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
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2009
Chevron Corporation
(Exact name of registrant as specified in its charter)
| Delaware | 1-368-2 | 94-0890210 | ||
| (State or other jurisdiction of incorporation ) |
(Commission File Number) | (I.R.S. Employer No.) |
| 6001 Bollinger Canyon Road, San Ramon, CA | 94583 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (925) 842-1000
None
(Former name or former address, if changed since last report)
(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 October 30, 2009, Chevron Corporation issued a press release announcing unaudited third quarter
2009 net income of $3.8 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: October 30, 2009
| CHEVRON CORPORATION |
||||
| By | /s/ M.A. Humphrey | |||
| M. A. Humphrey, Vice President and | ||||
| Comptroller (Principal Accounting Officer and Duly Authorized Officer) |
||||
EXHIBIT INDEX
| 99.1 | Press release issued October 30, 2009. |
Exhibit 99.1
|
Policy, Government and Public Affairs Chevron Corporation P.O. Box 6078 San Ramon, CA 94583-0778 www.chevron.com |
NEWS RELEASE
EXHIBIT 99.1 FOR RELEASE AT 5:30 AM PDT OCTOBER 30, 2009 |
CHEVRON REPORTS THIRD QUARTER NET INCOME OF $3.83 BILLION,
DOWN 51 PERCENT FROM $7.89 BILLION IN THIRD QUARTER 2008
DOWN 51 PERCENT FROM $7.89 BILLION IN THIRD QUARTER 2008
| • | Upstream earnings of $3.64 billion decline 41 percent on lower prices for crude oil and natural gas | ||
| • | Net oil-equivalent production increases nearly 11 percent from year ago due mainly to ramp-up of new projects | ||
| • | Downstream earnings of $194 million fall 89 percent on weak refined-product margins |
SAN RAMON, Calif., October 30, 2009 — Chevron Corporation (NYSE: CVX) today reported earnings
of $3.83 billion ($1.92 per share — diluted) for the third quarter 2009, compared with $7.89
billion ($3.85 per share — diluted) in the 2008 third quarter. Earnings in the 2009 period
included gains of approximately $400 million ($0.20 per share) from asset sales and tax items.
Foreign-currency effects reduced earnings in the 2009 quarter by $170 million, compared with a
benefit to income of $303 million a year earlier.
For the first nine months of 2009, earnings were $7.41 billion ($3.71 per share — diluted),
down 61 percent from $19.04 billion ($9.23 per share — diluted) in the first nine months of 2008.
Sales and other operating revenues in the third quarter 2009 were $45 billion, compared with
$76 billion in the year-ago quarter. For the first nine months of 2009, sales and other operating
revenues were $120 billion versus $222 billion in the corresponding 2008 period. The decline in
both comparative periods was primarily due to lower prices for crude oil, natural gas and refined
products.
Earnings Summary
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings by Business Segment |
||||||||||||||||
Upstream — Exploration and Production |
$ | 3,640 | $ | 6,182 | $ | 6,428 | $ | 18,558 | ||||||||
Downstream — Refining, Marketing and Transportation |
194 | 1,831 | 1,178 | 1,349 | ||||||||||||
Chemicals |
164 | 70 | 311 | 154 | ||||||||||||
All Other |
(167 | ) | (190 | ) | (504 | ) | (1,025 | ) | ||||||||
Total (1) (2) |
$ | 3,831 | $ | 7,893 | $ | 7,413 | $ | 19,036 | ||||||||
(1) Includes foreign currency effects |
$ | (170 | ) | $ | 303 | $ | (677 | ) | $ | 384 | ||||||
(2) Net income attributable to Chevron
Corporation (See Attachment 1) |
||||||||||||||||
“Our net oil-equivalent production this quarter was nearly 11 percent higher than the same
quarter a year ago,” said Chairman and CEO Dave O’Reilly. “This operational success helped mitigate
a decline in earnings that was driven by sharply lower prices for crude oil and natural gas.”
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“In our downstream operations, we continued to experience weak margins on the sale of gasoline
and other refined products. Weak demand and plentiful supply affected all our major markets,”
O’Reilly added. “Our refinery reliability remains high, and we continue to focus on the safe and
efficient operation of our network.”
O’Reilly said continued aggressive cost-management efforts companywide in the first nine
months of 2009 contributed to about a 13 percent decrease in recurring operating, selling, general
and administrative expenses from the same period a year earlier.
