|
Delaware
|
|
94-0890210
|
|
6001 Bollinger Canyon Road,
San Ramon, California 94583-2324 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
(Address of principal executive offices) (Zip Code)
|
Title of Each Class
|
|
Name of Each Exchange
on Which Registered |
Common stock, par value $.75 per share
|
|
New York Stock Exchange, Inc.
|
Large accelerated filer
þ
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller reporting company) |
|
Smaller reporting company
o
|
|
ITEM
|
|
PAGE
|
3
|
||
|
3
|
|
|
4
|
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|
4
|
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19
|
|
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21
|
|
22
|
||
24
|
||
24
|
||
24
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
26
|
||
26
|
||
26
|
||
27
|
||
27
|
||
27
|
||
27
|
||
28
|
||
|
28
|
|
|
29
|
EX-10.5
|
EX-24.9
|
EX-10.7
|
EX-24.10
|
EX-10.8
|
EX-24.11
|
EX-10.9
|
EX-24.12
|
EX-10.10
|
EX-31.1
|
EX-12.1
|
EX-31.2
|
EX-21.1
|
EX-32.1
|
EX-23.1
|
EX-32.2
|
EX-24.1
|
EX-95
|
EX-24.2
|
EX-99.1
|
EX-24.3
|
EX-101 INSTANCE DOCUMENT
|
EX-24.4
|
EX-101 SCHEMA DOCUMENT
|
EX-24.5
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
EX-24.6
|
EX-101 LABELS LINKBASE DOCUMENT
|
EX-24.7
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
EX-24.8
|
EX-101 DEFINITION LINKBASE DOCUMENT
|
|
|
|
At December 31
|
|
|
||||||
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
Liquids — Millions of barrels
|
|
|
|
|
|
|
|||
Consolidated Companies
|
4,285
|
|
|
4,303
|
|
|
4,353
|
|
|
Affiliated Companies
|
1,964
|
|
|
2,042
|
|
|
2,128
|
|
|
Total Liquids
|
6,249
|
|
|
6,345
|
|
|
6,481
|
|
|
Natural Gas — Billions of cubic feet
|
|
|
|
|
|
|
|||
Consolidated Companies
|
25,707
|
|
|
25,670
|
|
|
25,654
|
|
|
Affiliated Companies
|
3,409
|
|
|
3,476
|
|
|
3,541
|
|
|
Total Natural Gas
|
29,116
|
|
|
29,146
|
|
|
29,195
|
|
|
Oil-Equivalent — Millions of barrels
*
|
|
|
|
|
|
|
|||
Consolidated Companies
|
8,570
|
|
|
8,582
|
|
|
8,629
|
|
|
Affiliated Companies
|
2,532
|
|
|
2,621
|
|
|
2,718
|
|
|
Total Oil-Equivalent
|
11,102
|
|
|
11,203
|
|
|
11,347
|
|
|
*
|
As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.
|
|
At December 31, 2014
|
|
|
||||||||
|
Productive Oil Wells
|
|
Productive Gas Wells
|
|
|
||||||
|
Gross
|
|
|
Net
|
|
Gross
|
|
|
Net
|
|
|
United States
|
50,338
|
|
|
32,957
|
|
13,393
|
|
|
7,098
|
|
|
Other Americas
|
937
|
|
|
642
|
|
61
|
|
|
33
|
|
|
Africa
|
1,980
|
|
|
676
|
|
17
|
|
|
7
|
|
|
Asia
|
14,144
|
|
|
12,213
|
|
3,431
|
|
|
2,043
|
|
|
Australia/Oceania
|
744
|
|
|
417
|
|
76
|
|
|
15
|
|
|
Europe
|
322
|
|
|
69
|
|
161
|
|
|
34
|
|
|
Total Consolidated Companies
|
68,465
|
|
|
46,974
|
|
17,139
|
|
|
9,230
|
|
|
Affiliates
|
1,405
|
|
|
486
|
|
7
|
|
|
2
|
|
|
Total Including Affiliates
|
69,870
|
|
|
47,460
|
|
17,146
|
|
|
9,232
|
|
|
Multiple completion wells included above
|
954
|
|
|
678
|
|
412
|
|
|
382
|
|
|
|
Undeveloped
*
|
|
|
Developed
|
|
|
Developed and Undeveloped
|
|
|
|||||||||
Thousands of acres
|
Gross
|
|
|
Net
|
|
|
Gross
|
|
|
Net
|
|
|
Gross
|
|
|
Net
|
|
|
United States
|
5,724
|
|
|
4,718
|
|
|
7,139
|
|
|
4,726
|
|
|
12,863
|
|
|
9,444
|
|
|
Other Americas
|
26,834
|
|
|
15,134
|
|
|
1,403
|
|
|
390
|
|
|
28,237
|
|
|
15,524
|
|
|
Africa
|
14,967
|
|
|
8,766
|
|
|
3,167
|
|
|
1,333
|
|
|
18,134
|
|
|
10,099
|
|
|
Asia
|
28,998
|
|
|
13,864
|
|
|
1,549
|
|
|
901
|
|
|
30,547
|
|
|
14,765
|
|
|
Australia/Oceania
|
19,338
|
|
|
13,640
|
|
|
912
|
|
|
235
|
|
|
20,250
|
|
|
13,875
|
|
|
Europe
|
4,718
|
|
|
3,464
|
|
|
407
|
|
|
53
|
|
|
5,125
|
|
|
3,517
|
|
|
Total Consolidated Companies
|
100,579
|
|
|
59,586
|
|
|
14,577
|
|
|
7,638
|
|
|
115,156
|
|
|
67,224
|
|
|
Affiliates
|
534
|
|
|
230
|
|
|
269
|
|
|
105
|
|
|
803
|
|
|
335
|
|
|
Total Including Affiliates
|
101,113
|
|
|
59,816
|
|
|
14,846
|
|
|
7,743
|
|
|
115,959
|
|
|
67,559
|
|
|
*
|
The gross undeveloped acres that will expire in
2015
,
2016
and
2017
if production is not established by certain required dates are 8,065, 3,913 and 2,110, respectively.
|
|
Wells Drilling
|
|
Net Wells Completed
|
|
|
|||||||||||||||
|
at 12/31/14
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|||||||||
|
Gross
|
|
Net
|
|
Prod.
|
|
Dry
|
|
|
Prod.
|
|
Dry
|
|
|
Prod.
|
|
Dry
|
|
|
|
United States
|
120
|
|
76
|
|
|
1,085
|
|
8
|
|
|
1,101
|
|
4
|
|
|
941
|
|
6
|
|
|
Other Americas
|
65
|
|
39
|
|
|
81
|
|
—
|
|
|
127
|
|
—
|
|
|
50
|
|
—
|
|
|
Africa
|
27
|
|
8
|
|
|
9
|
|
—
|
|
|
20
|
|
1
|
|
|
23
|
|
—
|
|
|
Asia
|
140
|
|
70
|
|
|
1,025
|
|
4
|
|
|
535
|
|
5
|
|
|
566
|
|
6
|
|
|
Australia/Oceania
|
9
|
|
7
|
|
|
9
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
Europe
|
3
|
|
—
|
|
|
2
|
|
—
|
|
|
3
|
|
—
|
|
|
9
|
|
—
|
|
|
Total Consolidated Companies
|
364
|
|
200
|
|
|
2,211
|
|
12
|
|
|
1,786
|
|
10
|
|
|
1,589
|
|
12
|
|
|
Affiliates
|
27
|
|
12
|
|
|
25
|
|
1
|
|
|
25
|
|
—
|
|
|
26
|
|
—
|
|
|
Total Including Affiliates
|
391
|
|
212
|
|
|
2,236
|
|
13
|
|
|
1,811
|
|
10
|
|
|
1,615
|
|
12
|
|
|
|
Wells Drilling
|
|
Net Wells Completed
|
|
|
|||||||||||||||||||
|
at 12/31/14
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|||||||||||||
|
Gross
|
|
|
Net
|
|
|
Prod.
|
|
|
Dry
|
|
|
Prod.
|
|
|
Dry
|
|
|
Prod.
|
|
|
Dry
|
|
|
United States
|
13
|
|
|
7
|
|
|
20
|
|
|
12
|
|
|
17
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
Other Americas
|
8
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
12
|
|
|
2
|
|
|
8
|
|
|
—
|
|
|
Africa
|
2
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
Asia
|
—
|
|
|
—
|
|
|
7
|
|
|
2
|
|
|
13
|
|
|
4
|
|
|
12
|
|
|
3
|
|
|
Australia/Oceania
|
1
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
Europe
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
2
|
|
|
Total Consolidated Companies
|
26
|
|
|
12
|
|
|
37
|
|
|
16
|
|
|
47
|
|
|
10
|
|
|
29
|
|
|
7
|
|
|
Affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Including Affiliates
|
26
|
|
|
12
|
|
|
37
|
|
|
16
|
|
|
47
|
|
|
10
|
|
|
29
|
|
|
7
|
|
|
Capacities and inputs in thousands of barrels per day
|
December 31, 2014
|
|
Refinery Inputs
|
|
|
|||||||
Locations
|
Number
|
Operable Capacity
|
|
2014
|
|
2013
|
|
2012
|
|
|
||
Pascagoula
|
Mississippi
|
1
|
|
330
|
|
329
|
|
304
|
|
335
|
|
|
El Segundo
|
California
|
1
|
|
269
|
|
221
|
|
235
|
|
265
|
|
|
Richmond
|
California
|
1
|
|
257
|
|
229
|
|
153
|
|
142
|
|
|
Kapolei
|
Hawaii
|
1
|
|
54
|
|
47
|
|
39
|
|
46
|
|
|
Salt Lake City
|
Utah
|
1
|
|
50
|
|
45
|
|
43
|
|
45
|
|
|
Total Consolidated Companies — United States
|
5
|
|
960
|
|
871
|
|
774
|
|
833
|
|
|
|
Map Ta Phut
1
|
Thailand
|
1
|
|
165
|
|
141
|
|
161
|
|
95
|
|
|
Cape Town
2
|
South Africa
|
1
|
|
110
|
|
72
|
|
78
|
|
79
|
|
|
Burnaby, B.C.
|
Canada
|
1
|
|
55
|
|
49
|
|
42
|
|
49
|
|
|
Total Consolidated Companies — International
|
3
|
|
330
|
|
262
|
|
281
|
|
223
|
|
|
|
Affiliates
1,3
|
Various Locations
|
5
|
|
610
|
|
557
|
|
583
|
|
646
|
|
|
Total Including Affiliates — International
|
8
|
|
940
|
|
819
|
|
864
|
|
869
|
|
|
|
Total Including Affiliates — Worldwide
|
13
|
|
1,900
|
|
1,690
|
|
1,638
|
|
1,702
|
|
|
1
|
As of June 2012, Star Petroleum Refining Company crude input volumes are reported on a consolidated basis. Prior to June 2012, crude volumes reflect a 64 percent equity interest and are reported in affiliates.
|
2
|
Chevron holds a controlling interest in the shares issued by Chevron South Africa (Pty) Limited, which owns the Cape Town Refinery. A consortium of South African partners, along with the employees of Chevron South Africa (Pty) Limited, own preferred shares ultimately convertible to 25 percent equity interest in Chevron South Africa (Pty) Limited.
|
3
|
In fourth quarter 2014, Caltex Australia Ltd. completed the conversion of the 68,000-barrel-per-day Kurnell refinery into an import terminal.
|
Thousands of barrels per day
|
2014
|
|
2013
|
|
2012
|
|
|
United States
|
|
|
|
|
|||
Gasoline
|
615
|
|
613
|
|
624
|
|
|
Jet Fuel
|
222
|
|
215
|
|
212
|
|
|
Gas Oil and Kerosene
|
217
|
|
195
|
|
213
|
|
|
Residual Fuel Oil
|
63
|
|
69
|
|
68
|
|
|
Other Petroleum Products
1
|
93
|
|
90
|
|
94
|
|
|
Total United States
|
1,210
|
|
1,182
|
|
1,211
|
|
|
International
2
|
|
|
|
|
|||
Gasoline
|
403
|
|
398
|
|
412
|
|
|
Jet Fuel
|
249
|
|
245
|
|
243
|
|
|
Gas Oil and Kerosene
|
498
|
|
510
|
|
496
|
|
|
Residual Fuel Oil
|
162
|
|
179
|
|
210
|
|
|
Other Petroleum Products
1
|
189
|
|
197
|
|
193
|
|
|
Total International
|
1,501
|
|
1,529
|
|
1,554
|
|
|
Total Worldwide
2
|
2,711
|
|
2,711
|
|
2,765
|
|
|
1
Principally naphtha, lubricants, asphalt and coke.
|
|
|
|||||
2
Includes share of affiliates’ sales:
|
475
|
|
471
|
|
522
|
|
|
|
Total Number
|
|
Average
|
Total Number of Shares
|
|
Maximum Number of Shares
|
|
of Shares
|
|
Price Paid
|
Purchased as Part of Publicly
|
|
That May Yet be Purchased
|
Period
|
Purchased
1,2
|
|
per Share
|
Announced Program
|
|
Under the Program
2
|
Oct. 1 – Oct. 31, 2014
|
3,951,297
|
|
$114.97
|
3,951,111
|
|
—
|
Nov. 1 – Nov. 30, 2014
|
3,308,849
|
|
117.00
|
3,307,758
|
|
—
|
Dec. 1 – Dec. 31, 2014
|
3,733,530
|
|
109.48
|
3,733,530
|
|
—
|
Total Oct. 1 – Dec. 31, 2014
|
10,993,676
|
|
$113.72
|
10,992,399
|
|
—
|
1
|
Includes common shares repurchased from company employees for required personal income tax withholdings on the exercise of the stock options and shares delivered or attested to in satisfaction of the exercise price by holders of the employee stock options. The options were issued to and exercised by management under Chevron long-term incentive plans and Unocal stock option plans.
|
2
|
In July 2010, the Board of Directors approved an ongoing share repurchase program with no set term or monetary limits, under which common shares would be acquired by the company through open market purchases or in negotiated transactions at prevailing prices, as permitted by securities laws and other legal requirements and subject to market conditions and other factors. As of December 31,
2014
,
180,886,291
shares had been acquired under this program (some pursuant to a Rule 10b5-1 plan and some pursuant to accelerated share repurchase plans) for
$20 billion
at an average price of approximately
$111
per share. The company does not plan to acquire any shares under the program in 2015.
|
(a)
|
The following documents are filed as part of this report:
|
|
Year ended December 31
|
|
|||||||
Millions of Dollars
|
2014
|
|
2013
|
|
2012
|
|
|||
Employee Termination Benefits
|
|
|
|
||||||
Balance at January 1
|
$
|
14
|
|
$
|
30
|
|
$
|
63
|
|
Additions (reductions) charged to expense
|
53
|
|
(6
|
)
|
3
|
|
|||
Payments
|
(18
|
)
|
(10
|
)
|
(36
|
)
|
|||
Balance at December 31
|
$
|
49
|
|
$
|
14
|
|
$
|
30
|
|
Allowance for Doubtful Accounts
|
|
|
|
||||||
Balance at January 1
|
$
|
95
|
|
$
|
155
|
|
$
|
167
|
|
Additions (reductions) to expense
|
119
|
|
1
|
|
(4
|
)
|
|||
Bad debt write-offs
|
(20
|
)
|
(61
|
)
|
(8
|
)
|
|||
Balance at December 31
|
$
|
194
|
|
$
|
95
|
|
$
|
155
|
|
Deferred Income Tax Valuation Allowance
*
|
|
|
|
||||||
Balance at January 1
|
$
|
17,171
|
|
$
|
15,443
|
|
$
|
11,096
|
|
Additions to deferred income tax expense
|
1,192
|
|
2,665
|
|
5,471
|
|
|||
Reduction of deferred income tax expense
|
(2,071
|
)
|
(937
|
)
|
(1,124
|
)
|
|||
Balance at December 31
|
$
|
16,292
|
|
$
|
17,171
|
|
$
|
15,443
|
|
|
Chevron Corporation
|
By
|
/s/ JOHN S. WATSON
|
|
John S. Watson, Chairman of the Board
and Chief Executive Officer |
Principal Executive Officers
|
(and Directors)
|
|
/s/JOHN S. WATSON
John S. Watson, Chairman of the Board and Chief Executive Officer |
|
/s/GEORGE L. KIRKLAND
George L. Kirkland, Vice Chairman of the Board |
|
Principal Financial Officer
|
|
/s/PATRICIA E. YARRINGTON
Patricia E. Yarrington, Vice President and Chief Financial Officer |
|
Principal Accounting Officer
|
|
/s/MATTHEW J. FOEHR
Matthew J. Foehr, Vice President and Comptroller |
|
*
By:
/s/LYDIA I. BEEBE
Lydia I. Beebe, Attorney-in-Fact |
|
Directors
|
|
ALEXANDER B. CUMMINGS, JR.
*
Alexander B. Cummings, Jr. |
|
LINNET F. DEILY
*
Linnet F. Deily |
|
ROBERT E. DENHAM
*
Robert E. Denham |
|
ALICE P. GAST
*
Alice P. Gast |
|
ENRIQUE HERNANDEZ, JR.
*
Enrique Hernandez, Jr. |
|
JON M. HUNTSMAN, JR.
