |
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2007 |
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2006 |
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REVENUES AND OTHER INCOME |
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Sales and other operating revenues (1) (2) |
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$ |
59,900 |
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$ |
46,238 |
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$ |
214,091 |
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$ |
204,892 |
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Income from equity affiliates |
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1,153 |
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1,079 |
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4,144 |
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4,255 |
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Other income |
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357 |
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429 |
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2,669 |
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971 |
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Total Revenues and Other Income |
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61,410 |
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47,746 |
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220,904 |
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210,118 |
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COSTS AND OTHER DEDUCTIONS |
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Purchased crude oil and products,
operating and other expenses (2) |
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45,136 |
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33,500 |
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157,490 |
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149,232 |
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Depreciation, depletion and amortization |
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2,094 |
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1,988 |
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8,708 |
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7,506 |
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Taxes other than on income (1) |
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5,560 |
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5,533 |
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22,266 |
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20,883 |
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Interest and debt expense |
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7 |
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92 |
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166 |
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451 |
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Minority interests |
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35 |
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2 |
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|
107 |
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70 |
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Total Costs and Other Deductions |
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52,832 |
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41,115 |
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188,737 |
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178,142 |
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Income Before Income Tax Expense |
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8,578 |
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6,631 |
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32,167 |
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31,976 |
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Income tax expense |
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3,703 |
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|
2,859 |
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13,479 |
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14,838 |
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NET INCOME |
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|
$ |
4,875 |
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|
$ |
3,772 |
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$ |
18,688 |
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$ |
17,138 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER-SHARE OF COMMON STOCK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
Basic |
|
$ |
2.34 |
|
|
$ |
1.75 |
|
|
$ |
8.83 |
|
|
$ |
7.84 |
|
|
|
Diluted |
|
$ |
2.32 |
|
|
$ |
1.74 |
|
|
$ |
8.77 |
|
|
$ |
7.80 |
|
Dividends |
|
|
|
|
|
$ |
0.58 |
|
|
$ |
0.52 |
|
|
$ |
2.26 |
|
|
$ |
2.01 |
|
|
Weighted Average Number of Shares Outstanding (000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,088,359 |
|
|
|
2,156,781 |
|
|
|
2,117,567 |
|
|
|
2,186,161 |
|
|
|
Diluted |
|
|
2,103,559 |
|
|
|
2,168,852 |
|
|
|
2,131,635 |
|
|
|
2,196,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes excise, value-added and similar taxes. |
|
|
|
|
|
$ |
2,548 |
|
|
$ |
2,498 |
|
|
$ |
10,121 |
|
|
$ |
9,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes amounts in revenues for buy/sell contracts;
associated costs are in Purchased crude oil and products,
operating and other expenses. |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
6,725 |
|
-MORE-
-2-
CHEVRON CORPORATION FINANCIAL REVIEW
(Millions of Dollars)
INCOME (LOSS) BY MAJOR OPERATING AREA
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Year Ended |
|
|
|
Ended December 31 |
|
|
December 31 |
|
|
|
2007 |
|
|
2006 |
|
|
2007 |
|
|
2006 |
|
Upstream Exploration and Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
1,378 |
|
|
$ |
886 |
|
|
$ |
4,532 |
|
|
$ |
4,270 |
|
International |
|
|
3,461 |
|
|
|
2,023 |
|
|
|
10,284 |
|
|
|
8,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Exploration and Production |
|
|
4,839 |
|
|
|
2,909 |
|
|
|
14,816 |
|
|
|
13,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Downstream Refining, Marketing and Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
(55 |
) |
|
|
343 |
|
|
|
966 |
|
|
|
1,938 |
|
International |
|
|
259 |
|
|
|
611 |
|
|
|
2,536 |
|
|
|
2,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Refining, Marketing and Transportation |
|
|
204 |
|
|
|