In additional comments on upstream activities, O’Reilly said the recent final investment
decision to develop the Gorgon LNG project represented a major milestone in the company’s strategy
to commercialize its significant natural gas resource base in Australia. Additional achievements in
recent months included:
Australia
| • | Discoveries of natural gas in the Carnarvon Basin off the northwest coast in the 67 percent-owned Block WA-205-P, the 50 percent-owned Block WA-365-P and the 50 percent-owned Block WA-374-P, all Chevron-operated. | ||
| • | Agreements signed with two companies to join Chevron’s planned Wheatstone LNG project as combined 25 percent owners and suppliers of natural gas for the project’s first two LNG trains. |
Angola
| • | Start-up of the 31 percent-owned and operated deepwater Tombua-Landana project in Block 14, which is expected to reach maximum total production of approximately 100,000 barrels of crude oil per day in 2011. | ||
| • | Discovery of crude oil and natural gas offshore in the 39 percent-owned and operated Block 0 concession, extending a trend of earlier discoveries in the Greater Vanza Longui Area. |
UPSTREAM — EXPLORATION AND PRODUCTION
Worldwide net oil-equivalent production was 2.70 million barrels per day in the third quarter
2009, up 259,000 from 2.44 million barrels per day in the 2008 period. The increase was driven
primarily by project start-ups since last year’s third quarter.
U.S. Upstream
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings |
$ | 878 | $ | 2,187 | $ | 1,172 | $ | 5,977 | ||||||||
U.S. upstream earnings of $878 million in the third quarter 2009 were down $1.3 billion from a
year earlier. The effects of sharply lower prices for crude oil and natural gas, lower gains on
asset sales and higher depreciation expense were partially offset by the benefits of increased
production and lower operating expenses.
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The company’s average sales price per barrel of crude oil and natural gas liquids was
approximately $60 in the 2009 quarter, compared with $107 a year ago. The average sales price of
natural gas was $3.28 per thousand cubic feet, down from $8.64 in last year’s third quarter.
Net oil-equivalent production of 745,000 barrels per day in the third quarter 2009 was up
98,000 barrels per day, or about 15 percent, from a year earlier. The increase in production was
primarily associated with start-up of the Blind Faith Field in late 2008 and the Tahiti Field in
second quarter 2009, along with the restoration of volumes that were offline in September 2008 due
to hurricanes in the Gulf of Mexico. The net liquids component of production was up 24 percent to
509,000 barrels per day in the 2009 third quarter, while net natural-gas production of 1.42 billion
cubic feet per day was down about 1 percent from a year ago.
International Upstream
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings* |
$ | 2,762 | $ | 3,995 | $ | 5,256 | $ | 12,581 | ||||||||
*Includes foreign currency effects |
$ | (81 | ) | $ | 316 | $ | (524 | ) | $ | 229 | ||||||
International upstream earnings of $2.8 billion decreased $1.2 billion from the third quarter
2008 due mainly to the impact of lower prices for crude oil and natural gas, partially offset by an
increase in sales volumes of crude oil and about $400 million of gains from asset sales and tax
items related to the Gorgon project in Australia. Foreign-currency effects decreased earnings by
$81 million in the 2009 quarter, compared with an increase of $316 million a year earlier.
The average sales price for crude oil and natural gas liquids in the 2009 quarter was $62 per
barrel, compared with $103 a year earlier. The average price of natural gas was $3.92 per thousand
cubic feet, down from $5.37 in last year’s third quarter.
Net oil-equivalent production of 1.96 million barrels per day in the third quarter 2009 was up
9 percent, or 160,000 barrels per day, from a year ago. The increase included approximately 220,000
barrels per day associated with two projects — Agbami in Nigeria, which commenced operations in
the third quarter of last year and expansion at Tengiz in Kazakhstan. Partially offsetting this
increase was the effect of civil unrest in Nigeria. The net liquids component of production
increased about 15 percent from a year ago to 1.38 million barrels per day, while net natural-gas
production declined about 4 percent to 3.48 billion cubic feet per day.
DOWNSTREAM — REFINING, MARKETING AND TRANSPORTATION
U.S. Downstream
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings |
$ | 34 | $ | 1,014 | $ | 72 | $ | 336 | ||||||||
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U.S. downstream earned $34 million in the third quarter 2009, compared with $1.0 billion a
year earlier. The decline was mainly the result of significantly weaker margins on the sale of
gasoline and other refined products. Operating expenses were lower between periods.
Refinery crude-input of 879,000 barrels per day in the third quarter 2009 decreased 43,000
barrels per day from the year-ago period, primarily due to the effects of a planned shutdown in
this year’s third quarter at the refinery in Richmond, California.
Refined-product sales of 1.42 million barrels per day were essentially unchanged from the
third quarter of 2008. Branded gasoline sales increased 4 percent to 623,000 barrels per day.