*
Jon M. Huntsman, Jr. |
|
CHARLES W. MOORMAN
*
Charles W. Moorman |
|
KEVIN W. SHARER
*
Kevin W. Sharer |
|
JOHN G. STUMPF
*
John G. Stumpf
|
|
RONALD D. SUGAR
*
Ronald D. Sugar
|
|
INGE G. THULIN
*
Inge G. Thulin |
|
CARL WARE
*
Carl Ware |
|
|
|
FS-2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Data
FS-11
|
|
|
|
Financial Ratios
FS-14
|
|
Off-Balance-Sheet Arrangements, Contractual Obligations,
Guarantees and Other Contingencies
FS-14
|
|
|
|
|
|
|
|
Environmental Matters
FS-16
|
|
|
|
New Accounting Standards
FS-20
|
|
|
|
|
|
|
|
FS-21
|
|
|
|
|
|
Consolidated Financial Statements
|
|
Reports of Management
FS-21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FS-28
|
|
|
|
Note
2
|
Changes in Accumulated Other Comprehensive Losses
FS-30
|
Note
3
|
Noncontrolling Interests
FS-31
|
Note
4
|
|
|
Statement of Cash Flows
FS-31
|
Note
5
|
Equity
FS-32
|
Note
6
|
Lease Commitments
FS-32
|
Note
7
|
|
Note
8
|
|
Note
9
|
Fair Value Measurements
FS-34
|
Note
10
|
|
Note 1
1
|
Earnings Per Share
FS-37
|
Note 1
2
|
|
Note 1
3
|
Investments and Advances
FS-40
|
Note 1
4
|
|
Note 1
5
|
Litigation
FS-42
|
Note 1
6
|
Taxes
FS-45
|
Note 1
7
|
Long
-Term Debt
FS-48
|
Note 1
8
|
Short
-Term Debt
FS-49
|
Note 1
9
|
New Accounting Standards
FS-49
|
Note
20
|
|
Note 2
1
|
|
Note 2
2
|
Employee Benefit Plans
FS-52
|
Note 2
3
|
|
Note 2
4
|
|
Note 2
5
|
|
|
|
|
|
|
Millions of dollars, except per-share amounts
|
2014
|
|
|
2013
|
|
|
2012
|
|
|||
Net Income Attributable to Chevron Corporation
|
$
|
19,241
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
Per Share Amounts:
|
|
|
|
|
|
|
|||||
Net Income Attributable to Chevron Corporation
|
|
|
|
|
|
|
|||||
– Basic
|
$
|
10.21
|
|
|
$
|
11.18
|
|
|
$
|
13.42
|
|
– Diluted
|
$
|
10.14
|
|
|
$
|
11.09
|
|
|
$
|
13.32
|
|
Dividends
|
$
|
4.21
|
|
|
$
|
3.90
|
|
|
$
|
3.51
|
|
Sales and Other Operating Revenues
|
$
|
200,494
|
|
|
$
|
220,156
|
|
|
$
|
230,590
|
|
Return on:
|
|
|
|
|
|
|
|||||
Capital Employed
|
10.9
|
%
|
|
13.5
|
%
|
|
18.7
|
%
|
|||
Stockholders’ Equity
|
12.7
|
%
|
|
15.0
|
%
|
|
20.3
|
%
|
|||
Earnings by Major Operating Area
|
|||||||||||
Millions of dollars
|
2014
|
|
|
2013
|
|
|
2012
|
|
|||
Upstream
|
|
|
|
|
|
||||||
United States
|
$
|
3,327
|
|
|
$
|
4,044
|
|
|
$
|
5,332
|
|
International
|
13,566
|
|
|
16,765
|
|
|
18,456
|
|
|||
Total Upstream
|
16,893
|
|
|
20,809
|
|
|
23,788
|
|
|||
Downstream
|
|
|
|
|
|
||||||
United States
|
2,637
|
|
|
787
|
|
|
2,048
|
|
|||
International
|
1,699
|
|
|
1,450
|
|
|
2,251
|
|
|||
Total Downstream
|
4,336
|
|
|
2,237
|
|
|
4,299
|
|
|||
All Other
|
(1,988
|
)
|
|
(1,623
|
)
|
|
(1,908
|
)
|
|||
Net Income Attributable to Chevron Corporation
1,2
|
$
|
19,241
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
1
Includes foreign currency effects:
|
$
|
487
|
|
|
$
|
474
|
|
|
$
|
(454
|
)
|
2
Income net of tax, also referred to as “earnings” in the discussions that follow.
|
|
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Earnings
|
$
|
3,327
|
|
|
|
$
|
4,044
|
|
|
$
|
5,332
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Earnings
*
|
$
|
13,566
|
|
|
|
$
|
16,765
|
|
|
$
|
18,456
|
|
|
|
|
|
|||||||||
*
Includes foreign currency effects:
|
$
|
597
|
|
|
|
$
|
559
|
|
|
$
|
(275
|
)
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Earnings
|
$
|
2,637
|
|
|
|
$
|
787
|
|
|
$
|
2,048
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Earnings
*
|
$
|
1,699
|
|
|
|
$
|
1,450
|
|
|
$
|
2,251
|
|
|
|
|
|
|||||||||
*
Includes foreign currency effects:
|
$
|
(112
|
)
|
|
|
$
|
(76
|
)
|
|
$
|
(173
|
)
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Net charges
*
|
$
|
(1,988
|
)
|
|
|
$
|
(1,623
|
)
|
|
$
|
(1,908
|
)
|
|
|
|
|
|||||||||
*
Includes foreign currency effects:
|
$
|
2
|
|
|
|
$
|
(9
|
)
|
|
$
|
(6
|
)
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Sales and other operating revenues
|
$
|
200,494
|
|
|
|
$
|
220,156
|
|
|
$
|
230,590
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Income from equity affiliates
|
$
|
7,098
|
|
|
|
$
|
7,527
|
|
|
$
|
6,889
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Other income
|
$
|
4,378
|
|
|
|
$
|
1,165
|
|
|
$
|
4,430
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Purchased crude oil and products
|
$
|
119,671
|
|
|
|
$
|
134,696
|
|
|
$
|
140,766
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Operating, selling, general and administrative expenses
|
$
|
29,779
|
|
|
|
$
|
29,137
|
|
|
$
|
27,294
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Exploration expense
|
$
|
1,985
|
|
|
|
$
|
1,861
|
|
|
$
|
1,728
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Depreciation, depletion and amortization
|
$
|
16,793
|
|
|
|
$
|
14,186
|
|
|
$
|
13,413
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Taxes other than on income
|
$
|
12,540
|
|
|
|
$
|
13,063
|
|
|
$
|
12,376
|
|
Millions of dollars
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Income tax expense
|
$
|
11,892
|
|
|
|
$
|
14,308
|
|
|
$
|
19,996
|
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
U.S. Upstream
|
|
|
|
|
|
|
||||||
Net Crude Oil and Natural Gas Liquids Production (MBPD)
|
456
|
|
|
|
449
|
|
|
455
|
|
|||
Net Natural Gas Production (MMCFPD)
3
|
1,250
|
|
|
|
1,246
|
|
|
1,203
|
|
|||
Net Oil-Equivalent Production (MBOEPD)
|
664
|
|
|
|
657
|
|
|
655
|
|
|||
Sales of Natural Gas (MMCFPD)
|
3,995
|
|
|
|
5,483
|
|
|
5,470
|
|
|||
Sales of Natural Gas Liquids (MBPD)
|
20
|
|
|
|
17
|
|
|
16
|
|
|||
Revenues From Net Production
|
|
|
|
|
|
|
||||||
Liquids ($/Bbl)
|
$
|
84.13
|
|
|
|
$
|
93.46
|
|
|
$
|
95.21
|
|
Natural Gas ($/MCF)
|
$
|
3.90
|
|
|
|
$
|
3.37
|
|
|
$
|
2.64
|
|
International Upstream
|
|
|
|
|
|
|
||||||
Net Crude Oil and Natural Gas Liquids Production (MBPD)
4
|
1,253
|
|
|
|
1,282
|
|
|
1,309
|
|
|||
Net Natural Gas Production (MMCFPD)
3
|
3,917
|
|
|
|
3,946
|
|
|
3,871
|
|
|||
Net Oil-Equivalent Production (MBOEPD)
4
|
1,907
|
|
|
|
1,940
|
|
|
1,955
|
|
|||
Sales of Natural Gas (MMCFPD)
|
4,304
|
|
|
|
4,251
|
|
|
4,315
|
|
|||
Sales of Natural Gas Liquids (MBPD)
|
28
|
|
|
|
26
|
|
|
24
|
|
|||
Revenues From Liftings
|
|
|
|
|
|
|
||||||
Liquids ($/Bbl)
|
$
|
90.42
|
|
|
|
$
|
100.26
|
|
|
$
|
101.88
|
|
Natural Gas ($/MCF)
|
$
|
5.78
|
|
|
|
$
|
5.91
|
|
|
$
|
5.99
|
|
Worldwide Upstream
|
|
|
|
|
|
|
||||||
Net Oil-Equivalent Production (MBOEPD)
4
|
|
|
|
|
|
|
||||||
United States
|
664
|
|
|
|
657
|
|
|
655
|
|
|||
International
|
1,907
|
|
|
|
1,940
|
|
|
1,955
|
|
|||
Total
|
2,571
|
|
|
|
2,597
|
|
|
2,610
|
|
|||
U.S. Downstream
|
|
|
|
|
|
|
||||||
Gasoline Sales (MBPD)
5
|
615
|
|
|
|
613
|
|
|
624
|
|
|||
Other Refined Product Sales (MBPD)
|
595
|
|
|
|
569
|
|
|
587
|
|
|||
Total Refined Product Sales (MBPD)
|
1,210
|
|
|
|
1,182
|
|
|
1,211
|
|
|||
Sales of Natural Gas Liquids (MBPD)
|
121
|
|
|
|
125
|
|
|
141
|
|
|||
Refinery Input (MBPD)
|
871
|
|
|
|
774
|
|
|
833
|
|
|||
International Downstream
|
|
|
|
|
|
|
||||||
Gasoline Sales (MBPD)
5
|
403
|
|
|
|
398
|
|
|
412
|
|
|||
Other Refined Product Sales (MBPD)
|
1,098
|
|
|
|
1,131
|
|
|
1,142
|
|
|||
Total Refined Product Sales (MBPD)
6
|
1,501
|
|
|
|
1,529
|
|
|
1,554
|
|
|||
Sales of Natural Gas Liquids (MBPD)
|
58
|
|
|
|
62
|
|
|
64
|
|
|||
Refinery Input (MBPD)
7
|
819
|
|
|
|
864
|
|
|
869
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
|||||||||||||||||||||
Millions of dollars
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|||||||||
Upstream
|
$
|
8,799
|
|
$
|
28,316
|
|
$
|
37,115
|
|
|
|
$
|
8,480
|
|
$
|
29,378
|
|
$
|
37,858
|
|
|
|
$
|
8,531
|
|
$
|
21,913
|
|
$
|
30,444
|
|
Downstream
|
1,649
|
|
941
|
|
2,590
|
|
|
|
1,986
|
|
1,189
|
|
3,175
|
|
|
|
1,913
|
|
1,259
|
|
3,172
|
|
|||||||||
All Other
|
584
|
|
27
|
|
611
|
|
|
|
821
|
|
23
|
|
844
|
|
|
|
602
|
|
11
|
|
613
|
|
|||||||||
Total
|
$
|
11,032
|
|
$
|
29,284
|
|
$
|
40,316
|
|
|
|
$
|
11,287
|
|
$
|
30,590
|
|
$
|
41,877
|
|
|
|
$
|
11,046
|
|
$
|
23,183
|
|
$
|
34,229
|
|
Total, Excluding Equity in Affiliates
|
$
|
10,011
|
|
$
|
26,838
|
|
$
|
36,849
|
|
|
|
$
|
10,562
|
|
$
|
28,617
|
|
$
|
39,179
|
|
|
|
$
|
10,738
|
|
$
|
21,374
|
|
$
|
32,112
|
|
|
At December 31
|
|
|||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
Current Ratio
|
1.3
|
|
|
|
1.5
|
|
|
1.6
|
|
Interest Coverage Ratio
|
87.2
|
|
|
|
126.2
|
|
|
191.3
|
|
Debt Ratio
|
15.2
|
%
|
|
|
12.1
|
%
|
|
8.2
|
%
|
|
Payments Due by Period
|
|
|||||||||||||||||
Millions of dollars
|
Total
1
|
|
|
2015
|
|
|
2016-2017
|
|
|
2018-2019
|
|
|
After 2019
|
|
|||||
On Balance Sheet:
2
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-Term Debt
3
|
$
|
3,790
|
|
|
$
|
3,790
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt
3
|
23,960
|
|
|
—
|
|
|
13,200
|
|
|
4,650
|
|
|
6,110
|
|
|||||
Noncancelable Capital Lease Obligations
|
140
|
|
|
34
|
|
|
47
|
|
|
35
|
|
|
24
|
|
|||||
Interest
|
2,393
|
|
|
378
|
|
|
737
|
|
|
445
|
|
|
833
|
|
|||||
Off Balance Sheet:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncancelable Operating Lease Obligations
|
3,498
|
|
|
793
|
|
|
1,229
|
|
|
787
|
|
|
689
|
|
|||||
Throughput and Take-or-Pay Agreements
4
|
9,627
|
|
|
1,985
|
|
|
2,165
|
|
|
1,842
|
|
|
3,635
|
|
|||||
Other Unconditional Purchase Obligations
4
|
7,490
|
|
|
1,633
|
|
|
3,120
|
|
|
1,895
|
|
|
842
|
|
1
|
Excludes contributions for pensions and other postretirement benefit plans. Information on employee benefit plans is contained in Note 22 beginning on page FS-52.
|
2
|
Does not include amounts related to the company’s income tax liabilities associated with uncertain tax positions. The company is unable to make reasonable estimates of the periods in which such liabilities may become payable. The company does not expect settlement of such liabilities to have a material effect on its consolidated financial position or liquidity in any single period.
|
3
|
$8.0 billion of short-term debt that the company expects to refinance is included in long-term debt. The repayment schedule above reflects the projected repayment of the entire amounts in the
2016
–
2017
period.
|
4
|
Does not include commodity purchase obligations that are not fixed or determinable. These obligations are generally monetized in a relatively short period of time through sales transactions or similar agreements with third parties. Examples include obligations to purchase LNG, regasified natural gas and refinery products at indexed prices.
|
|
Commitment Expiration by Period
|
||||||||
Millions of dollars
|
Total
|
|
2015
|
|
2016-2017
|
|
2018-2019
|
|
After 2019
|
Guarantee of nonconsolidated affiliate or joint-venture obligations
|
$485
|
|
$38
|
|
$76
|
|
$76
|
|
$295
|
Millions of dollars
|
2014
|
|
|
2013
|
|
|
2012
|
|
|||
Balance at January 1
|
$
|
1,456
|
|
|
$
|
1,403
|
|
|
$
|
1,404
|
|
Net Additions
|
636
|
|
|
488
|
|
|
428
|
|
|||
Expenditures
|
(409
|
)
|
|
(435
|
)
|
|
(429
|
)
|
|||
Balance at December 31
|
$
|
1,683
|
|
|
$
|
1,456
|
|
|
$
|
1,403
|
|
1.
|
the nature of the estimates and assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters, or the susceptibility of such matters to change; and
|
2.
|
the impact of the estimates and assumptions on the company’s financial condition or operating performance is material.
|
1.
|
Amortization - Capitalized exploratory drilling and development costs are depreciated on a unit-of-production (UOP) basis using proved developed reserves. Acquisition costs of proved properties are amortized on a UOP basis using total proved reserves. During
2014
, Chevron's UOP Depreciation, Depletion and Amortization (DD&A) for oil and gas properties was
$13.0 billion
, and proved developed reserves at the beginning of
2014
were 4.8 billion barrels for consolidated companies. If the estimates of proved reserves used in the UOP calculations for consolidated operations had been lower by 5 percent across all oil and gas properties, UOP DD&A in
2014
would have increased by approximately
$690 million
.
|
2.
|
Impairment - Oil and gas reserves are used in assessing oil and gas producing properties for impairment. A significant reduction in the estimated reserves of a property would trigger an impairment review. In assessing whether the property is impaired, the fair value of the property must be determined. Frequently, a discounted cash flow methodology is the best estimate of fair value. Proved reserves (and, in some cases, a portion of unproved resources) are used to estimate future production volumes in the cash flow model. For a further discussion of estimates and assumptions used in impairment assessments, see
Impairment of Properties, Plant and Equipment and Investments in Affiliates
below.