954 |
|
|
|
3,502 |
|
|
|
3,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
69 |
|
|
|
124 |
|
|
|
396 |
|
|
|
539 |
|
All Other (1) |
|
|
(237 |
) |
|
|
(215 |
) |
|
|
(26 |
) |
|
|
(516 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
4,875 |
|
|
$ |
3,772 |
|
|
$ |
18,688 |
|
|
$ |
17,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ACCOUNT DATA
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2007 |
|
|
Dec. 31, 2006 |
|
|
|
(unaudited) |
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
6,860 |
|
|
$ |
10,493 |
|
Marketable Securities |
|
$ |
732 |
|
|
$ |
953 |
|
Total Assets |
|
$ |
147,942 |
|
|
$ |
132,628 |
|
Total Debt |
|
$ |
7,232 |
|
|
$ |
9,838 |
|
Stockholders Equity |
|
$ |
77,088 |
|
|
$ |
68,935 |
|
Total Debt/Total Debt plus Equity |
|
|
8.6 |
% |
|
|
12.5 |
% |
Return on Average Capital Employed Year Ended |
|
|
23 |
% |
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
Common Stock Acquired Under Stock-Buyback Programs |
|
|
|
|
|
|
|
|
Year Ended December 31 |
|
$ |
7,000 |
|
|
$ |
5,000 |
|
Three Months Ended December 31 |
|
$ |
2,000 |
|
|
$ |
1,300 |
|
CAPITAL AND EXPLORATORY EXPENDITURES (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Year Ended |
|
|
|
Ended December 31 |
|
|
December 31 |
|
|
|
2007 |
|
|
2006 |
|
|
2007 |
|
|
2006 |
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production |
|
$ |
1,359 |
|
|
$ |
1,116 |
|
|
$ |
4,558 |
|
|
$ |
4,123 |
|
Refining, Marketing and Transportation |
|
|
626 |
|
|
|
453 |
|
|
|
1,576 |
|
|
|
1,176 |
|
Chemicals |
|
|
99 |
|
|
|
60 |
|
|
|
218 |
|
|
|
146 |
|
All Other (1) |
|
|
209 |
|
|
|
136 |
|
|
|
768 |
|
|
|
403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total United States |
|
|
2,293 |
|
|
|
1,765 |
|
|
|
7,120 |
|
|
|
5,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and Production |
|
|
3,295 |
|
|
|
2,733 |
|
|
|
10,980 |
|
|
|
8,696 |
|
Refining, Marketing and Transportation |
|
|
635 |
|
|
|
597 |
|
|
|
1,867 |
|
|
|
1,999 |
|
Chemicals |
|
|
18 |
|
|
|
22 |
|
|
|
53 |
|
|
|
54 |
|
All Other (1) |
|
|
2 |
|
|
|
7 |
|
|
|
6 |
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
3,950 |
|
|
|
3,359 |
|
|
|
12,906 |
|
|
|
10,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
$ |
6,243 |
|
|
$ |
5,124 |
|
|
$ |
20,026 |
|
|
$ |
16,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the companys interest in Dynegy
prior to its sale in
May 2007, 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes interest in affiliates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
100 |
|
|
$ |
73 |
|
|
$ |
220 |
|
|
$ |
206 |
|
International |
|
|
577 |
|
|
|
585 |
|
|
|
2,116 |
|
|
|
1,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
677 |
|
|
$ |
658 |
|
|
$ |
2,336 |
|
|
$ |
1,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-MORE-
-3-
CHEVRON CORPORATION FINANCIAL REVIEW
OPERATING STATISTICS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Year Ended |
|
|
|
Ended December 31 |
|
|
December 31 |
|
|
|
2007 |
|
|
2006 |
|
|
2007 |
|
|
2006 |
|
NET LIQUIDS PRODUCTION (MB/D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
451 |
|
|
|
466 |
|
|
|
460 |
|
|
|
462 |
|
International |
|
|
1,297 |
|
|
|
1,346 |
|
|
|
1,296 |
|
|
|
1,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
1,748 |
|
|
|
1,812 |
|
|
|
1,756 |
|
|
|
1,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET NATURAL GAS PRODUCTION (MMCF/D): (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
1,675 |
|
|
|
1,782 |
|
|
|
1,699 |
|
|
|
1,810 |
|
International |
|
|
3,408 |
|
|
|
3,067 |
|
|
|
3,320 |
|
|
|
3,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
5,083 |
|
|
|
4,849 |
|
|
|
5,019 |
|
|
|
4,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PRODUCED VOLUMES-INTERNATIONAL (MB/D) (3) |
|
|
18 |
|
|
|
35 |
|
|
|
27 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
730 |
|
|
|
763 |
|
|
|
743 |
|
|
|
763 |
|
International |
|
|
1,883 |
|
|
|
1,892 |
|
|
|
1,876 |
|
|
|
1,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
2,613 |
|
|
|
2,655 |
|
|
|
2,619 |
|
|
|
2,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES OF NATURAL GAS (MMCF/D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
7,073 |
|
|
|
6,973 |
|
|
|
7,624 |
|
|
|
7,051 |
|
International |
|
|
3,794 |
|
|
|
3,580 |
|
|
|
3,792 |
|
|
|
3,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
10,867 |
|
|
|
10,553 |
|
|
|
11,416 |
|
|
|
10,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES OF NATURAL GAS LIQUIDS (MB/D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
177 |
|
|
|
133 |
|
|
|
160 |
|
|
|
124 |
|
International |
|
|
119 |
|
|
|
109 |
|
|
|
118 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
296 |
|
|
|
242 |
|
|
|
278 |
|
|
|
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES OF REFINED PRODUCTS (MB/D): (5) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
1,423 |
|
|
|
1,471 |
|
|
|
1,457 |
|
|
|
1,494 |
|
International |
|
|
2,052 |
|
|
|
2,093 |
|
|
|
2,027 |
|
|
|
2,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
3,475 |
|
|
|
3,564 |
|
|
|
3,484 |
|
|
|
3,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REFINERY INPUT (MB/D):(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
838 |
|
|
|
916 |
|
|
|
812 |
|
|
|
939 |
|
International |
|
|
1,030 |
|
|
|
990 |
|
|
|
1,021 |
|
|
|
1,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
1,868 |
|
|
|
1,906 |
|
|
|
1,833 |
|
|
|
1,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes interest in affiliates. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes natural gas consumed in operations (MMCF/D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
74 |
|
|
|
67 |
|
|
|
65 |
|
|
|
56 |
|
International |
|
|
468 |
|
|
|
434 |
|
|
|
433 |
|
|
|
419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Other produced volumes International (MB/D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Athabasca Oil Sands (Canada) |
|
|
18 |
|
|
|
35 |
|
|
|
27 |
|
|
|
27 |
|
Boscan Operating Service Agreement (Venezuela);
converted to an equity affiliate
effective October 2006. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
|
|
35 |
|
|
|
27 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Oil-equivalent production is the sum of net
liquids production, net gas production
and other produced liquids. The oil-equivalent gas
conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) 2006 conformed to 2007 presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Includes volumes for buy/sell contracts (MB/D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|