International Downstream
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings* |
$ | 160 | $ | 817 | $ | 1,106 | $ | 1,013 | ||||||||
*Includes foreign currency effects |
$ | (97 | ) | $ | 63 | $ | (187 | ) | $ | 220 | ||||||
International downstream earned $160 million in the third quarter 2009, compared with $817
million a year earlier. The decline was associated mainly with narrower margins on the sale of
gasoline and other refined products. Operating expenses were lower between periods.
Foreign-currency effects reduced earnings by $97 million in the 2009 quarter, compared with a
benefit of $63 million in the same period last year.
Refinery crude-input was 985,000 barrels per day in the 2009 third quarter, up 9,000 barrels
per day from the year-ago period.
Total refined-product sales of 1.82 million barrels per day in the 2009 third quarter were 9
percent lower than a year earlier, due mainly to asset sales since the third quarter of last year.
Excluding the impact of asset sales, sales volumes were down 2 percent between periods on lower
demand for jet fuel and fuel oil.
CHEMICALS
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Earnings* |
$ | 164 | $ | 70 | $ | 311 | $ | 154 | ||||||||
*Includes foreign currency effects |
$ | 1 | $ | (5 | ) | $ | 14 | $ | (5 | ) | ||||||
Chemical operations earned $164 million in the third quarter of 2009, compared with $70
million in the year-ago period. Earnings of the 50 percent-owned Chevron Phillips Chemical Company
LLC (CPChem) and Chevron’s Oronite subsidiary were both higher between periods. For CPChem, a
benefit from lower utility costs was partially offset by lower margins on the sale of commodity
chemicals. For Oronite, margins on the sales of lubricant and fuel additives were higher between
periods.
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ALL OTHER
| Three Months | Nine Months | |||||||||||||||
| Ended Sept. 30 | Ended Sept. 30 | |||||||||||||||
| Millions of Dollars | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Net Charges* |
$ | (167 | ) | $ | (190 | ) | $ | (504 | ) | $ | (1,025 | ) | ||||
*Includes foreign currency effects |
$ | 7 | $ | (71 | ) | $ | 20 | $ | (60 | ) | ||||||
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 third quarter 2009 were $167 million, compared with $190 million in the
year-ago period. Foreign-currency effects reduced net charges by $7 million in the 2009 quarter,
compared with a $71 million increase in net charges last year. Other net charges were higher
between periods.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first nine months of 2009 were $16.0 billion,
compared with $15.8 billion in the corresponding 2008 period. The amounts included approximately
$900 million in 2009 and $1.6 billion in 2008 for the company’s share of expenditures by
affiliates, which did not require cash outlays by the company. Expenditures for upstream projects
represented 80 percent of the companywide total in 2009.
# # #
NOTICE
Chevron’s discussion of third quarter 2009 earnings with security analysts will take place on
Friday, October 30, 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 fourth quarter 2009 interim performance data for the company and
industry on its Web site on Monday, January 11, 2010, at 2:00 p.m. PST. 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
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
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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 press release could also have
material adverse effects on forward-looking statements.
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Attachment 1
CHEVRON CORPORATION — FINANCIAL REVIEW
(Millions of Dollars, Except Per-Share Amounts)
(Millions of Dollars, Except Per-Share Amounts)
| CONSOLIDATED STATEMENT OF INCOME | Three Months | Nine Months | ||||||||||||||
| (unaudited) | Ended September 30 | Ended September 30 | ||||||||||||||