|
|
|
2014
|
|
2013
|
|
|
|||||||||||||||||||||||||||
|
Millions of dollars, except per-share amounts
|
4th Q
|
|
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
||||||||
|
Revenues and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Sales and other operating revenues
1
|
$
|
42,111
|
|
|
$
|
51,822
|
|
|
$
|
55,583
|
|
|
$
|
50,978
|
|
|
$
|
53,950
|
|
|
$
|
56,603
|
|
|
$
|
55,307
|
|
|
$
|
54,296
|
|
|
|
Income from equity affiliates
|
1,555
|
|
|
1,912
|
|
|
1,709
|
|
|
1,922
|
|
|
1,824
|
|
|
1,635
|
|
|
1,784
|
|
|
2,284
|
|
|
||||||||
|
Other income
|
2,422
|
|
|
945
|
|
|
646
|
|
|
365
|
|
|
384
|
|
|
265
|
|
|
278
|
|
|
238
|
|
|
||||||||
|
Total Revenues and Other Income
|
46,088
|
|
|
54,679
|
|
|
57,938
|
|
|
53,265
|
|
|
56,158
|
|
|
58,503
|
|
|
57,369
|
|
|
56,818
|
|
|
||||||||
|
Costs and Other Deductions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Purchased crude oil and products
|
24,263
|
|
|
30,741
|
|
|
33,844
|
|
|
30,823
|
|
|
32,691
|
|
|
34,822
|
|
|
34,273
|
|
|
32,910
|
|
|
||||||||
|
Operating expenses
|
6,572
|
|
|
6,403
|
|
|
6,287
|
|
|
6,023
|
|
|
6,521
|
|
|
6,066
|
|
|
6,278
|
|
|
5,762
|
|
|
||||||||
|
Selling, general and administrative expenses
|
1,368
|
|
|
1,122
|
|
|
1,077
|
|
|
927
|
|
|
1,176
|
|
|
1,197
|
|
|
1,139
|
|
|
998
|
|
|
||||||||
|
Exploration expenses
|
510
|
|
|
366
|
|
|
694
|
|
|
415
|
|
|
726
|
|
|
559
|
|
|
329
|
|
|
247
|
|
|
||||||||
|
Depreciation, depletion and amortization
|
4,873
|
|
|
3,948
|
|
|
3,842
|
|
|
4,130
|
|
|
3,635
|
|
|
3,658
|
|
|
3,412
|
|
|
3,481
|
|
|
||||||||
|
Taxes other than on income
1
|
3,118
|
|
|
3,236
|
|
|
3,167
|
|
|
3,019
|
|
|
3,211
|
|
|
3,366
|
|
|
3,349
|
|
|
3,137
|
|
|
||||||||
|
Total Costs and Other Deductions
|
40,704
|
|
|
45,816
|
|
|
48,911
|
|
|
45,337
|
|
|
47,960
|
|
|
49,668
|
|
|
48,780
|
|
|
46,535
|
|
|
||||||||
|
Income Before Income Tax Expense
|
5,384
|
|
|
8,863
|
|
|
9,027
|
|
|
7,928
|
|
|
8,198
|
|
|
8,835
|
|
|
8,589
|
|
|
10,283
|
|
|
||||||||
|
Income Tax Expense
|
1,912
|
|
|
3,236
|
|
|
3,337
|
|
|
3,407
|
|
|
3,240
|
|
|
3,839
|
|
|
3,185
|
|
|
4,044
|
|
|
||||||||
|
Net Income
|
$
|
3,472
|
|
|
$
|
5,627
|
|
|
$
|
5,690
|
|
|
$
|
4,521
|
|
|
$
|
4,958
|
|
|
$
|
4,996
|
|
|
$
|
5,404
|
|
|
$
|
6,239
|
|
|
|
Less: Net income attributable to
noncontrolling interests |
1
|
|
|
34
|
|
|
25
|
|
|
9
|
|
|
28
|
|
|
46
|
|
|
39
|
|
|
61
|
|
|
||||||||
|
Net Income Attributable to Chevron Corporation
|
$
|
3,471
|
|
|
$
|
5,593
|
|
|
$
|
5,665
|
|
|
$
|
4,512
|
|
|
$
|
4,930
|
|
|
$
|
4,950
|
|
|
$
|
5,365
|
|
|
$
|
6,178
|
|
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Net Income Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
– Basic
|
$1.86
|
|
$2.97
|
|
$3.00
|
|
$2.38
|
|
$2.60
|
|
$2.58
|
|
$2.80
|
|
$3.20
|
|
||||||||||||||||
|
– Diluted
|
$1.85
|
|
$2.95
|
|
$2.98
|
|
$2.36
|
|
$2.57
|
|
$2.57
|
|
$2.77
|
|
$3.18
|
|
||||||||||||||||
|
Dividends
|
$1.07
|
|
$1.07
|
|
$1.07
|
|
$1.00
|
|
$1.00
|
|
$1.00
|
|
$1.00
|
|
$0.90
|
|
||||||||||||||||
|
Common Stock Price Range – High
2
|
$120.17
|
|
$135.10
|
|
$133.57
|
|
$125.32
|
|
$125.65
|
|
$127.83
|
|
$127.40
|
|
$121.56
|
|
||||||||||||||||
|
– Low
2
|
$100.15
|
|
$118.66
|
|
$116.50
|
|
$109.27
|
|
$114.44
|
|
$117.22
|
|
$114.12
|
|
$108.74
|
|
||||||||||||||||
|
1
Includes excise, value-added and similar taxes:
|
$
|
2,004
|
|
|
$
|
2,116
|
|
|
$
|
2,120
|
|
|
$
|
1,946
|
|
|
$
|
2,128
|
|
|
$
|
2,223
|
|
|
$
|
2,108
|
|
|
$
|
2,033
|
|
|
|
2
Intraday price.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
The company’s common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 9, 2015, stockholders of record numbered approximately 152,000. There are no restrictions on the company’s ability to pay dividends.
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Management’s Responsibility for Financial Statements
|
|
||||
|
|
|
||||
|
To the Stockholders of Chevron Corporation
Management of Chevron is responsible for preparing the accompanying consolidated financial statements and the related information appearing in this report. The statements were prepared in accordance with accounting principles generally accepted in the United States of America and fairly represent the transactions and financial position of the company. The financial statements include amounts that are based on management’s best estimates and judgments.
As stated in its report included herein, the independent registered public accounting firm of PricewaterhouseCoopers LLP has audited the company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States).
The Board of Directors of Chevron has an Audit Committee composed of directors who are not officers or employees of the company. The Audit Committee meets regularly with members of management, the internal auditors and the independent registered public accounting firm to review accounting, internal control, auditing and financial reporting matters. Both the internal auditors and the independent registered public accounting firm have free and direct access to the Audit Committee without the presence of management.
|
|
||||
|
|
|
||||
|
Management’s Report on Internal Control Over Financial Reporting
|
|
||||
|
The company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s internal control over financial reporting based on the
Internal Control – Integrated Framework
(2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this evaluation, the company’s management concluded that internal control over financial reporting was effective as of December 31, 2014.
On May 14, 2013, COSO published an updated
Internal Control - Integrated Framework
(2013) and related illustrative documents. The company adopted the new framework effective January 1, 2014.
The effectiveness of the company’s internal control over financial reporting as of December 31, 2014, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein.
|
|
||||
|
|
|
|
|
|
|
|
/s/ JOHN S. WATSON
|
|
/s/ PATRICIA E. YARRINGTON
|
|
/s/ MATTHEW J. FOEHR
|
|
|
|
|
|
|
|
|
|
John S. Watson
|
|
Patricia E. Yarrington
|
|
Matthew J. Foehr
|
|
|
Chairman of the Board
|
|
Vice President
|
|
Vice President
|
|
|
and Chief Executive Officer
|
|
and Chief Financial Officer
|
|
and Comptroller
|
|
|
|
|
|
|
|
|
|
February 20, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
To the Stockholders and the Board of Directors of Chevron Corporation:
In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of income, comprehensive income, equity and of cash flows present fairly, in all material respects, the financial position of Chevron Corporation and its subsidiaries at December 31, 2014, and December 31, 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on criteria established in
Internal Control – Integrated Framework
(
2013
)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
|
|
|
|
|
|
/s/ PRICEWATERHOUSE COOPERS LLP
|
|
|
San Francisco, California
|
|
|
February 20, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year ended December 31
|
|
|
|||||||||
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|||
|
Revenues and Other Income
|
|
|
|
|
|
|
||||||
|
Sales and other operating revenues
*
|
$
|
200,494
|
|
|
$
|
220,156
|
|
|
$
|
230,590
|
|
|
|
Income from equity affiliates
|
7,098
|
|
|
7,527
|
|
|
6,889
|
|
|
|||
|
Other income
|
4,378
|
|
|
1,165
|
|
|
4,430
|
|
|
|||
|
Total Revenues and Other Income
|
211,970
|
|
|
228,848
|
|
|
241,909
|
|
|
|||
|
Costs and Other Deductions
|
|
|
|
|
|
|
||||||
|
Purchased crude oil and products
|
119,671
|
|
|
134,696
|
|
|
140,766
|
|
|
|||
|
Operating expenses
|
25,285
|
|
|
24,627
|
|
|
22,570
|
|
|
|||
|
Selling, general and administrative expenses
|
4,494
|
|
|
4,510
|
|
|
4,724
|
|
|
|||
|
Exploration expenses
|
1,985
|
|
|
1,861
|
|
|
1,728
|
|
|
|||
|
Depreciation, depletion and amortization
|
16,793
|
|
|
14,186
|
|
|
13,413
|
|
|
|||
|
Taxes other than on income
*
|
12,540
|
|
|
13,063
|
|
|
12,376
|
|
|
|||
|
Total Costs and Other Deductions
|
180,768
|
|
|
192,943
|
|
|
195,577
|
|
|
|||
|
Income Before Income Tax Expense
|
31,202
|
|
|
35,905
|
|
|
46,332
|
|
|
|||
|
Income Tax Expense
|
11,892
|
|
|
14,308
|
|
|
19,996
|
|
|
|||
|
Net Income
|
19,310
|
|
|
21,597
|
|
|
26,336
|
|
|
|||
|
Less: Net income attributable to noncontrolling interests
|
69
|
|
|
174
|
|
|
157
|
|
|
|||
|
Net Income Attributable to Chevron Corporation
|
$
|
19,241
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
||||||
|
Net Income Attributable to Chevron Corporation
|
|
|
|
|
|
|
||||||
|
– Basic
|
$
|
10.21
|
|
|
$
|
11.18
|
|
|
$
|
13.42
|
|
|
|
– Diluted
|
$
|
10.14
|
|
|
$
|
11.09
|
|
|
$
|
13.32
|
|
|
|
*
Includes excise, value-added and similar taxes.
|
$
|
8,186
|
|
|
$
|
8,492
|
|
|
$
|
8,010
|
|
|
|
See accompanying Notes to the Consolidated Financial Statements.
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
|
|||||||||||
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|||
|
Net Income
|
$
|
19,310
|
|
|
|
$
|
21,597
|
|
|
|
$
|
26,336
|
|
|
|
Currency translation adjustment
|
|
|
|
|
|
|
|
|
||||||
|
Unrealized net change arising during period
|
(73
|
)
|
|
|
42
|
|
|
|
23
|
|
|
|||
|
Unrealized holding (loss) gain on securities
|
|
|
|
|
|
|
|
|
||||||
|
Net (loss) gain arising during period
|
(2
|
)
|
|
|
(7
|
)
|
|
|
1
|
|
|
|||
|
Derivatives
|
|
|
|
|
|
|
|
|
||||||
|
Net derivatives (loss) gain on hedge transactions
|
(66
|
)
|
|
|
(111
|
)
|
|
|
20
|
|
|
|||
|
Reclassification to net income of net realized (gain) loss
|
(17
|
)
|
|
|
(1
|
)
|
|
|
(14
|
)
|
|
|||
|
Income taxes on derivatives transactions
|
29
|
|
|
|
39
|
|
|
|
(3
|
)
|
|
|||
|
Total
|
(54
|
)
|
|
|
(73
|
)
|
|
|
3
|
|
|
|||
|
Defined benefit plans
|
|
|
|
|
|
|
|
|
||||||
|
Actuarial gain (loss)
|
|
|
|
|
|
|
|
|
||||||
|
Amortization to net income of net actuarial loss and settlements
|
757
|
|
|
|
866
|
|
|
|
920
|
|
|
|||
|
Actuarial (loss) gain arising during period
|
(2,730
|
)
|
|
|
3,379
|
|
|
|
(1,180
|
)
|
|
|||
|
Prior service credits (cost)
|
|
|
|
|
|
|
|
|
||||||
|
Amortization to net income of net prior service costs (credits)
|
26
|
|
|
|
(27
|
)
|
|
|
(61
|
)
|
|
|||
|
Prior service (costs) credits arising during period
|
(6
|
)
|
|
|
60
|
|
|
|
(142
|
)
|
|
|||
|
Defined benefit plans sponsored by equity affiliates
|
(99
|
)
|
|
|
164
|
|
|
|
(54
|
)
|
|
|||
|
Income taxes on defined benefit plans
|
901
|
|
|
|
(1,614
|
)
|
|
|
143
|
|
|
|||
|
Total
|
(1,151
|
)
|
|
|
2,828
|
|
|
|
(374
|
)
|
|
|||
|
Other Comprehensive (Loss) Gain, Net of Tax
|
(1,280
|
)
|
|
|
2,790
|
|
|
|
(347
|
)
|
|
|||
|
Comprehensive Income
|
18,030
|
|
|
|
24,387
|
|
|
|
25,989
|
|
|
|||
|
Comprehensive income attributable to noncontrolling interests
|
(69
|
)
|
|
|
(174
|
)
|
|
|
(157
|
)
|
|
|||
|
Comprehensive Income Attributable to Chevron Corporation
|
$
|
17,961
|
|
|
|
$
|
24,213
|
|
|
|
$
|
25,832
|
|
|
|
See accompanying Notes to the Consolidated Financial Statements.
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
At December 31
|
|
|
|||||
|
|
2014
|
|
|
2013
|
|
|
||
|
Assets
|
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
12,785
|
|
|
$
|
16,245
|
|
|
|
Time deposits
|
8
|
|
|
8
|
|
|
||
|
Marketable securities
|
422
|
|
|
263
|
|
|
||
|
Accounts and notes receivable (less allowance: 2014 - $59; 2013 - $62)
|
16,736
|
|
|
21,622
|
|
|
||
|
Inventories:
|
|
|
|
|
||||
|
Crude oil and petroleum products
|
3,854
|
|
|
3,879
|
|
|
||
|
Chemicals
|
467
|
|
|
491
|
|
|
||
|
Materials, supplies and other
|
2,184
|
|
|
2,010
|
|
|
||
|
Total inventories
|
6,505
|
|
|
6,380
|
|
|
||
|
Prepaid expenses and other current assets
|
5,776
|
|
|
5,732
|
|
|
||
|
Total Current Assets
|
42,232
|
|
|
50,250
|
|
|
||
|
Long-term receivables, net
|
2,817
|
|
|
2,833
|
|
|
||
|
Investments and advances
|
26,912
|
|
|
25,502
|
|
|
||
|
Properties, plant and equipment, at cost
|
327,289
|
|
|
296,433
|
|
|
||
|
Less: Accumulated depreciation, depletion and amortization
|
144,116
|
|
|
131,604
|
|
|
||
|
Properties, plant and equipment, net
|
183,173
|
|
|
164,829
|
|
|
||
|
Deferred charges and other assets
|
6,299
|
|
|
5,120
|
|
|
||
|
Goodwill
|
4,593
|
|
|
4,639
|
|
|
||
|
Assets held for sale
|
—
|
|
|
580
|
|
|
||
|
Total Assets
|
$
|
266,026
|
|
|
$
|
253,753
|
|
|
|
Liabilities and Equity
|
|
|
|
|
||||
|
Short-term debt
|
$
|
3,790
|
|
|
$
|
374
|
|
|
|
Accounts payable
|
19,000
|
|
|
22,815
|
|
|
||
|
Accrued liabilities
|
5,328
|
|
|
5,402
|
|
|
||
|
Federal and other taxes on income
|
2,575
|
|
|
3,092
|
|
|
||
|
Other taxes payable
|
1,233
|
|
|
1,335
|
|
|
||
|
Total Current Liabilities
|
31,926
|
|
|
33,018
|
|
|
||
|
Long-term debt
|
23,960
|
|
|
19,960
|
|
|
||
|
Capital lease obligations
|
68
|
|
|
97
|
|
|
||
|
Deferred credits and other noncurrent obligations
|
23,549
|
|
|
22,982
|
|
|
||
|
Noncurrent deferred income taxes
|
21,920
|
|
|
21,301
|
|
|
||
|
Noncurrent employee benefit plans
|
8,412
|
|
|
5,968
|
|
|
||
|
Total Liabilities
|
109,835
|
|
|
103,326
|
|
|
||
|
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued)
|
—
|
|
|
—
|
|
|
||
|
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares
issued at December 31, 2014 and 2013) |
1,832
|
|
|
1,832
|
|
|
||
|
Capital in excess of par value
|
16,041
|
|
|
15,713
|
|
|
||
|
Retained earnings
|
184,987
|
|
|
173,677
|
|
|
||
|
Accumulated other comprehensive loss
|
(4,859
|
)
|
|
(3,579
|
)
|
|
||
|
Deferred compensation and benefit plan trust
|
(240
|
)
|
|
(240
|
)
|
|
||
|
Treasury stock, at cost (2014 - 563,027,772 shares; 2013 - 529,073,512 shares)
|
(42,733
|
)
|
|
(38,290
|
)
|
|
||
|
Total Chevron Corporation Stockholders' Equity
|
155,028
|
|
|
149,113
|
|
|
||
|
Noncontrolling interests
|
1,163
|
|
|
1,314
|
|
|
||
|
Total Equity
|
156,191
|
|
|
150,427
|
|
|
||
|
Total Liabilities and Equity
|
$
|
266,026
|
|
|
$
|
253,753
|
|
|
|
|
|
|
|
|||||
|
See accompanying Notes to the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Year ended December 31
|
|
|
|||||||||
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|||
|
Operating Activities
|
|
|
|
|
|
|
||||||
|
Net Income
|
$
|
19,310
|
|
|
$
|
21,597
|
|
|
$
|
26,336
|
|
|
|
Adjustments
|
|
|
|
|
|
|
||||||
|
Depreciation, depletion and amortization
|
16,793
|
|
|
14,186
|
|
|
13,413
|
|
|
|||
|
Dry hole expense
|
875
|
|
|
683
|
|
|
555
|
|
|
|||
|
Distributions less than income from equity affiliates
|
(2,202
|
)
|
|
(1,178
|
)
|
|
(1,351
|
)
|
|
|||
|
Net before-tax gains on asset retirements and sales
|
(3,540
|
)
|
|
(639
|
)
|
|
(4,089
|
)
|
|
|||
|
Net foreign currency effects
|
(277
|
)
|
|
(103
|
)
|
|
207
|
|
|
|||
|
Deferred income tax provision
|
1,572
|
|
|
1,876
|
|
|
2,015
|
|
|
|||
|
Net (increase) decrease in operating working capital
|
(540
|
)
|
|
(1,331
|
)
|
|
363
|
|
|
|||
|
(Increase) decrease in long-term receivables
|
(9
|
)
|
|
183
|
|
|
(169
|
)
|
|
|||
|
Decrease (increase) in other deferred charges
|
263
|
|
|
(321
|
)
|
|
1,047
|
|
|
|||
|
Cash contributions to employee pension plans
|
(392
|
)
|
|
(1,194
|
)
|
|
(1,228
|
)
|
|
|||
|
Other
|
(378
|
)
|
|
1,243
|
|
|
1,713
|
|
|
|||
|
Net Cash Provided by Operating Activities
|
31,475
|
|
|
35,002
|
|
|
38,812
|
|
|
|||
|
Investing Activities
|
|
|
|
|
|
|
||||||
|
Capital expenditures
|
(35,407
|
)
|
|
(37,985
|
)
|
|
(30,938
|
)
|
|
|||
|
Proceeds and deposits related to asset sales
|
5,729
|
|
|
1,143
|
|
|
2,777
|
|
|
|||
|
Net sales of time deposits
|
—
|
|
|
700
|
|
|
3,250
|
|
|
|||
|
Net (purchases) sales of marketable securities
|
(148
|
)
|
|
3
|
|
|
(3
|
)
|
|
|||
|
Net repayment of loans by equity affiliates
|
140
|
|
|
314
|
|
|
328
|
|
|
|||
|
Net (purchases) sales of other short-term investments
|
(207
|
)
|
|
216
|
|
|
(210
|
)
|
|
|||
|
Net Cash Used for Investing Activities
|
(29,893
|
)
|
|
(35,609
|
)
|
|
(24,796
|
)
|
|
|||
|
Financing Activities
|
|
|
|
|
|
|
||||||
|
Net borrowings of short-term obligations
|
3,431
|
|
|
2,378
|
|
|
264
|
|
|
|||
|
Proceeds from issuances of long-term debt
|
4,000
|
|
|
6,000
|
|
|
4,007
|
|
|
|||
|
Repayments of long-term debt and other financing obligations
|
(43
|
)
|
|
(132
|
)
|
|
(2,224
|
)
|
|
|||
|
Cash dividends - common stock
|
(7,928
|
)
|
|
(7,474
|
)
|
|
(6,844
|
)
|
|
|||
|
Distributions to noncontrolling interests
|
(47
|
)
|
|
(99
|
)
|
|
(41
|
)
|
|
|||
|
Net purchases of treasury shares
|
(4,412
|
)
|
|
(4,494
|
)
|
|
(4,142
|
)
|
|
|||
|
Net Cash Used for Financing Activities
|
(4,999
|
)
|
|
(3,821
|
)
|
|
(8,980
|
)
|
|
|||
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(43
|
)
|
|
(266
|
)
|
|
39
|
|
|
|||
|
Net Change in Cash and Cash Equivalents
|
(3,460
|
)
|
|
(4,694
|
)
|
|
5,075
|
|
|
|||
|
Cash and Cash Equivalents at January 1
|
16,245
|
|
|
20,939
|
|
|
15,864
|
|
|
|||
|
Cash and Cash Equivalents at December 31
|
$
|
12,785
|
|
|
$
|
16,245
|
|
|
$
|
20,939
|
|
|
|
See accompanying Notes to the Consolidated Financial Statements.
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|||||||||
|
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|
|||
|
Preferred Stock
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
|
Common Stock
|
2,442,677
|
|
$
|
1,832
|
|
|
2,442,677
|
|
$
|
1,832
|
|
|
2,442,677
|
|
$
|
1,832
|
|
|
|
Capital in Excess of Par
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
|
$
|
15,713
|
|
|
|
$
|
15,497
|
|
|
|
$
|
15,156
|
|
|
|||
|
Treasury stock transactions
|
|
328
|
|
|
|
216
|
|
|
|
341
|
|
|
||||||
|
Balance at December 31
|
|
$
|
16,041
|
|
|
|
$
|
15,713
|
|
|
|
$
|
15,497
|
|
|
|||
|
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
|
$
|
173,677
|
|
|
|
$
|
159,730
|
|
|
|
$
|
140,399
|
|
|
|||
|
Net income attributable to Chevron Corporation
|
19,241
|
|
|
|
21,423
|
|
|
|
26,179
|
|
|
|||||||
|
Cash dividends on common stock
|
|
(7,928
|
)
|
|
|
(7,474
|
)
|
|
|
(6,844
|
)
|
|
||||||
|
Stock dividends
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
||||||
|
Tax (charge) benefit from dividends paid on
unallocated ESOP shares and other |
|
—
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
||||||
|
Balance at December 31
|
|
$
|
184,987
|
|
|
|
$
|
173,677
|
|
|
|
$
|
159,730
|
|
|
|||
|
Accumulated Other Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Currency translation adjustment
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
|
$
|
(23
|
)
|
|
|
$
|
(65
|
)
|
|
|
$
|
(88
|
)
|
|
|||
|
Change during year
|
|
(73
|
)
|
|
|
42
|
|
|
|
23
|
|
|
||||||
|
Balance at December 31
|
|
$
|
(96
|
)
|
|
|
$
|
(23
|
)
|
|
|
$
|
(65
|
)
|
|
|||
|
Unrealized net holding (loss) gain on securities
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
|
$
|
(6
|
)
|
|
|
$
|
1
|
|
|
|
$
|
—
|
|
|
|||
|
Change during year
|
|
(2
|
)
|
|
|
(7
|
)
|
|
|
1
|
|
|
||||||
|
Balance at December 31
|
|
$
|
(8
|
)
|
|
|
$
|
(6
|
)
|
|
|
$
|
1
|
|
|
|||
|
Net derivatives gain (loss) on hedge transactions
|
|
|
|
|
|
|
|
|
||||||||||
|
Balance at January 1
|
|
$
|
52
|
|
|
|
$
|
125
|
|
|
|
$
|
122
|
|
|
|||
|
Change during year
|
|
(54
|
)
|
|
|
(73
|
)
|
|
|
3
|
|
|
||||||
|
Balance at December 31
|
|
$
|
(2
|
)
|
|
|
$
|
52
|
|
|
|
$
|
125
|
|
|
|||
|
Pension and other postretirement benefit plans
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
|
$
|
(3,602
|
)
|
|
|
$
|
(6,430
|
)
|
|
|
$
|
(6,056
|
)
|
|
|||
|
Change during year
|
|
(1,151
|
)
|
|
|
2,828
|
|
|
|
(374
|
)
|
|
||||||
|
Balance at December 31
|
|
$
|
(4,753
|
)
|
|
|
$
|
(3,602
|
)
|
|
|
$
|
(6,430
|
)
|
|
|||
|
Balance at December 31
|
|
$
|
(4,859
|
)
|
|
|
$
|
(3,579
|
)
|
|
|
$
|
(6,369
|
)
|
|
|||
|
Deferred Compensation and Benefit Plan Trust
|
|
|
|
|
|
|
|
|
||||||||||
|
Deferred Compensation
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
|
$
|
—
|
|
|
|
$
|
(42
|
)
|
|
|
$
|
(58
|
)
|
|
|||
|
Net reduction of ESOP debt and other
|
|
—
|
|
|
|
42
|
|
|
|
16
|
|
|
||||||
|
Balance at December 31
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
(42
|
)
|
|
|||
|
Benefit Plan Trust (Common Stock)
|
14,168
|
|
(240
|
)
|
|
14,168
|
|
(240
|
)
|
|
14,168
|
|
(240
|
)
|
|
|||
|
Balance at December 31
|
14,168
|
|
$
|
(240
|
)
|
|
14,168
|
|
$
|
(240
|
)
|
|
14,168
|
|
$
|
(282
|
)
|
|
|
Treasury Stock at Cost
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at January 1
|
529,074
|
|
$
|
(38,290
|
)
|
|
495,979
|
|
$
|
(33,884
|
)
|
|
461,510
|
|
$
|
(29,685
|
)
|
|
|
Purchases
|
41,592
|
|
(5,006
|
)
|
|
41,676
|
|
(5,004
|
)
|
|
46,669
|
|
(5,004
|
)
|
|
|||
|
Issuances - mainly employee benefit plans
|
(7,638
|
)
|
563
|
|
|
(8,581
|
)
|
598
|
|
|
(12,200
|
)
|
805
|
|
|
|||
|
Balance at December 31
|
563,028
|
|
$
|
(42,733
|
)
|
|
529,074
|
|
$
|
(38,290
|
)
|
|
495,979
|
|
$
|
(33,884
|
)
|
|
|
Total Chevron Corporation Stockholders' Equity at December 31
|
|
$
|
155,028
|
|
|
|
$
|
149,113
|
|
|
|
$
|
136,524
|
|
|
|||
|
Noncontrolling Interests
|
|
$
|
1,163
|
|
|
|
$
|
1,314
|
|
|
|
$
|
1,308
|
|
|
|||
|
Total Equity
|
|
$
|
156,191
|
|
|
|
$
|
150,427
|
|
|
|
$
|
137,832
|
|
|
|||
|
See accompanying Notes to the Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
1
|
|
|||||||||||||||||
|
Currency Translation Adjustment
|
|
|
Unrealized Holding Gains (Losses) on Securities
|
|
|
Derivatives
|
|
|
Defined Benefit Plans
|
|
|
Total
|
|
|||||
Balance at January 1
|
$
|
(23
|
)
|
|
$
|
(6
|
)
|
|
$
|
52
|
|
|
$
|
(3,602
|
)
|
|
$
|
(3,579
|
)
|
Components of Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|||||||||||
Before Reclassifications
|
(73
|
)
|
|
(2
|
)
|
|
(43
|
)
|
|
(1,689
|
)
|
|
(1,807
|
)
|
|||||
Reclassifications
2
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
538
|
|
|
527
|
|
|||||
Net Other Comprehensive Income (Loss)
|
(73
|
)
|
|
(2
|
)
|
|
(54
|
)
|
|
(1,151
|
)
|
|
(1,280
|
)
|
|||||
Balance at December 31
|
$
|
(96
|
)
|
|
$
|
(8
|
)
|
|
$
|
(2
|
)
|
|
$
|
(4,753
|
)
|
|
$
|
(4,859
|
)
|
1
|
All amounts are net of tax.
|
2
|
Refer to Note 22, Employee Benefit Plans for reclassified components totaling
$783
that are included in employee benefit costs for the year ending
December 31, 2014
. Related income taxes for the same period, totaling
$245
, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Balance at January 1
|
$
|
1,314
|
|
|
|
$
|
1,308
|
|
|
$
|
799
|
|
Net income
|
69
|
|
|
|
174
|
|
|
157
|
|
|||
Distributions to noncontrolling interests
|
(47
|
)
|
|
|
(99
|
)
|
|
(41
|
)
|
|||
Other changes, net
|
(173
|
)
|
|
|
(69
|
)
|
|
393
|
|
|||
Balance at December 31
|
$
|
1,163
|
|
|
|
$
|
1,314
|
|
|
$
|
1,308
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Net (increase) decrease in operating working capital was composed of the following:
|
|
|
|
|
|
|
||||||
Decrease (increase) in accounts and notes receivable
|
$
|
4,491
|
|
|
|
$
|
(1,101
|
)
|
|
$
|
1,153
|
|
Increase in inventories
|
(146
|
)
|
|
|
(237
|
)
|
|
(233
|
)
|
|||
(Increase) decrease in prepaid expenses and other current assets
|
(407
|
)
|
|
|
834
|
|
|
(471
|
)
|
|||
(Decrease) increase in accounts payable and accrued liabilities
|
(3,737
|
)
|
|
|
160
|
|
|
544
|
|
|||
Decrease in income and other taxes payable
|
(741
|
)
|
|
|
(987
|
)
|
|
(630
|
)
|
|||
Net (increase) decrease in operating working capital
|
$
|
(540
|
)
|
|
|
$
|
(1,331
|
)
|
|
$
|
363
|
|
Net cash provided by operating activities includes the following cash payments for income taxes:
|
|
|
|
|
|
|
||||||
Income taxes
|
$
|
10,562
|
|
|
|
$
|
12,898
|
|
|
$
|
17,334
|
|
Net (purchases) sales of marketable securities consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Marketable securities purchased
|
$
|
(162
|
)
|
|
|
$
|
(7
|
)
|
|
$
|
(35
|
)
|
Marketable securities sold
|
14
|
|
|
|
10
|
|
|
32
|
|
|||
Net (purchases) sales of marketable securities
|
$
|
(148
|
)
|
|
|
$
|
3
|
|
|
$
|
(3
|
)
|
Net sales of time deposits consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Time deposits purchased
|
$
|
(317
|
)
|
|
|
$
|
(2,317
|
)
|
|
$
|
(717
|
)
|
Time deposits matured
|
317
|
|
|
|
3,017
|
|
|
3,967
|
|
|||
Net sales of time deposits
|
$
|
—
|
|
|
|
$
|
700
|
|
|
$
|
3,250
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Additions to properties, plant and equipment
*
|
$
|
34,393
|
|
|
|
$
|
36,550
|
|
|
$
|
29,526
|
|
Additions to investments
|
526
|
|
|
|
934
|
|
|
1,042
|
|
|||
Current-year dry hole expenditures
|
504
|
|
|
|
594
|
|
|
475
|
|
|||
Payments for other liabilities and assets, net
|
(16
|
)
|
|
|
(93
|
)
|
|
(105
|
)
|
|||
Capital expenditures
|
35,407
|
|
|
|
37,985
|
|
|
30,938
|
|
|||
Expensed exploration expenditures
|
1,110
|
|
|
|
1,178
|
|
|
1,173
|
|
|||
Assets acquired through capital lease obligations and other financing obligations
|
332
|
|
|
|
16
|
|
|
1
|
|
|||
Capital and exploratory expenditures, excluding equity affiliates
|
36,849
|
|
|
|
39,179
|
|
|
32,112
|
|
|||
Company's share of expenditures by equity affiliates
|
3,467
|
|
|
|
2,698
|
|
|
2,117
|
|
|||
Capital and exploratory expenditures, including equity affiliates
|
$
|
40,316
|
|
|
|
$
|
41,877
|
|
|
$
|
34,229
|
|
*
|
Excludes noncash additions of
$2,310
in
2014
,
$1,661
in
2013
and
$4,569
in
2012
.
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
Upstream
|
$
|
765
|
|
|
|
$
|
445
|
|
Downstream
|
97
|
|
|
|
316
|
|
||
All Other
|
—
|
|
|
|
—
|
|
||
Total
|
862
|
|
|
|
761
|
|
||
Less: Accumulated amortization
|
381
|
|
|
|
523
|
|
||
Net capitalized leased assets
|
$
|
481
|
|
|
|
$
|
238
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Minimum rentals
|
$
|
1,080
|
|
|
|
$
|
1,049
|
|
|
$
|
973
|
|
Contingent rentals
|
1
|
|
|
|
1
|
|
|
7
|
|
|||
Total
|
1,081
|
|
|
|
1,050
|
|
|
980
|
|
|||
Less: Sublease rental income
|
14
|
|
|
|
25
|
|
|
32
|
|
|||
Net rental expense
|
$
|
1,067
|
|
|
|
$
|
1,025
|
|
|
$
|
948
|
|
|
|
At December 31
|
|
||||||
|
|
Operating Leases
|
|
|
|
Capital Leases
|
|
||
Year
|
2015
|
$
|
793
|
|
|
|
$
|
34
|
|
|
2016
|
644
|
|
|
|
26
|
|
||
|
2017
|
585
|
|
|
|
21
|
|
||
|
2018
|
461
|
|
|
|
20
|
|
||
|
2019
|
326
|
|
|
|
15
|
|
||
|
Thereafter
|
689
|
|
|
|
24
|
|
||
Total
|
$
|
3,498
|
|
|
|
$
|
140
|
|
|
Less: Amounts representing interest and executory costs
|
|
|
|
$
|
(44
|
)
|
|||
Net present values
|
|
|
|
96
|
|
||||
Less: Capital lease obligations included in short-term debt
|
|
|
|
(28
|
)
|
||||
Long-term capital lease obligations
|
|
|
|
$
|
68
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Sales and other operating revenues
|
$
|
157,198
|
|
|
|
$
|
174,318
|
|
|
$
|
183,215
|
|
Total costs and other deductions
|
153,139
|
|
|
|
169,984
|
|
|
175,009
|
|
|||
Net income attributable to CUSA
|
3,849
|
|
|
|
3,714
|
|
|
6,216
|
|
|
|
||||||
|
2014
|
|
|
2013
|
|
||
Current assets
|
$
|
13,724
|
|
|
$
|
17,626
|
|
Other assets
|
62,195
|
|
|
57,288
|
|
||
Current liabilities
|
16,191
|
|
|
17,486
|
|
||
Other liabilities
|
30,175
|
|
|
28,119
|
|
||
Total CUSA net equity
|
$
|
29,553
|
|
|
$
|
29,309
|
|
|
|
|
|
||||
Memo: Total debt
|
$
|
14,473
|
|
|
$
|
14,482
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Sales and other operating revenues
|
$
|
22,813
|
|
|
|
$
|
25,239
|
|
|
$
|
23,089
|
|
Costs and other deductions
|
10,275
|
|
|
|
11,173
|
|
|
10,064
|
|
|||
Net income attributable to TCO
|
8,772
|
|
|
|
9,855
|
|
|
9,119
|
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
Current assets
|
$
|
3,425
|
|
|
|
$
|
3,598
|
|
Other assets
|
14,810
|
|
|
|
12,964
|
|
||
Current liabilities
|
1,531
|
|
|
|
3,016
|
|
||
Other liabilities
|
2,375
|
|
|
|
2,761
|
|
||
Total TCO net equity
|
$
|
14,329
|
|
|
|
$
|
10,785
|
|
|
At December 31, 2014
|
|
At December 31, 2013
|
|
||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||
Marketable securities
|
$
|
422
|
|
$
|
422
|
|
$
|
—
|
|
$
|
—
|
|
$
|
263
|
|
$
|
263
|
|
$
|
—
|
|
$
|
—
|
|
Derivatives
|
413
|
|
394
|
|
19
|
|
—
|
|
28
|
|
—
|
|
28
|
|
—
|
|
||||||||
Total Assets at Fair Value
|
$
|
835
|
|
$
|
816
|
|
$
|
19
|
|
$
|
—
|
|
$
|
291
|
|
$
|
263
|
|
$
|
28
|
|
$
|
—
|
|
Derivatives
|
84
|
|
83
|
|
1
|
|
—
|
|
89
|
|
80
|
|
9
|
|
—
|
|
||||||||
Total Liabilities at Fair Value
|
$
|
84
|
|
$
|
83
|
|
$
|
1
|
|
$
|
—
|
|
$
|
89
|
|
$
|
80
|
|
$
|
9
|
|
$
|
—
|
|
|
At December 31
|
|
At December 31
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Before-Tax Loss
|
|
|
|
|
|
Before-Tax Loss
|
|
||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Year 2014
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Year 2013
|
|
||||||||||
Properties, plant and equipment, net (held and used)
|
$
|
947
|
|
$
|
—
|
|
$
|
213
|
|
$
|
734
|
|
$
|
1,249
|
|
$
|
102
|
|
$
|
—
|
|
$
|
—
|
|
$
|
102
|
|
$
|
278
|
|
Properties, plant and equipment, net (held for sale)
|
—
|
|
—
|
|
—
|
|
—
|
|
25
|
|
69
|
|
—
|
|
69
|
|
—
|
|
104
|
|
||||||||||
Investments and advances
|
11
|
|
—
|
|
—
|
|
11
|
|
41
|
|
38
|
|
—
|
|
35
|
|
3
|
|
228
|
|
||||||||||
Total Nonrecurring Assets at Fair Value
|
$
|
958
|
|
$
|
—
|
|
$
|
213
|
|
$
|
745
|
|
$
|
1,315
|
|
$
|
209
|
|
$
|
—
|
|
$
|
104
|
|
$
|
105
|
|
$
|
610
|
|
|
|
Gain/(Loss)
|
|
||||||||||
Type of Derivative
|
Statement of
|
Year ended December 31
|
|
||||||||||
Contract
|
Income Classification
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Commodity
|
Sales and other operating revenues
|
$
|
553
|
|
|
|
$
|