| 2009 | 2008(1) | 2009 | 2008(1) | |||||||||||||
REVENUES AND OTHER INCOME |
||||||||||||||||
Sales and other operating revenues (2) |
$ | 45,180 | $ | 76,192 | $ | 119,814 | $ | 221,813 | ||||||||
Income from equity affiliates |
1,072 | 1,673 | 2,418 | 4,480 | ||||||||||||
Other income |
373 | 1,002 | 728 | 1,509 | ||||||||||||
Total Revenues and Other Income |
46,625 | 78,867 | 122,960 | 227,802 | ||||||||||||
COSTS AND OTHER DEDUCTIONS |
||||||||||||||||
Purchased crude oil and products |
26,969 | 49,238 | 71,047 | 147,822 | ||||||||||||
Operating, selling, general and administrative expenses (3) |
5,580 | 6,954 | 16,155 | 19,643 | ||||||||||||
Exploration expenses |
242 | 271 | 1,061 | 831 | ||||||||||||
Depreciation, depletion and amortization |
2,988 | 2,449 | 8,954 | 6,939 | ||||||||||||
Taxes other than on income (2) |
4,644 | 5,614 | 13,008 | 16,756 | ||||||||||||
Interest and debt expense |
14 | — | 28 | — | ||||||||||||
Total Costs and Other Deductions |
40,437 | 64,526 | 110,253 | 191,991 | ||||||||||||
Income Before Income Tax Expense |
6,188 | 14,341 | 12,707 | 35,811 | ||||||||||||
Income tax expense |
2,342 | 6,416 | 5,246 | 16,681 | ||||||||||||
Net Income |
3,846 | 7,925 | 7,461 | 19,130 | ||||||||||||
Less: Net income attributable to noncontrolling interests |
15 | 32 | 48 | 94 | ||||||||||||
NET INCOME ATTRIBUTABLE TO
CHEVRON CORPORATION |
$ | 3,831 | $ | 7,893 | $ | 7,413 | $ | 19,036 | ||||||||
PER-SHARE OF COMMON STOCK (4) |
||||||||||||||||
Net Income Attributable to Chevron Corporation |
||||||||||||||||
- Basic |
$ | 1.92 | $ | 3.88 | $ | 3.72 | $ | 9.29 | ||||||||
- Diluted |
$ | 1.92 | $ | 3.85 | $ | 3.71 | $ | 9.23 | ||||||||
Dividends |
$ | 0.68 | $ | 0.65 | $ | 1.98 | $ | 1.88 | ||||||||
Weighted Average Number of Shares Outstanding (000’s) |
||||||||||||||||
- Basic |
1,992,452 | 2,032,433 | 1,991,733 | 2,049,812 | ||||||||||||
- Diluted |
2,000,586 | 2,044,616 | 1,999,925 | 2,063,149 | ||||||||||||
(1) Amounts have been reclassified in the consolidated financial statements
to reflect the adoption of a new accounting standard for noncontrolling
interests effective January 1, 2009. |
||||||||||||||||
(2) Includes excise, value-added and similar taxes. |
$ | 2,079 | $ | 2,577 | $ | 6,023 | $ | 7,766 | ||||||||
(3) Decrease between the nine-month comparative periods is 18 percent.
Excluding the impact of nonrecurring items mainly in the 2008 period
associated with hurricane damages and a contract settlement, the decline
is 13 percent. |
||||||||||||||||
(4) Amounts are calculated on a basis consistent with prior periods,
using “Net Income Attributable to Chevron Corporation.” |
||||||||||||||||
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Attachment 2
CHEVRON CORPORATION - FINANCIAL REVIEW
(Millions of Dollars)
(unaudited)
(Millions of Dollars)
(unaudited)
| Three Months | Nine Months | |||||||||||||||
| EARNINGS BY MAJOR OPERATING AREA | Ended September 30 | Ended September 30 | ||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
Upstream — Exploration and Production |
||||||||||||||||
United States |
$ | 878 | $ | 2,187 | $ | 1,172 | $ | 5,977 | ||||||||
International |
2,762 | 3,995 | 5,256 | 12,581 | ||||||||||||
Total Exploration and Production |
3,640 | 6,182 | 6,428 | 18,558 | ||||||||||||
Downstream — Refining, Marketing and Transportation |
||||||||||||||||
United States |
34 | 1,014 | 72 | 336 | ||||||||||||
International |
160 | 817 | 1,106 | 1,013 | ||||||||||||
Total Refining, Marketing and Transportation |
194 | 1,831 | 1,178 | 1,349 | ||||||||||||
Chemicals |
164 | 70 | 311 | 154 | ||||||||||||
All Other (1) |
(167 | ) | (190 | ) | (504 | ) | (1,025 | ) | ||||||||
Total (2) |
$ | 3,831 | $ | 7,893 | $ | 7,413 | $ | 19,036 | ||||||||
| SELECTED BALANCE SHEET ACCOUNT DATA | Sept. 30, 2009 | Dec. 31, 2008 | ||||||
Cash and Cash Equivalents |
$ | 7,568 | $ | 9,347 | ||||
Marketable Securities |
$ | 121 | $ | 213 | ||||
Total Assets |