(108
|
)
|
|
$
|
(49
|
)
|
Commodity
|
Purchased crude oil and products
|
(17
|
)
|
|
|
(77
|
)
|
|
(24
|
)
|
|||
Commodity
|
Other income
|
(32
|
)
|
|
|
(9
|
)
|
|
6
|
|
|||
|
|
$
|
504
|
|
|
|
$
|
(194
|
)
|
|
$
|
(67
|
)
|
|
|
Gross Amount Recognized
|
|
|
Gross Amounts Offset
|
|
|
Net Amounts Presented
|
|
|
Gross Amounts Not Offset
|
|
|
Net Amount
|
|
|||||
At December 31, 2014
|
|
|
|
|
|
|||||||||||||||
Derivative Assets
|
|
$
|
4,004
|
|
|
$
|
3,591
|
|
|
$
|
413
|
|
|
$
|
7
|
|
|
$
|
406
|
|
Derivative Liabilities
|
|
$
|
3,675
|
|
|
$
|
3,591
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
84
|
|
At December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative Assets
|
|
$
|
732
|
|
|
$
|
704
|
|
|
$
|
28
|
|
|
$
|
27
|
|
|
$
|
1
|
|
Derivative Liabilities
|
|
$
|
793
|
|
|
$
|
704
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Basic EPS Calculation
|
|
|
|
|
|
|
||||||
Earnings available to common stockholders - Basic
*
|
$
|
19,241
|
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
Weighted-average number of common shares outstanding
|
1,883
|
|
|
|
1,916
|
|
|
1,950
|
|
|||
Add: Deferred awards held as stock units
|
1
|
|
|
|
1
|
|
|
—
|
|
|||
Total weighted-average number of common shares outstanding
|
1,884
|
|
|
|
1,917
|
|
|
1,950
|
|
|||
Earnings per share of common stock - Basic
|
$
|
10.21
|
|
|
|
$
|
11.18
|
|
|
$
|
13.42
|
|
Diluted EPS Calculation
|
|
|
|
|
|
|
||||||
Earnings available to common stockholders - Diluted
*
|
$
|
19,241
|
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
Weighted-average number of common shares outstanding
|
1,883
|
|
|
|
1,916
|
|
|
1,950
|
|
|||
Add: Deferred awards held as stock units
|
1
|
|
|
|
1
|
|
|
—
|
|
|||
Add: Dilutive effect of employee stock-based awards
|
14
|
|
|
|
15
|
|
|
15
|
|
|||
Total weighted-average number of common shares outstanding
|
1,898
|
|
|
|
1,932
|
|
|
1,965
|
|
|||
Earnings per share of common stock - Diluted
|
$
|
10.14
|
|
|
|
$
|
11.09
|
|
|
$
|
13.32
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Segment Earnings
|
|
|
|
|
|
|
||||||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
3,327
|
|
|
|
$
|
4,044
|
|
|
$
|
5,332
|
|
International
|
13,566
|
|
|
|
16,765
|
|
|
18,456
|
|
|||
Total Upstream
|
16,893
|
|
|
|
20,809
|
|
|
23,788
|
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
2,637
|
|
|
|
787
|
|
|
2,048
|
|
|||
International
|
1,699
|
|
|
|
1,450
|
|
|
2,251
|
|
|||
Total Downstream
|
4,336
|
|
|
|
2,237
|
|
|
4,299
|
|
|||
Total Segment Earnings
|
21,229
|
|
|
|
23,046
|
|
|
28,087
|
|
|||
All Other
|
|
|
|
|
|
|
||||||
Interest income
|
77
|
|
|
|
80
|
|
|
83
|
|
|||
Other
|
(2,065
|
)
|
|
|
(1,703
|
)
|
|
(1,991
|
)
|
|||
Net Income Attributable to Chevron Corporation
|
$
|
19,241
|
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
Upstream
|
|
|
|
|
||||
United States
|
$
|
49,205
|
|
|
|
$
|
45,436
|
|
International
|
152,736
|
|
|
|
137,096
|
|
||
Goodwill
|
4,593
|
|
|
|
4,639
|
|
||
Total Upstream
|
206,534
|
|
|
|
187,171
|
|
||
Downstream
|
|
|
|
|
||||
United States
|
23,068
|
|
|
|
23,829
|
|
||
International
|
17,723
|
|
|
|
20,268
|
|
||
Total Downstream
|
40,791
|
|
|
|
44,097
|
|
||
Total Segment Assets
|
247,325
|
|
|
|
231,268
|
|
||
All Other
|
|
|
|
|
||||
United States
|
6,741
|
|
|
|
7,326
|
|
||
International
|
11,960
|
|
|
|
15,159
|
|
||
Total All Other
|
18,701
|
|
|
|
22,485
|
|
||
Total Assets – United States
|
79,014
|
|
|
|
76,591
|
|
||
Total Assets – International
|
182,419
|
|
|
|
172,523
|
|
||
Goodwill
|
4,593
|
|
|
|
4,639
|
|
||
Total Assets
|
$
|
266,026
|
|
|
|
$
|
253,753
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
7,455
|
|
|
|
$
|
8,052
|
|
|
$
|
6,416
|
|
Intersegment
|
15,455
|
|
|
|
16,865
|
|
|
17,229
|
|
|||
Total United States
|
22,910
|
|
|
|
24,917
|
|
|
23,645
|
|
|||
International
|
23,808
|
|
|
|
17,607
|
|
|
19,459
|
|
|||
Intersegment
|
23,107
|
|
|
|
33,034
|
|
|
34,094
|
|
|||
Total International
|
46,915
|
|
|
|
50,641
|
|
|
53,553
|
|
|||
Total Upstream
*
|
69,825
|
|
|
|
75,558
|
|
|
77,198
|
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
73,942
|
|
|
|
80,272
|
|
|
83,043
|
|
|||
Excise and similar taxes
|
4,633
|
|
|
|
4,792
|
|
|
4,665
|
|
|||
Intersegment
|
31
|
|
|
|
39
|
|
|
49
|
|
|||
Total United States
|
78,606
|
|
|
|
85,103
|
|
|
87,757
|
|
|||
International
|
86,848
|
|
|
|
105,373
|
|
|
113,279
|
|
|||
Excise and similar taxes
|
3,553
|
|
|
|
3,699
|
|
|
3,346
|
|
|||
Intersegment
|
8,839
|
|
|
|
859
|
|
|
80
|
|
|||
Total International
|
99,240
|
|
|
|
109,931
|
|
|
116,705
|
|
|||
Total Downstream
*
|
177,846
|
|
|
|
195,034
|
|
|
204,462
|
|
|||
All Other
|
|
|
|
|
|
|
||||||
United States
|
252
|
|
|
|
358
|
|
|
378
|
|
|||
Intersegment
|
1,475
|
|
|
|
1,524
|
|
|
1,300
|
|
|||
Total United States
|
1,727
|
|
|
|
1,882
|
|
|
1,678
|
|
|||
International
|
3
|
|
|
|
3
|
|
|
4
|
|
|||
Intersegment
|
28
|
|
|
|
31
|
|
|
48
|
|
|||
Total International
|
31
|
|
|
|
34
|
|
|
52
|
|
|||
Total All Other
|
1,758
|
|
|
|
1,916
|
|
|
1,730
|
|
|||
Segment Sales and Other Operating Revenues
|
|
|
|
|
|
|
||||||
United States
|
103,243
|
|
|
|
111,902
|
|
|
113,080
|
|
|||
International
|
146,186
|
|
|
|
160,606
|
|
|
170,310
|
|
|||
Total Segment Sales and Other Operating Revenues
|
249,429
|
|
|
|
272,508
|
|
|
283,390
|
|
|||
Elimination of intersegment sales
|
(48,935
|
)
|
|
|
(52,352
|
)
|
|
(52,800
|
)
|
|||
Total Sales and Other Operating Revenues
|
$
|
200,494
|
|
|
|
$
|
220,156
|
|
|
$
|
230,590
|
|
*
|
Effective January 1, 2014, International Upstream prospectively includes selected amounts previously recognized in International Downstream, which are not material to the company's results of operations or financial position.
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
2,043
|
|
|
|
$
|
2,333
|
|
|
$
|
2,820
|
|
International
|
9,217
|
|
|
|
12,470
|
|
|
16,554
|
|
|||
Total Upstream
|
11,260
|
|
|
|
14,803
|
|
|
19,374
|
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
1,302
|
|
|
|
364
|
|
|
1,051
|
|
|||
International
|
467
|
|
|
|
389
|
|
|
587
|
|
|||
Total Downstream
|
1,769
|
|
|
|
753
|
|
|
1,638
|
|
|||
All Other
|
(1,137
|
)
|
|
|
(1,248
|
)
|
|
(1,016
|
)
|
|||
Total Income Tax Expense
|
$
|
11,892
|
|
|
|
$
|
14,308
|
|
|
$
|
19,996
|
|
Investments and Advances
|
|
|
|
Equity in Earnings
|
|
|||||||||||||||
|
At December 31
|
|
|
|
Year ended December 31
|
|
||||||||||||||
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tengizchevroil
|
$
|
7,319
|
|
|
$
|
5,875
|
|
|
|
$
|
4,392
|
|
|
$
|
4,957
|
|
|
$
|
4,614
|
|
Petropiar
|
794
|
|
|
858
|
|
|
|
26
|
|
|
339
|
|
|
55
|
|
|||||
Caspian Pipeline Consortium
|
1,487
|
|
|
1,298
|
|
|
|
191
|
|
|
113
|
|
|
96
|
|
|||||
Petroboscan
|
917
|
|
|
1,375
|
|
|
|
186
|
|
|
300
|
|
|
229
|
|
|||||
Angola LNG Limited
|
3,277
|
|
|
3,423
|
|
|
|
(311
|
)
|
|
(111
|
)
|
|
(106
|
)
|
|||||
Other
|
2,178
|
|
|
2,835
|
|
|
|
229
|
|
|
214
|
|
|
266
|
|
|||||
Total Upstream
|
15,972
|
|
|
15,664
|
|
|
|
4,713
|
|
|
5,812
|
|
|
5,154
|
|
|||||
Downstream
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GS Caltex Corporation
|
2,867
|
|
|
2,518
|
|
|
|
420
|
|
|
132
|
|
|
249
|
|
|||||
Chevron Phillips Chemical Company LLC
|
5,116
|
|
|
4,312
|
|
|
|
1,606
|
|
|
1,371
|
|
|
1,206
|
|
|||||
Star Petroleum Refining Company Ltd.
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||
Caltex Australia Ltd.
|
1,161
|
|
|
1,020
|
|
|
|
183
|
|
|
224
|
|
|
77
|
|
|||||
Other
|
1,048
|
|
|
989
|
|
|
|
180
|
|
|
199
|
|
|
196
|
|
|||||
Total Downstream
|
10,192
|
|
|
8,839
|
|
|
|
2,389
|
|
|
1,926
|
|
|
1,750
|
|
|||||
All Other
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
171
|
|
|
375
|
|
|
|
(4
|
)
|
|
(211
|
)
|
|
(15
|
)
|
|||||
Total equity method
|
$
|
26,335
|
|
|
$
|
24,878
|
|
|
|
$
|
7,098
|
|
|
$
|
7,527
|
|
|
$
|
6,889
|
|
Other at or below cost
|
577
|
|
|
624
|
|
|
|
|
|
|
|
|
||||||||
Total investments and advances
|
$
|
26,912
|
|
|
$
|
25,502
|
|
|
|
|
|
|
|
|
||||||
Total United States
|
$
|
6,787
|
|
|
$
|
6,638
|
|
|
|
$
|
1,623
|
|
|
$
|
1,294
|
|
|
$
|
1,268
|
|
Total International
|
$
|
20,125
|
|
|
$
|
18,864
|
|
|
|
$
|
5,475
|
|
|
$
|
6,233
|
|
|
$
|
5,621
|
|
|
Affiliates
|
|
|
|
Chevron Share
|
|
||||||||||||||||||
Year ended December 31
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
||||||
Total revenues
|
$
|
123,003
|
|
|
$
|
131,875
|
|
|
$
|
136,065
|
|
|
|
$
|
58,937
|
|
|
$
|
63,101
|
|
|
$
|
65,196
|
|
Income before income tax expense
|
20,609
|
|
|
24,075
|
|
|
23,016
|
|
|
|
9,968
|
|
|
11,108
|
|
|
9,856
|
|
||||||
Net income attributable to affiliates
|
14,758
|
|
|
15,594
|
|
|
16,786
|
|
|
|
7,237
|
|
|
7,845
|
|
|
6,938
|
|
||||||
At December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
$
|
35,662
|
|
|
$
|
39,713
|
|
|
$
|
37,541
|
|
|
|
$
|
13,465
|
|
|
$
|
15,156
|
|
|
$
|
14,732
|
|
Noncurrent assets
|
70,817
|
|
|
68,593
|
|
|
66,065
|
|
|
|
26,053
|
|
|
25,059
|
|
|
23,523
|
|
||||||
Current liabilities
|
25,308
|
|
|
29,642
|
|
|
27,878
|
|
|
|
9,588
|
|
|
11,587
|
|
|
11,093
|
|
||||||
Noncurrent liabilities
|
17,983
|
|
|
19,442
|
|
|
19,366
|
|
|
|
4,211
|
|
|
4,559
|
|
|
4,879
|
|
||||||
Total affiliates’ net equity
|
$
|
63,188
|
|
|
$
|
59,222
|
|
|
$
|
56,362
|
|
|
|
$
|
25,719
|
|
|
$
|
24,069
|
|
|
$
|
22,283
|
|
|
At December 31
|
|
|
Year ended December 31
|
|
||||||||||||||||||||||||||||||||||
|
Gross Investment at Cost
|
|
|
Net Investment
|
|
|
Additions at Cost
2
|
|
|
Depreciation Expense
3
|
|
||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
2014
|
|
2013
|
|
2012
|
|
||||||||||||
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
$
|
96,850
|
|
$
|
89,555
|
|
$
|
81,908
|
|
|
$
|
45,864
|
|
$
|
41,831
|
|
$
|
37,909
|
|
|
$
|
9,688
|
|
$
|
8,188
|
|
$
|
8,211
|
|
|
$
|
5,127
|
|
$
|
4,412
|
|
$
|
3,902
|
|
International
|
192,637
|
|
169,623
|
|
145,799
|
|
|
118,926
|
|
104,100
|
|
85,318
|
|
|
24,920
|
|
27,383
|
|
21,343
|
|
|
9,688
|
|
8,336
|
|
8,015
|
|
||||||||||||
Total Upstream
|
289,487
|
|
259,178
|
|
227,707
|
|
|
164,790
|
|
145,931
|
|
123,227
|
|
|
34,608
|
|
35,571
|
|
29,554
|
|
|
14,815
|
|
12,748
|
|
11,917
|
|
||||||||||||
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
22,640
|
|
22,407
|
|
21,792
|
|
|
11,019
|
|
11,481
|
|
11,333
|
|
|
588
|
|
1,154
|
|
1,498
|
|
|
886
|
|
780
|
|
799
|
|
||||||||||||
International
|
9,334
|
|
9,303
|
|
8,990
|
|
|
4,219
|
|
4,139
|
|
3,930
|
|
|
530
|
|
653
|
|
2,544
|
|
|
396
|
|
360
|
|
308
|
|
||||||||||||
Total Downstream
|
31,974
|
|
31,710
|
|
30,782
|
|
|
15,238
|
|
15,620
|
|
15,263
|
|
|
1,118
|
|
1,807
|
|
4,042
|
|
|
1,282
|
|
1,140
|
|
1,107
|
|
||||||||||||
All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
5,673
|
|
5,402
|
|
4,959
|
|
|
3,077
|
|
3,194
|
|
2,845
|
|
|
581
|
|
721
|
|
415
|
|
|
680
|
|
286
|
|
384
|
|
||||||||||||
International
|
155
|
|
143
|
|
33
|
|
|
68
|
|
84
|
|
13
|
|
|
25
|
|
23
|
|
4
|
|
|
16
|
|
12
|
|
5
|
|
||||||||||||
Total All Other
|
5,828
|
|
5,545
|
|
4,992
|
|
|
3,145
|
|
3,278
|
|
2,858
|
|
|
606
|
|
744
|
|
419
|
|
|
696
|
|
298
|
|
389
|
|
||||||||||||
Total United States
|
125,163
|
|
117,364
|
|
108,659
|
|
|
59,960
|
|
56,506
|
|
52,087
|
|
|
10,857
|
|
10,063
|
|
10,124
|
|
|
6,693
|
|
5,478
|
|
5,085
|
|
||||||||||||
Total International
|
202,126
|
|
179,069
|
|
154,822
|
|
|
123,213
|
|
108,323
|
|
89,261
|
|
|
25,475
|
|
28,059
|
|
23,891
|
|
|
10,100
|
|
8,708
|
|
8,328
|
|
||||||||||||
Total
|
$
|
327,289
|
|
$
|
296,433
|
|
$
|
263,481
|
|
|
$
|
183,173
|
|
$
|
164,829
|
|
$
|
141,348
|
|
|
$
|
36,332
|
|
$
|
38,122
|
|
$
|
34,015
|
|
|
$
|
16,793
|
|
$
|
14,186
|
|
$
|
13,413
|
|
1
|
Other than the United States, Australia and Nigeria, no other country accounted for
10
percent or more of the company’s net properties, plant and equipment (PP&E) in
2014
. Australia had
$41,012
,
$31,464
and
$21,770
in
2014
,
2013
, and
2012
, respectively. Nigeria had PP&E of
$19,214
,
$18,429
and
$17,485
for
2014
,
2013
and
2012
, respectively.
|
2
|
Net of dry hole expense related to prior years’ expenditures of $
371
,
$89
and
$80
in
2014
,
2013
and
2012
, respectively.
|
3
|
Depreciation expense includes accretion expense of
$882
,
$627
and
$629
in
2014
,
2013
and
2012
, respectively.
|
Income Taxes
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Taxes on income
|
|
|
|
|
|
|
||||||
U.S. federal
|
|
|
|
|
|
|
||||||
Current
|
$
|
748
|
|
|
|
$
|
15
|
|
|
$
|
1,703
|
|
Deferred
|
1,330
|
|
|
|
1,128
|
|
|
673
|
|
|||
State and local
|
|
|
|
|
|
|
||||||
Current
|
336
|
|
|
|
120
|
|
|
652
|
|
|||
Deferred
|
36
|
|
|
|
74
|
|
|
(145
|
)
|
|||
Total United States
|
2,450
|
|
|
|
1,337
|
|
|
2,883
|
|
|||
International
|
|
|
|
|
|
|
||||||
Current
|
9,235
|
|
|
|
12,296
|
|
|
15,626
|
|
|||
Deferred
|
207
|
|
|
|
675
|
|
|
1,487
|
|
|||
Total International
|
9,442
|
|
|
|
12,971
|
|
|
17,113
|
|
|||
Total taxes on income
|
$
|
11,892
|
|
|
|
$
|
14,308
|
|
|
$
|
19,996
|
|
|
Year ended December 31
|
|
|
|||||||||
|
2014
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
U.S. statutory federal income tax rate
|
35.0
|
|
%
|
|
|
35.0
|
|
%
|
|
35.0
|
|
%
|
Effect of income taxes from international operations at rates different from the U.S. statutory rate
|
2.8
|
|
|
|
|
5.1
|
|
|
|
7.8
|
|
|
State and local taxes on income, net of U.S. federal income tax benefit
|
0.7
|
|
|
|
|
0.6
|
|
|
|
0.6
|
|
|
Prior-year tax adjustments
|
(0.7
|
)
|
|
|
|
(0.8
|
)
|
|
|
(0.2
|
)
|
|
Tax credits
|
(0.2
|
)
|
|
|
|
(0.5
|
)
|
|
|
(0.4
|
)
|
|
Effects of changes in tax rates
|
(0.2
|
)
|
|
|
|
—
|
|
|
|
0.3
|
|
|
Other
|
0.7
|
|
|
|
|
0.5
|
|
|
|
0.1
|
|
|
Effective tax rate
|
38.1
|
|
%
|
|
|
39.9
|
|
%
|
|
43.2
|
|
%
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
Deferred tax liabilities
|
|
|
|
|
||||
Properties, plant and equipment
|
$
|
28,452
|
|
|
|
$
|
25,936
|
|
Investments and other
|
3,059
|
|
|
|
2,272
|
|
||
Total deferred tax liabilities
|
31,511
|
|
|
|
28,208
|
|
||
Deferred tax assets
|
|
|
|
|
||||
Foreign tax credits
|
(11,867
|
)
|
|
|
(11,572
|
)
|
||
Abandonment/environmental reserves
|
(6,686
|
)
|
|
|
(6,279
|
)
|
||
Employee benefits
|
(4,831
|
)
|
|
|
(3,825
|
)
|
||
Deferred credits
|
(1,828
|
)
|
|
|
(2,768
|
)
|
||
Tax loss carryforwards
|
(1,747
|
)
|
|
|
(1,016
|
)
|
||
Other accrued liabilities
|
(498
|
)
|
|
|
(533
|
)
|
||
Inventory
|
(153
|
)
|
|
|
(358
|
)
|
||
Miscellaneous
|
(2,128
|
)
|
|
|
(1,439
|
)
|
||
Total deferred tax assets
|
(29,738
|
)
|
|
|
(27,790
|
)
|
||
Deferred tax assets valuation allowance
|
16,292
|
|
|
|
17,171
|
|
||
Total deferred taxes, net
|
$
|
18,065
|
|
|
|
$
|
17,589
|
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
Prepaid expenses and other current assets
|
$
|
(1,071
|
)
|
|
|
$
|
(1,341
|
)
|
Deferred charges and other assets
|
(3,597
|
)
|
|
|
(2,954
|
)
|
||
Federal and other taxes on income
|
813
|
|
|
|
583
|
|
||
Noncurrent deferred income taxes
|
21,920
|
|
|
|
21,301
|
|
||
Total deferred income taxes, net
|
$
|
18,065
|
|
|
|
$
|
17,589
|
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Balance at January 1
|
$
|
3,848
|
|
|
|
$
|
3,071
|
|
|
$
|
3,481
|
|
Foreign currency effects
|
(25
|
)
|
|
|
(58
|
)
|
|
4
|
|
|||
Additions based on tax positions taken in current year
|
354
|
|
|
|
276
|
|
|
543
|
|
|||
Additions/reductions resulting from current-year asset acquisitions/sales
|
(22
|
)
|
|
|
—
|
|
|
—
|
|
|||
Additions for tax positions taken in prior years
|
37
|
|
|
|
1,164
|
|
|
152
|
|
|||
Reductions for tax positions taken in prior years
|
(561
|
)
|
|
|
(176
|
)
|
|
(899
|
)
|
|||
Settlements with taxing authorities in current year
|
(50
|
)
|
|
|
(320
|
)
|
|
(138
|
)
|
|||
Reductions as a result of a lapse of the applicable statute of limitations
|
(29
|
)
|
|
|
(109
|
)
|
|
(72
|
)
|
|||
Balance at December 31
|
$
|
3,552
|
|
|
|
$
|
3,848
|
|
|
$
|
3,071
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
United States
|
|
|
|
|
|
|
||||||
Excise and similar taxes on products and merchandise
|
$
|
4,633
|
|
|
|
$
|
4,792
|
|
|
$
|
4,665
|
|
Import duties and other levies
|
6
|
|
|
|
4
|
|
|
1
|
|
|||
Property and other miscellaneous taxes
|
1,002
|
|
|
|
1,036
|
|
|
782
|
|
|||
Payroll taxes
|
273
|
|
|
|
255
|
|
|
240
|
|
|||
Taxes on production
|
349
|
|
|
|
333
|
|
|
328
|
|
|||
Total United States
|
6,263
|
|
|
|
6,420
|
|
|
6,016
|
|
|||
International
|
|
|
|
|
|
|
||||||
Excise and similar taxes on products and merchandise
|
3,553
|
|
|
|
3,700
|
|
|
3,345
|
|
|||
Import duties and other levies
|
45
|
|
|
|
41
|
|
|
106
|
|
|||
Property and other miscellaneous taxes
|
2,277
|
|
|
|
2,486
|
|
|
2,501
|
|
|||
Payroll taxes
|
172
|
|
|
|
168
|
|
|
160
|
|
|||
Taxes on production
|
230
|
|
|
|
248
|
|
|
248
|
|
|||
Total International
|
6,277
|
|
|
|
6,643
|
|
|
6,360
|
|
|||
Total taxes other than on income
|
$
|
12,540
|
|
|
|
$
|
13,063
|
|
|
$
|
12,376
|
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
3.191% notes due 2023
|
$
|
2,250
|
|
|
|
$
|
2,250
|
|
1.104% notes due 2017
|
2,000
|
|
|
|
2,000
|
|
||
1.718% notes due 2018
|
2,000
|
|
|
|
2,000
|
|
||
2.355% notes due 2022
|
2,000
|
|
|
|
2,000
|
|
||
4.95% notes due 2019
|
1,500
|
|
|
|
1,500
|
|
||
1.345% notes due 2017
|
1,100
|
|
|
|
—
|
|
||
2.427% notes due 2020
|
1,000
|
|
|
|
1,000
|
|
||
2.193% notes due 2019
|
750
|
|
|
|
—
|
|
||
0.889% notes due 2016
|
750
|
|
|
|
750
|
|
||
Floating rate notes due 2016 (0.332%)
1
|
700
|
|
|
|
—
|
|
||
Floating rate notes due 2017 (0.402%)
1
|
650
|
|
|
|
—
|
|
||
Floating rate notes due 2019 (0.642%)
1
|
400
|
|
|
|
—
|
|
||
Floating rate notes due 2021 (0.762%)
1
|
400
|
|
|
|
—
|
|
||
8.625% debentures due 2032
|
147
|
|
|
|
147
|
|
||
8.625% debentures due 2031
|
107
|
|
|
|
107
|
|
||
8.0% debentures due 2032
|
74
|
|
|
|
74
|
|
||
9.75% debentures due 2020
|
54
|
|
|
|
54
|
|
||
8.875% debentures due 2021
|
40
|
|
|
|
40
|
|
||
Medium-term notes, maturing from 2021 to 2038 (5.83%)
2
|
38
|
|
|
|
38
|
|
||
Total including debt due within one year
|
15,960
|
|
|
|
11,960
|
|
||
Debt due within one year
|
—
|
|
|
|
—
|
|
||
Reclassified from short-term debt
|
8,000
|
|
|
|
8,000
|
|
||
Total long-term debt
|
$
|
23,960
|
|
|
|
$
|
19,960
|
|
1
|
Interest rate at December 31, 2014.
|
2
|
Weighted-average interest rate at December 31,
2014
.
|
|
At December 31
|
|
||||||
|
2014
|
|
|
|
2013
|
|
||
Commercial paper
*
|
$
|
8,506
|
|
|
|
$
|
5,130
|
|
Notes payable to banks and others with originating terms of one year or less
|
104
|
|
|
|
49
|
|
||
Current maturities of long-term debt
|
—
|
|
|
|
—
|
|
||
Current maturities of long-term capital leases
|
22
|
|
|
|
34
|
|
||
Redeemable long-term obligations
|
|
|
|
|
||||
Long-term debt
|
3,152
|
|
|
|
3,152
|
|
||
Capital leases
|
6
|
|
|
|
9
|
|
||
Subtotal
|
11,790
|
|
|
|
8,374
|
|
||
Reclassified to long-term debt
|
(8,000
|
)
|
|
|
(8,000
|
)
|
||
Total short-term debt
|
$
|
3,790
|
|
|
|
$
|
374
|
|
*
|
Weighted-average interest rates at December 31,
2014
and
2013
, were
0.12 percent
and
0.09 percent
, respectively.
|
|
2014
|
|
2013
|
|
2012
|
|
|||
Beginning balance at January 1
|
$
|
3,245
|
|
$
|
2,681
|
|
$
|
2,434
|
|
Additions to capitalized exploratory well costs pending the determination of proved reserves
|
1,591
|
|
885
|
|
595
|
|
|||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves
|
(298
|
)
|
(290
|
)
|
(244
|
)
|
|||
Capitalized exploratory well costs charged to expense
|
(312
|
)
|
(31
|
)
|
(49
|
)
|
|||
Other reductions
*
|
(31
|
)
|
—
|
|
(55
|
)
|
|||
Ending balance at December 31
|
$
|
4,195
|
|
$
|
3,245
|
|
$
|
2,681
|
|
|
At December 31
|
|
|||||||
|
2014
|
|
2013
|
|
2012
|
|
|||
Exploratory well costs capitalized for a period of one year or less
|
$
|
1,522
|
|
$
|
641
|
|
$
|
501
|
|
Exploratory well costs capitalized for a period greater than one year
|
2,673
|
|
2,604
|
|
2,180
|
|
|||
Balance at December 31
|
$
|
4,195
|
|
$
|
3,245
|
|
$
|
2,681
|
|
Number of projects with exploratory well costs that have been capitalized for a period greater than one year
*
|
51
|
|
51
|
|
46
|
|
Aging based on drilling completion date of individual wells:
|
Amount
|
|
|
|
Number of wells
|
|
|
1997–2003
|
$
|
204
|
|
|
|
38
|
|
2004–2008
|
459
|
|
|
|
45
|
|
|
2009–2013
|
2,010
|
|
|
|
126
|
|
|
Total
|
$
|
2,673
|
|
|
|
209
|
|
|
|
|
|
|
|||
Aging based on drilling completion date of last suspended well in project:
|
Amount
|
|
|
|
Number of projects
|
|
|
1999
|
$
|
8
|
|
|
|
1
|
|
2003–2009
|
521
|
|
|
|
11
|
|
|
2010–2014
|
2,144
|
|
|
|
39
|
|
|
Total
|
$
|
2,673
|
|
|
|
51
|
|
|
Year ended December 31
|
||||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|
|||
Expected term in years
1
|
6.0
|
|
|
|
6.0
|
|
|
6.0
|
|
|
|||
Volatility
2
|
30.3
|
|
%
|
|
31.3
|
|
%
|
31.7
|
|
%
|
|||
Risk-free interest rate based on zero coupon U.S. treasury note
|
1.9
|
|
%
|
|
1.2
|
|
%
|
1.1
|
|
%
|
|||
Dividend yield
|
3.3
|
|
%
|
|
3.3
|
|
%
|
3.2
|
|
%
|
|||
Weighted-average fair value per option granted
|
$
|
25.86
|
|
|
|
$
|
24.48
|
|
|
$
|
23.35
|
|
|
|
Shares (Thousands)
|
|
Weighted-Average
Exercise Price
|
|
|
Averaged Remaining Contractual Term (Years)
|
Aggregate Intrinsic Value
|
|
||||
Outstanding at January 1, 2014
|
75,626
|
|
|
$
|
88.44
|
|
|
|
|
|
||
Granted
|
11,380
|
|
|
$
|
116.00
|
|
|
|
|
|
||
Exercised
|
(7,464
|
)
|
|
$
|
72.71
|
|
|
|
|
|
||
Forfeited
|
(1,201
|
)
|
|
$
|
111.73
|
|
|
|
|
|
||
Outstanding at December 31, 2014
|
78,341
|
|
|
$
|
93.59
|
|
|
5.84
|
|
$
|
1,548
|
|
Exercisable at December 31, 2014
|
56,943
|
|
|
$
|
85.60
|
|
|
4.87
|
|
$
|
1,533
|
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2014
|
|
|
|
2013
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2014
|
|
|
|
2013
|
|
||||||
Change in Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at January 1
|
$
|
12,080
|
|
|
$
|
6,095
|
|
|
|
$
|
13,654
|
|
|
$
|
6,287
|
|
|
$
|
3,138
|
|
|
|
$
|
3,787
|
|
Service cost
|
450
|
|
|
190
|
|
|
|
495
|
|
|
197
|
|
|
50
|
|
|
|
66
|
|
||||||
Interest cost
|
494
|
|
|
340
|
|
|
|
471
|
|
|
314
|
|
|
148
|
|
|
|
149
|
|
||||||
Plan participants’ contributions
|
—
|
|
|
8
|
|
|
|
—
|
|
|
8
|
|
|
150
|
|
|
|
154
|
|
||||||
Plan amendments
|
—
|
|
|
3
|
|
|
|
(78
|
)
|
|
18
|
|
|
2
|
|
|
|
—
|
|
||||||
Actuarial (gain) loss
|
2,299
|
|
|
336
|
|
|
|
(1,398
|
)
|
|
(206
|
)
|
|
544
|
|
|
|
(636
|
)
|
||||||
Foreign currency exchange rate changes
|
—
|
|
|
(348
|
)
|
|
|
—
|
|
|
(187
|
)
|
|
(22
|
)
|
|
|
(23
|
)
|
||||||
Benefits paid
|
(1,073
|
)
|
|
(293
|
)
|
|
|
(1,064
|
)
|
|
(336
|
)
|
|
(350
|
)
|
|
|
(359
|
)
|
||||||
Divestitures
|
—
|
|
|
(564
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
||||||
Benefit obligation at December 31
|
14,250
|
|
|
5,767
|
|
|
|
12,080
|
|
|
6,095
|
|
|
3,660
|
|
|
|
3,138
|
|
||||||
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1
|
11,210
|
|
|
4,543
|
|
|
|
9,909
|
|
|
4,125
|
|
|
—
|
|
|
|
—
|
|
||||||
Actual return on plan assets
|
854
|
|
|
571
|
|
|
|
1,546
|
|
|
375
|
|
|
—
|
|
|
|
—
|
|
||||||
Foreign currency exchange rate changes
|
—
|
|
|
(279
|
)
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
|
—
|
|
||||||
Employer contributions
|
99
|
|
|
276
|
|
|
|
819
|
|
|
392
|
|
|
200
|
|
|
|
205
|
|
||||||
Plan participants’ contributions
|
—
|
|
|
8
|
|
|
|
—
|
|
|
8
|
|
|
150
|
|
|
|
154
|
|
||||||
Benefits paid
|
(1,073
|
)
|
|
(293
|
)
|
|
|
(1,064
|
)
|
|
(336
|
)
|
|
(350
|
)
|
|
|
(359
|
)
|
||||||
Divestitures
|
—
|
|
|
(582
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31
|
11,090
|
|
|
4,244
|
|
|
|
11,210
|
|
|
4,543
|
|
|
—
|
|
|
|
—
|
|
||||||
Funded Status at December 31
|
$
|
(3,160
|
)
|
|
$
|
(1,523
|
)
|
|
|
$
|
(870
|
)
|
|
$
|
(1,552
|
)
|
|
$
|
(3,660
|
)
|
|
|
$
|
(3,138
|
)
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2014
|
|
|
|
2013
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2014
|
|
|
|
2013
|
|
||||||
Deferred charges and other assets
|
$
|
13
|
|
|
$
|
244
|
|
|
|
$
|
394
|
|
|
$
|
128
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
Accrued liabilities
|
(123
|
)
|
|
(68
|
)
|
|
|
(76
|
)
|
|
(81
|
)
|
|
(198
|
)
|
|
|
(215
|
)
|
||||||
Noncurrent employee benefit plans
|
(3,050
|
)
|
|
(1,699
|
)
|
|
|
(1,188
|
)
|
|
(1,599
|
)
|
|
(3,462
|
)
|
|
|
(2,923
|
)
|
||||||
Net amount recognized at December 31
|
$
|
(3,160
|
)
|
|
$
|
(1,523
|
)
|
|
|
$
|
(870
|
)
|
|
$
|
(1,552
|
)
|
|
$
|
(3,660
|
)
|
|
|
$
|
(3,138
|
)
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2014
|
|
|
|
2013
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2014
|
|
|
|
2013
|
|
||||||
Net actuarial loss
|
$
|
4,972
|
|
|
$
|
1,487
|
|
|
|
$
|
3,185
|
|
|
$
|
1,808
|
|
|
$
|
763
|
|
|
|
$
|
256
|
|
Prior service (credit) costs
|
(13
|
)
|
|
150
|
|
|
|
(22
|
)
|
|
167
|
|
|
58
|
|
|
|
70
|
|
||||||
Total recognized at December 31
|
$
|
4,959
|
|
|
$
|
1,637
|
|
|
|
$
|
3,163
|
|
|
$
|
1,975
|
|
|
$
|
821
|
|
|
|
$
|
326
|
|
|
Pension Benefits
|
|
||||||||||||||
|
2014
|
|
|
|
2013
|
|
||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
||||
Projected benefit obligations
|
$
|
14,182
|
|
|
$
|
1,938
|
|
|
|
$
|
1,267
|
|
|
$
|
1,692
|
|
Accumulated benefit obligations
|
12,765
|
|
|
1,525
|
|
|
|
1,155
|
|
|
1,240
|
|
||||
Fair value of plan assets
|
11,009
|
|
|
262
|
|
|
|
4
|
|
|
203
|
|
|
Pension Benefits
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
2014
|
|
|
|
2013
|
|
2012
|
|
|
Other Benefits
|
|
||||||||||||||||||||||
|
U.S.