$ | 162,561 | $ | 161,165 | ||||
Total Debt |
$ | 10,542 | $ | 8,901 | ||||
Total Chevron Corporation Stockholders’ Equity |
$ | 90,646 | $ | 86,648 | ||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
CAPITAL AND EXPLORATORY EXPENDITURES (3) |
||||||||||||||||
United States |
||||||||||||||||
Upstream — Exploration and Production |
$ | 662 | $ | 1,296 | $ | 2,474 | $ | 3,986 | ||||||||
Downstream — Refining, Marketing and Transportation |
446 | 497 | 1,369 | 1,397 | ||||||||||||
Chemicals |
57 | 195 | 131 | 322 | ||||||||||||
All Other (1) |
100 | 153 | 256 | 418 | ||||||||||||
Total United States |
1,265 | 2,141 | 4,230 | 6,123 | ||||||||||||
International |
||||||||||||||||
Upstream — Exploration and Production |
2,698 | 2,938 | 10,070 | 8,661 | ||||||||||||
Downstream — Refining, Marketing and Transportation |
610 | 395 | 1,653 | 949 | ||||||||||||
Chemicals |
23 | 18 | 57 | 40 | ||||||||||||
All Other (1) |
— | 1 | 1 | 4 | ||||||||||||
Total International |
3,331 | 3,352 | 11,781 | 9,654 | ||||||||||||
Worldwide |
$ | 4,596 | $ | 5,493 | $ | 16,011 | $ | 15,777 | ||||||||
(1) 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. |
||||||||||||||||
(2) Net
Income Attributable to Chevron Corporation (See Attachment 1) |
||||||||||||||||
(3) Includes interest in affiliates: |
||||||||||||||||
United States |
$ | 65 | $ | 211 | $ | 145 | $ | 383 | ||||||||
International |
281 | 435 | 778 | 1,204 | ||||||||||||
Total |
$ | 346 | $ | 646 | $ | 923 | $ | 1,587 | ||||||||
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Attachment 3
CHEVRON CORPORATION — FINANCIAL REVIEW
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
OPERATING STATISTICS (1) |
||||||||||||||||
NET LIQUIDS PRODUCTION (MB/D): |
||||||||||||||||
United States |
509 | 409 | 472 | 428 | ||||||||||||
International |
1,350 | 1,167 | 1,352 | 1,201 | ||||||||||||
Worldwide |
1,859 | 1,576 | 1,824 | 1,629 | ||||||||||||
NET NATURAL GAS PRODUCTION (MMCF/D): (2) |
||||||||||||||||
United States |
1,420 | 1,431 | 1,398 | 1,561 | ||||||||||||
International |
3,475 | 3,618 | 3,570 | 3,669 | ||||||||||||
Worldwide |
4,895 | 5,049 | 4,968 | 5,230 | ||||||||||||
OTHER PRODUCTION — OIL SANDS (INTERNATIONAL) (MB/D): |
27 | 26 | 26 | 26 | ||||||||||||
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (3) |
||||||||||||||||
United States |
745 | 647 | 705 | 688 | ||||||||||||
International |
1,957 | 1,796 | 1,973 | 1,838 | ||||||||||||
Worldwide |
2,702 | 2,443 | 2,678 | 2,526 | ||||||||||||
SALES OF NATURAL GAS (MMCF/D): |
||||||||||||||||
United States |
5,832 | 7,142 | 5,974 | 7,591 | ||||||||||||
International |
4,035 | 4,224 | 4,084 | 4,201 | ||||||||||||
Worldwide |
9,867 | 11,366 | 10,058 | 11,792 | ||||||||||||
SALES OF NATURAL GAS LIQUIDS (MB/D): |
||||||||||||||||
United States |
161 | 155 | 158 | 156 | ||||||||||||
International |
104 | 105 | 110 | 122 | ||||||||||||
Worldwide |
265 | 260 | 268 | 278 | ||||||||||||
SALES OF REFINED PRODUCTS (MB/D): |
||||||||||||||||
United States |
1,416 | 1,422 | 1,420 | 1,413 | ||||||||||||
International (4) |
1,822 | 2,008 | 1,867 | 2,042 | ||||||||||||
Worldwide |
3,238 | 3,430 | 3,287 | 3,455 | ||||||||||||
REFINERY INPUT (MB/D): |
||||||||||||||||
United States |
879 | 922 | 913 | 878 | ||||||||||||
International |
985 | 976 | 980 | 965 | ||||||||||||
Worldwide |
1,864 | 1,898 | 1,893 | 1,843 | ||||||||||||
(1) Includes interest in affiliates. |
||||||||||||||||
(2) Includes natural gas consumed in operations (MMCF/D): |
||||||||||||||||
United States |
56 | 69 | 57 | 77 | ||||||||||||
International (5) |
455 | 434 | 467 | 447 | ||||||||||||
(3) Oil-equivalent production is the sum of net liquids
production, net gas production
and oil sands production. The oil-equivalent gas
conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil. |
||||||||||||||||
(4) Includes share of affiliate sales (MB/D): |
519 | 501 | 504 | 503 | ||||||||||||
(5) 2008 conformed to the 2009 presentation |