|
|
Int’l.
|
|
|
|
U.S.
|
|
Int’l.
|
|
U.S.
|
|
Int’l.
|
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||||||||
Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
450
|
|
$
|
190
|
|
|
|
$
|
495
|
|
$
|
197
|
|
$
|
452
|
|
$
|
181
|
|
|
$
|
50
|
|
|
|
$
|
66
|
|
|
$
|
61
|
|
Interest cost
|
494
|
|
340
|
|
|
|
471
|
|
314
|
|
435
|
|
320
|
|
|
148
|
|
|
|
149
|
|
|
153
|
|
|||||||||
Expected return on plan assets
|
(788
|
)
|
(298
|
)
|
|
|
(701
|
)
|
(274
|
)
|
(634
|
)
|
(269
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of prior service costs (credits)
|
(9
|
)
|
21
|
|
|
|
2
|
|
21
|
|
(7
|
)
|
18
|
|
|
14
|
|
|
|
(50
|
)
|
|
(72
|
)
|
|||||||||
Recognized actuarial losses
|
209
|
|
96
|
|
|
|
485
|
|
143
|
|
470
|
|
136
|
|
|
7
|
|
|
|
53
|
|
|
56
|
|
|||||||||
Settlement losses
|
237
|
|
208
|
|
|
|
173
|
|
12
|
|
220
|
|
5
|
|
|
—
|
|
|
|
—
|
|
|
(26
|
)
|
|||||||||
Curtailment losses (gains)
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Total net periodic benefit cost
|
593
|
|
557
|
|
|
|
925
|
|
413
|
|
936
|
|
391
|
|
|
219
|
|
|
|
218
|
|
|
172
|
|
|||||||||
Changes Recognized in Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net actuarial (gain) loss during period
|
2,233
|
|
(17
|
)
|
|
|
(2,244
|
)
|
(476
|
)
|
805
|
|
330
|
|
|
514
|
|
|
|
(659
|
)
|
|
45
|
|
|||||||||
Amortization of actuarial loss
|
(446
|
)
|
(304
|
)
|
|
|
(658
|
)
|
(155
|
)
|
(700
|
)
|
(141
|
)
|
|
(7
|
)
|
|
|
(53
|
)
|
|
(79
|
)
|
|||||||||
Prior service (credits) costs during period
|
—
|
|
4
|
|
|
|
(78
|
)
|
18
|
|
94
|
|
37
|
|
|
2
|
|
|
|
—
|
|
|
11
|
|
|||||||||
Amortization of prior service (costs) credits
|
9
|
|
(21
|
)
|
|
|
(2
|
)
|
(21
|
)
|
7
|
|
(18
|
)
|
|
(14
|
)
|
|
|
50
|
|
|
72
|
|
|||||||||
Total changes recognized in other
comprehensive income |
1,796
|
|
(338
|
)
|
|
|
(2,982
|
)
|
(634
|
)
|
206
|
|
208
|
|
|
495
|
|
|
|
(662
|
)
|
|
49
|
|
|||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
|
$
|
2,389
|
|
$
|
219
|
|
|
|
$
|
(2,057
|
)
|
$
|
(221
|
)
|
$
|
1,142
|
|
$
|
599
|
|
|
$
|
714
|
|
|
|
$
|
(444
|
)
|
|
$
|
221
|
|
|
Pension Benefits
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
Other Benefits
|
|
||||||||||
|
U.S.
|
|
Int’l.
|
|
|
|
U.S.
|
|
Int’l.
|
|
|
U.S.
|
|
Int’l.
|
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
Assumptions used to determine benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
|
3.7
|
%
|
5.0
|
%
|
|
|
4.3
|
%
|
5.8
|
%
|
|
3.6
|
%
|
5.2
|
%
|
|
4.3
|
%
|
|
|
4.9
|
%
|
|
4.1
|
%
|
Rate of compensation increase
|
4.5
|
%
|
5.1
|
%
|
|
|
4.5
|
%
|
5.5
|
%
|
|
4.5
|
%
|
5.5
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
Assumptions used to determine net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
|
4.3
|
%
|
5.8
|
%
|
|
|
3.6
|
%
|
5.2
|
%
|
|
3.8
|
%
|
5.9
|
%
|
|
4.9
|
%
|
|
|
4.1
|
%
|
|
4.2
|
%
|
Expected return on plan assets
|
7.5
|
%
|
6.6
|
%
|
|
|
7.5
|
%
|
6.8
|
%
|
|
7.5
|
%
|
7.5
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
Rate of compensation increase
|
4.5
|
%
|
5.5
|
%
|
|
|
4.5
|
%
|
5.5
|
%
|
|
4.5
|
%
|
5.7
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
|
1 Percent Increase
|
|
|
1 Percent Decrease
|
|
||
Effect on total service and interest cost components
|
$
|
13
|
|
|
$
|
(10
|
)
|
Effect on postretirement benefit obligation
|
$
|
226
|
|
|
$
|
(187
|
)
|
|
U.S.
|
|
|
|
Int’l.
|
|
||||||||||||||||||||||||||
|
Total Fair Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
|
Total Fair Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
||||||||
At December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S.
1
|
$
|
2,298
|
|
|
$
|
2,298
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
409
|
|
|
$
|
409
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International
|
1,501
|
|
|
1,501
|
|
|
—
|
|
|
—
|
|
|
|
533
|
|
|
533
|
|
|
—
|
|
|
—
|
|
||||||||
Collective Trusts/Mutual Funds
2
|
2,977
|
|
|
26
|
|
|
2,951
|
|
|
—
|
|
|
|
1,066
|
|
|
211
|
|
|
855
|
|
|
—
|
|
||||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Government
|
81
|
|
|
52
|
|
|
29
|
|
|
—
|
|
|
|
726
|
|
|
46
|
|
|
680
|
|
|
—
|
|
||||||||
Corporate
|
1,275
|
|
|
—
|
|
|
1,275
|
|
|
—
|
|
|
|
545
|
|
|
23
|
|
|
499
|
|
|
23
|
|
||||||||
Mortgage-Backed Securities
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||
Other Asset Backed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Collective Trusts/Mutual Funds
2
|
1,357
|
|
|
—
|
|
|
1,357
|
|
|
—
|
|
|
|
647
|
|
|
27
|
|
|
620
|
|
|
—
|
|
||||||||
Mixed Funds
3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
120
|
|
|
5
|
|
|
115
|
|
|
—
|
|
||||||||
Real Estate
4
|
1,265
|
|
|
—
|
|
|
—
|
|
|
1,265
|
|
|
|
294
|
|
|
—
|
|
|
—
|
|
|
294
|
|
||||||||
Cash and Cash Equivalents
|
385
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
|
173
|
|
|
173
|
|
|
—
|
|
|
—
|
|
||||||||
Other
5
|
70
|
|
|
(2
|
)
|
|
18
|
|
|
54
|
|
|
|
26
|
|
|
(2
|
)
|
|
25
|
|
|
3
|
|
||||||||
Total at December 31, 2013
|
$
|
11,210
|
|
|
$
|
4,260
|
|
|
$
|
5,631
|
|
|
$
|
1,319
|
|
|
|
$
|
4,543
|
|
|
$
|
1,425
|
|
|
$
|
2,796
|
|
|
$
|
322
|
|
At December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S.
1
|
$
|
2,087
|
|
|
$
|
2,087
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
241
|
|
|
$
|
241
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International
|
1,297
|
|
|
1,297
|
|
|
—
|
|
|
—
|
|
|
|
313
|
|
|
313
|
|
|
—
|
|
|
—
|
|
||||||||
Collective Trusts/Mutual Funds
2
|
3,240
|
|
|
22
|
|
|
3,218
|
|
|
—
|
|
|
|
979
|
|
|
173
|
|
|
806
|
|
|
—
|
|
||||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Government
|
84
|
|
|
47
|
|
|
37
|
|
|
—
|
|
|
|
1,066
|
|
|
53
|
|
|
1,013
|
|
|
—
|
|
||||||||
Corporate
|
1,502
|
|
|
—
|
|
|
1,502
|
|
|
—
|
|
|
|
585
|
|
|
26
|
|
|
537
|
|
|
22
|
|
||||||||
Mortgage-Backed Securities
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||
Other Asset Backed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Collective Trusts/Mutual Funds
2
|
1,174
|
|
|
—
|
|
|
1,174
|
|
|
—
|
|
|
|
394
|
|
|
16
|
|
|
378
|
|
|
—
|
|
||||||||
Mixed Funds
3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
122
|
|
|
3
|
|
|
119
|
|
|
—
|
|
||||||||
Real Estate
4
|
1,364
|
|
|
—
|
|
|
—
|
|
|
1,364
|
|
|
|
329
|
|
|
—
|
|
|
—
|
|
|
329
|
|
||||||||
Cash and Cash Equivalents
|
270
|
|
|
270
|
|
|
—
|
|
|
—
|
|
|
|
190
|
|
|
189
|
|
|
1
|
|
|
—
|
|
||||||||
Other
5
|
71
|
|
|
(3
|
)
|
|
20
|
|
|
54
|
|
|
|
24
|
|
|
—
|
|
|
21
|
|
|
3
|
|
||||||||
Total at December 31, 2014
|
$
|
11,090
|
|
|
$
|
3,720
|
|
|
$
|
5,952
|
|
|
$
|
1,418
|
|
|
|
$
|
4,244
|
|
|
$
|
1,014
|
|
|
$
|
2,876
|
|
|
$
|
354
|
|
1
|
U.S. equities include investments in the company’s common stock in the amount of
$24
at
December 31, 2014
, and
$28
at
December 31, 2013
.
|
2
|
Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly index funds. For these index funds, the Level 2 designation is partially based on the restriction that advance notification of redemptions, typically two business days, is required.
|
3
|
Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
|
4
|
The year-end valuations of the U.S. real estate assets are based on internal appraisals by the real estate managers, which are updates of third-party appraisals that occur at least once a year for each property in the portfolio.
|
5
|
The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3).
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate
|
|
|
|
Mortgage-Backed Securities
|
|
|
Real Estate
|
|
|
|
Other
|
|
|
|
Total
|
|
|||||
Total at December 31, 2012
|
$
|
31
|
|
|
|
$
|
2
|
|
|
$
|
1,290
|
|
|
|
$
|
57
|
|
|
|
$
|
1,380
|
|
Actual Return on Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets held at the reporting date
|
(9
|
)
|
|
|
—
|
|
|
90
|
|
|
|
—
|
|
|
|
81
|
|
|||||
Assets sold during the period
|
—
|
|
|
|
—
|
|
|
3
|
|
|
|
—
|
|
|
|
3
|
|
|||||
Purchases, Sales and Settlements
|
1
|
|
|
|
—
|
|
|
176
|
|
|
|
—
|
|
|
|
177
|
|
|||||
Transfers in and/or out of Level 3
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||||
Total at December 31, 2013
|
$
|
23
|
|
|
|
$
|
2
|
|
|
$
|
1,559
|
|
|
|
$
|
57
|
|
|
|
$
|
1,641
|
|
Actual Return on Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets held at the reporting date
|
—
|
|
|
|
—
|
|
|
115
|
|
|
|
—
|
|
|
|
115
|
|
|||||
Assets sold during the period
|
—
|
|
|
|
—
|
|
|
20
|
|
|
|
—
|
|
|
|
20
|
|
|||||
Purchases, Sales and Settlements
|
(1
|
)
|
|
|
(2
|
)
|
|
(1
|
)
|
|
|
—
|
|
|
|
(4
|
)
|
|||||
Transfers in and/or out of Level 3
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||||
Total at December 31, 2014
|
$
|
22
|
|
|
|
$
|
—
|
|
|
$
|
1,693
|
|
|
|
$
|
57
|
|
|
|
$
|
1,772
|
|
|
Pension Benefits
|
|
|
Other
|
|
||||||
|
U.S.
|
|
|
Int’l.
|
|
|
Benefits
|
|
|||
2015
|
$
|
1,398
|
|
|
$
|
225
|
|
|
$
|
198
|
|
2016
|
$
|
1,346
|
|
|
$
|
315
|
|
|
$
|
203
|
|
2017
|
$
|
1,347
|
|
|
$
|
322
|
|
|
$
|
207
|
|
2018
|
$
|
1,340
|
|
|
$
|
355
|
|
|
$
|
212
|
|
2019
|
$
|
1,319
|
|
|
$
|
374
|
|
|
$
|
216
|
|
2020-2024
|
$
|
5,966
|
|
|
$
|
2,004
|
|
|
$
|
1,113
|
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Balance at January 1
|
$
|
14,298
|
|
|
|
$
|
13,271
|
|
|
$
|
12,767
|
|
Liabilities incurred
|
133
|
|
|
|
59
|
|
|
133
|
|
|||
Liabilities settled
|
(1,291
|
)
|
|
|
(907
|
)
|
|
(966
|
)
|
|||
Accretion expense
|
882
|
|
|
|
627
|
|
|
629
|
|
|||
Revisions in estimated cash flows
|
1,031
|
|
|
|
1,248
|
|
|
708
|
|
|||
Balance at December 31
|
$
|
15,053
|
|
|
|
$
|
14,298
|
|
|
$
|
13,271
|
|
|
Year ended December 31
|
|
||||||||||
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|||
Total financing interest and debt costs
|
$
|
358
|
|
|
|
$
|
284
|
|
|
$
|
242
|
|
Less: Capitalized interest
|
358
|
|
|
|
284
|
|
|
242
|
|
|||
Interest and debt expense
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Research and development expenses
|
$
|
707
|
|
|
|
$
|
750
|
|
|
$
|
648
|
|
Excess of replacement cost over the carrying value of inventories (LIFO method)
|
8,135
|
|
|
|
9,150
|
|
|
9,292
|
|
|||
LIFO profits on inventory drawdowns included in earnings
|
13
|
|
|
|
14
|
|
|
121
|
|
|||
Foreign currency effects*
|
$
|
487
|
|
|
|
$
|
474
|
|
|
$
|
(454
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Millions of dollars, except per-share amounts
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|||||
|
Statement of Income Data
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total sales and other operating revenues
*
|
$
|
200,494
|
|
|
|
$
|
220,156
|
|
|
$
|
230,590
|
|
|
$
|
244,371
|
|
|
$
|
198,198
|
|
|
|
Income from equity affiliates and other income
|
11,476
|
|
|
|
8,692
|
|
|
11,319
|
|
|
9,335
|
|
|
6,730
|
|
|
|||||
|
Total Revenues and Other Income
|
211,970
|
|
|
|
228,848
|
|
|
241,909
|
|
|
253,706
|
|
|
204,928
|
|
|
|||||
|
Total Costs and Other Deductions
|
180,768
|
|
|
|
192,943
|
|
|
195,577
|
|
|
206,072
|
|
|
172,873
|
|
|
|||||
|
Income Before Income Tax Expense
|
31,202
|
|
|
|
35,905
|
|
|
46,332
|
|
|
47,634
|
|
|
32,055
|
|
|
|||||
|
Income Tax Expense
|
11,892
|
|
|
|
14,308
|
|
|
19,996
|
|
|
20,626
|
|
|
12,919
|
|
|
|||||
|
Net Income
|
19,310
|
|
|
|
21,597
|
|
|
26,336
|
|
|
27,008
|
|
|
19,136
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
69
|
|
|
|
174
|
|
|
157
|
|
|
113
|
|
|
112
|
|
|
|||||
|
Net Income Attributable to Chevron Corporation
|
$
|
19,241
|
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
|
$
|
26,895
|
|
|
$
|
19,024
|
|
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Income Attributable to Chevron
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
– Basic
|
$
|
10.21
|
|
|
|
$
|
11.18
|
|
|
$
|
13.42
|
|
|
$
|
13.54
|
|
|
$
|
9.53
|
|
|
|
– Diluted
|
$
|
10.14
|
|
|
|
$
|
11.09
|
|
|
$
|
13.32
|
|
|
$
|
13.44
|
|
|
$
|
9.48
|
|
|
|
Cash Dividends Per Share
|
$
|
4.21
|
|
|
|
$
|
3.90
|
|
|
$
|
3.51
|
|
|
$
|
3.09
|
|
|
$
|
2.84
|
|
|
|
Balance Sheet Data (at December 31)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current assets
|
$
|
42,232
|
|
|
|
$
|
50,250
|
|
|
$
|
55,720
|
|
|
$
|
53,234
|
|
|
$
|
48,841
|
|
|
|
Noncurrent assets
|
223,794
|
|
|
|
203,503
|
|
|
177,262
|
|
|
156,240
|
|
|
135,928
|
|
|
|||||
|
Total Assets
|
266,026
|
|
|
|
253,753
|
|
|
232,982
|
|
|
209,474
|
|
|
184,769
|
|
|
|||||
|
Short-term debt
|
3,790
|
|
|
|
374
|
|
|
127
|
|
|
340
|
|
|
187
|
|
|
|||||
|
Other current liabilities
|
28,136
|
|
|
|
32,644
|
|
|
34,085
|
|
|
33,260
|
|
|
28,825
|
|
|
|||||
|
Long-term debt and capital lease obligations
|
24,028
|
|
|
|
20,057
|
|
|
12,065
|
|
|
9,812
|
|
|
11,289
|
|
|
|||||
|
Other noncurrent liabilities
|
53,881
|
|
|
|
50,251
|
|
|
48,873
|
|
|
43,881
|
|
|
38,657
|
|
|
|||||
|
Total Liabilities
|
109,835
|
|
|
|
103,326
|
|
|
95,150
|
|
|
87,293
|
|
|
78,958
|
|
|
|||||
|
Total Chevron Corporation Stockholders' Equity
|
$
|
155,028
|
|
|
|
$
|
149,113
|
|
|
$
|
136,524
|
|
|
$
|
121,382
|
|
|
$
|
105,081
|
|
|
|
Noncontrolling interests
|
1,163
|
|
|
|
1,314
|
|
|
1,308
|
|
|
799
|
|
|
730
|
|
|
|||||
|
Total Equity
|
$
|
156,191
|
|
|
|
$
|
150,427
|
|
|
$
|
137,832
|
|
|
$
|
122,181
|
|
|
$
|
105,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
*
Includes excise, value-added and similar taxes:
|
$
|
8,186
|
|
|
|
$
|
8,492
|
|
|
$
|
8,010
|
|
|
$
|
8,085
|
|
|
$
|
8,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
965
|
|
$
|
87
|
|
$
|
436
|
|
$
|
381
|
|
$
|
207
|
|
$
|
101
|
|
$
|
2,177
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
107
|
|
72
|
|
32
|
|
64
|
|
88
|
|
41
|
|
404
|
|
|
—
|
|
—
|
|
|||||||||
Rentals and other
|
150
|
|
37
|
|
198
|
|
98
|
|
101
|
|
103
|
|
687
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
1,222
|
|
196
|
|
666
|
|
543
|
|
396
|
|
245
|
|
3,268
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
33
|
|
1
|
|
521
|
|
60
|
|
—
|
|
—
|
|
615
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
196
|
|
2
|
|
39
|
|
—
|
|
—
|
|
—
|
|
237
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
229
|
|
3
|
|
560
|
|
60
|
|
—
|
|
—
|
|
852
|
|
|
—
|
|
—
|
|
|||||||||
Development
3
|
8,207
|
|
3,226
|
|
3,771
|
|
4,363
|
|
7,182
|
|
887
|
|
27,636
|
|
|
1,598
|
|
393
|
|
|||||||||
Total Costs Incurred
4
|
$
|
9,658
|
|
$
|
3,425
|
|
$
|
4,997
|
|
$
|
4,966
|
|
$
|
7,578
|
|
$
|
1,132
|
|
$
|
31,756
|
|
|
$
|
1,598
|
|
$
|
393
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
594
|
|
$
|
495
|
|
$
|
88
|
|
$
|
405
|
|
$
|
262
|
|
$
|
123
|
|
$
|
1,967
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
134
|
|
70
|
|
105
|
|
116
|
|
29
|
|
55
|
|
509
|
|
|
—
|
|
—
|
|
|||||||||
Rentals and other
|
166
|
|
62
|
|
147
|
|
80
|
|
124
|
|
131
|
|
710
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
894
|
|
627
|
|
340
|
|
601
|
|
415
|
|
309
|
|
3,186
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
71
|
|
—
|
|
26
|
|
64
|
|
—
|
|
1
|
|
162
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
331
|
|
2,068
|
|
—
|
|
203
|
|
105
|
|
3
|
|
2,710
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
402
|
|
2,068
|
|
26
|
|
267
|
|
105
|
|
4
|
|
2,872
|
|
|
—
|
|
—
|
|
|||||||||
Development
3
|
7,457
|
|
2,306
|
|
3,549
|
|
4,907
|
|
6,611
|
|
1,046
|
|
25,876
|
|
|
1,027
|
|
544
|
|
|||||||||
Total Costs Incurred
4
|
$
|
8,753
|
|
$
|
5,001
|
|
$
|
3,915
|
|
$
|
5,775
|
|
$
|
7,131
|
|
$
|
1,359
|
|
$
|
31,934
|
|
|
$
|
1,027
|
|
$
|
544
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
251
|
|
$
|
202
|
|
$
|
121
|
|
$
|
271
|
|
$
|
302
|
|
$
|
88
|
|
$
|
1,235
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
99
|
|
105
|
|
107
|
|
86
|
|
47
|
|
58
|
|
502
|
|
|
—
|
|
—
|
|
|||||||||
Rentals and other
|
161
|
|
55
|
|
93
|
|
201
|
|
85
|
|
107
|
|
702
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
511
|
|
362
|
|
321
|
|
558
|
|
434
|
|
253
|
|
2,439
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
248
|
|
—
|
|
8
|
|
39
|
|
—
|
|
—
|
|
295
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
1,150
|
|
29
|
|
5
|
|
342
|
|
28
|
|
—
|
|
1,554
|
|
|
—
|
|
28
|
|
|||||||||
Total property acquisitions
|
1,398
|
|
29
|
|
13
|
|
381
|
|
28
|
|
—
|
|
1,849
|
|
|
—
|
|
28
|
|
|||||||||
Development
3
|
6,597
|
|
1,211
|
|
3,118
|
|
3,797
|
|
5,379
|
|
753
|
|
20,855
|
|
|
660
|
|
293
|
|
|||||||||
Total Costs Incurred
4
|
$
|
8,506
|
|
$
|
1,602
|
|
$
|
3,452
|
|
$
|
4,736
|
|
$
|
5,841
|
|
$
|
1,006
|
|
$
|
25,143
|
|
|
$
|
660
|
|
$
|
321
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
At December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unproved properties
|
$
|
10,095
|
|
$
|
3,207
|
|
$
|
286
|
|
$
|
1,933
|
|
$
|
1,990
|
|
$
|
33
|
|
$
|
17,544
|
|
|
$
|
108
|
|
$
|
—
|
|
Proved properties and
related producing assets |
75,511
|
|
14,697
|
|
33,117
|
|
47,007
|
|
3,303
|
|
9,172
|
|
182,807
|
|
|
7,370
|
|
3,713
|
|
|||||||||
Support equipment
|
1,670
|
|
361
|
|
1,193
|
|
1,791
|
|
796
|
|
186
|
|
5,997
|
|
|
1,331
|
|
—
|
|
|||||||||
Deferred exploratory wells
|
1,012
|
|
220
|
|
647
|
|
734
|
|
1,330
|
|
252
|
|
4,195
|
|
|
—
|
|
—
|
|
|||||||||
Other uncompleted projects
|
7,714
|
|
5,566
|
|
6,691
|
|
5,997
|
|
23,487
|
|
1,841
|
|
51,296
|
|
|
2,679
|
|
458
|
|
|||||||||
Gross Capitalized Costs
|
96,002
|
|
24,051
|
|
41,934
|
|
57,462
|
|
30,906
|
|
11,484
|
|
261,839
|
|
|
11,488
|
|
4,171
|
|
|||||||||
Unproved properties valuation
|
1,332
|
|
796
|
|
213
|
|
634
|
|
46
|
|
33
|
|
3,054
|
|
|
48
|
|
—
|
|
|||||||||
Proved producing properties – Depreciation and depletion
|
48,315
|
|
6,516
|
|
19,729
|
|
31,207
|
|
2,259
|
|
7,540
|
|
115,566
|
|
|
3,295
|
|
845
|
|
|||||||||
Support equipment depreciation
|
711
|
|
203
|
|
694
|
|
1,276
|
|
202
|
|
159
|
|
3,245
|
|
|
611
|
|
—
|
|
|||||||||
Accumulated provisions
|
50,358
|
|
7,515
|
|
20,636
|
|
33,117
|
|
2,507
|
|
7,732
|
|
121,865
|
|
|
3,954
|
|
845
|
|
|||||||||
Net Capitalized Costs
|
$
|
45,644
|
|
$
|
16,536
|
|
$
|
21,298
|
|
$
|
24,345
|
|
$
|
28,399
|
|
$
|
3,752
|
|
$
|
139,974
|
|
|
$
|
7,534
|
|
$
|
3,326
|
|
At December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unproved properties
|
$
|
10,228
|
|
$
|
3,697
|
|
$
|
267
|
|
$
|
2,064
|
|
$
|
1,990
|
|
$
|
36
|
|
$
|
18,282
|
|
|
$
|
109
|
|
$
|
29
|
|
Proved properties and
related producing assets |
67,837
|
|
12,868
|
|
32,936
|
|
42,780
|
|
3,274
|
|
9,592
|
|
169,287
|
|
|
6,977
|
|
3,408
|
|
|||||||||
Support equipment
|
1,314
|
|
344
|
|
1,180
|
|
1,678
|
|
1,608
|
|
177
|
|
6,301
|
|
|
1,166
|
|
—
|
|
|||||||||
Deferred exploratory wells
|
670
|
|
297
|
|
536
|
|
335
|
|
1,134
|
|
273
|
|
3,245
|
|
|
—
|
|
—
|
|
|||||||||
Other uncompleted projects
|
9,149
|
|
4,175
|
|
4,424
|
|
5,998
|
|
16,000
|
|
1,390
|
|
41,136
|
|
|
1,638
|
|
404
|
|
|||||||||
Gross Capitalized Costs
|
89,198
|
|
21,381
|
|
39,343
|
|
52,855
|
|
24,006
|
|
11,468
|
|
238,251
|
|
|
9,890
|
|
3,841
|
|
|||||||||
Unproved properties valuation
|
1,243
|
|
707
|
|
203
|
|
389
|
|
6
|
|
31
|
|
2,579
|
|
|
45
|
|
10
|
|
|||||||||
Proved producing properties – Depreciation and depletion
|
45,756
|
|
5,695
|
|
18,051
|
|
27,356
|
|
2,083
|
|
7,825
|
|
106,766
|
|
|
2,672
|
|
696
|
|
|||||||||
Support equipment depreciation
|
656
|
|
189
|
|
647
|
|
1,177
|
|
384
|
|
149
|
|
3,202
|
|
|
538
|
|
—
|
|
|||||||||
Accumulated provisions
|
$
|
47,655
|
|
$
|
6,591
|
|
$
|
18,901
|
|
$
|
28,922
|
|
$
|
2,473
|
|
$
|
8,005
|
|
$
|
112,547
|
|
|
$
|
3,255
|
|
$
|
706
|
|
Net Capitalized Costs
|
$
|
41,543
|
|
$
|
14,790
|
|
$
|
20,442
|
|
$
|
23,933
|
|
$
|
21,533
|
|
$
|
3,463
|
|
$
|
125,704
|
|
|
$
|
6,635
|
|
$
|
3,135
|
|
At December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unproved properties
|
$
|
10,478
|
|
$
|
1,415
|
|
$
|
271
|
|
$
|
2,039
|
|
$
|
1,884
|
|
$
|
34
|
|
$
|
16,121
|
|
|
$
|
109
|
|
$
|
28
|
|
Proved properties and
related producing assets |
62,274
|
|
11,237
|
|
30,106
|
|
39,889
|
|
2,420
|
|
9,994
|
|
155,920
|
|
|
6,832
|
|
1,852
|
|
|||||||||
Support equipment
|
1,179
|
|
330
|
|
1,195
|
|
1,554
|
|
1,191
|
|
172
|
|
5,621
|
|
|
1,089
|
|
—
|
|
|||||||||
Deferred exploratory wells
|
412
|
|
201
|
|
598
|
|
326
|
|
911
|
|
233
|
|
2,681
|
|
|
—
|
|
—
|
|
|||||||||
Other uncompleted projects
|
7,203
|
|
3,211
|
|
3,466
|
|
4,123
|
|
10,578
|
|
768
|
|
29,349
|
|
|
906
|
|
1,594
|
|
|||||||||
Gross Capitalized Costs
|
81,546
|
|
16,394
|
|
35,636
|
|
47,931
|
|
16,984
|
|
11,201
|
|
209,692
|
|
|
8,936
|
|
3,474
|
|
|||||||||
Unproved properties valuation
|
1,121
|
|
634
|
|
201
|
|
253
|
|
2
|
|
28
|
|
2,239
|
|
|
41
|
|
—
|
|
|||||||||
Proved producing properties – Depreciation and depletion
|
42,224
|
|
5,288
|
|
15,566
|
|
24,432
|
|
1,832
|
|
8,255
|
|
97,597
|
|
|
2,274
|
|
551
|
|
|||||||||
Support equipment depreciation
|
589
|
|
178
|
|
613
|
|
1,101
|
|
305
|
|
137
|
|
2,923
|
|
|
480
|
|
—
|
|
|||||||||
Accumulated provisions
|
43,934
|
|
6,100
|
|
16,380
|
|
25,786
|
|
2,139
|
|
8,420
|
|
102,759
|
|
|
2,795
|
|
551
|
|
|||||||||
Net Capitalized Costs
|
$
|
37,612
|
|
$
|
10,294
|
|
$
|
19,256
|
|
$
|
22,145
|
|
$
|
14,845
|
|
$
|
2,781
|
|
$
|
106,933
|
|
|
$
|
6,141
|
|
$
|
2,923
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
2,660
|
|
$
|
1,338
|
|
$
|
707
|
|
$
|
8,290
|
|
$
|
1,466
|
|
$
|
1,037
|
|
$
|
15,498
|
|
|
$
|
7,717
|
|
$
|
1,733
|
|
Transfers
|
13,023
|
|
2,285
|
|
12,546
|
|
8,153
|
|
888
|
|
1,277
|
|
38,172
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
15,683
|
|
3,623
|
|
13,253
|
|
16,443
|
|
2,354
|
|
2,314
|
|
53,670
|
|
|
7,717
|
|
1,733
|
|
|||||||||
Production expenses excluding taxes
|
(4,786
|
)
|
(1,328
|
)
|
(2,084
|
)
|
(4,527
|
)
|
(191
|
)
|
(773
|
)
|
(13,689
|
)
|
|
(493
|
)
|
(670
|
)
|
|||||||||
Taxes other than on income
|
(654
|
)
|
(122
|
)
|
(140
|
)
|
(82
|
)
|
(329
|
)
|
(4
|
)
|
(1,331
|
)
|
|
(344
|
)
|
(418
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(4,605
|
)
|
(793
|
)
|
(3,092
|
)
|
(3,977
|
)
|
(208
|
)
|
(351
|
)
|
(13,026
|
)
|
|
(567
|
)
|
(175
|
)
|
|||||||||
Accretion expense
2
|
(334
|
)
|
(22
|
)
|
(130
|
)
|
(142
|
)
|
(32
|
)
|
(84
|
)
|
(744
|
)
|
|
(9
|
)
|
(4
|
)
|
|||||||||
Exploration expenses
|
(581
|
)
|
(119
|
)
|
(383
|
)
|
(309
|
)
|
(269
|
)
|
(281
|
)
|
(1,942
|
)
|
|
—
|
|
(5
|
)
|
|||||||||
Unproved properties valuation
|
(140
|
)
|
(219
|
)
|
(12
|
)
|
(289
|
)
|
(40
|
)
|
(3
|
)
|
(703
|
)
|
|
—
|
|
(38
|
)
|
|||||||||
Other income (expense)
3
|
654
|
|
674
|
|
221
|
|
115
|
|
102
|
|
358
|
|
2,124
|
|
|
(28
|
)
|
(85
|
)
|
|||||||||
Results before income taxes
|
5,237
|
|
1,694
|
|
7,633
|
|
7,232
|
|
1,387
|
|
1,176
|
|
24,359
|
|
|
6,276
|
|
338
|
|
|||||||||
Income tax expense
|
(1,955
|
)
|
(471
|
)
|
(4,924
|
)
|
(3,604
|
)
|
(392
|
)
|
(579
|
)
|
(11,925
|
)
|
|
(1,883
|
)
|
(284
|
)
|
|||||||||
Results of Producing Operations
|
$
|
3,282
|
|
$
|
1,223
|
|
$
|
2,709
|
|
$
|
3,628
|
|
$
|
995
|
|
$
|
597
|
|
$
|
12,434
|
|
|
$
|
4,393
|
|
$
|
54
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
2,303
|
|
$
|
1,351
|
|
$
|
702
|
|
$
|
9,220
|
|
$
|
1,431
|
|
$
|
1,345
|
|
$
|
16,352
|
|
|
$
|
8,522
|
|
$
|
2,100
|
|
Transfers
|
14,471
|
|
1,973
|
|
14,804
|
|
9,521
|
|
984
|
|
1,701
|
|
43,454
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
16,774
|
|
3,324
|
|
15,506
|
|
18,741
|
|
2,415
|
|
3,046
|
|
59,806
|
|
|
8,522
|
|
2,100
|
|
|||||||||
Production expenses excluding taxes
|
(4,606
|
)
|
(1,218
|
)
|
(2,099
|
)
|
(4,429
|
)
|
(193
|
)
|
(759
|
)
|
(13,304
|
)
|
|
(401
|
)
|
(444
|
)
|
|||||||||
Taxes other than on income
|
(648
|
)
|
(90
|
)
|
(149
|
)
|
(140
|
)
|
(378
|
)
|
(3
|
)
|
(1,408
|
)
|
|
(439
|
)
|
(704
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(4,039
|
)
|
(440
|
)
|
(2,747
|
)
|
(3,602
|
)
|
(342
|
)
|
(416
|
)
|
(11,586
|
)
|
|
(518
|
)
|
(179
|
)
|
|||||||||
Accretion expense
2
|
(223
|
)
|
(22
|
)
|
(125
|
)
|
(114
|
)
|
(28
|
)
|
(79
|
)
|
(591
|
)
|
|
(9
|
)
|
(14
|
)
|
|||||||||
Exploration expenses
|
(555
|
)
|
(372
|
)
|
(203
|
)
|
(272
|
)
|
(161
|
)
|
(258
|
)
|
(1,821
|
)
|
|
—
|
|
—
|
|
|||||||||
Unproved properties valuation
|
(129
|
)
|
(84
|
)
|
(13
|
)
|
(141
|
)
|
(4
|
)
|
(5
|
)
|
(376
|
)
|
|
—
|
|
(10
|
)
|
|||||||||
Other income (expense)
3
|
242
|
|
(5
|
)
|
145
|
|
(275
|
)
|
89
|
|
13
|
|
209
|
|
|
(81
|
)
|
462
|
|
|||||||||
Results before income taxes
|
6,816
|
|
1,093
|
|
10,315
|
|
9,768
|
|
1,398
|
|
1,539
|
|
30,929
|
|
|
7,074
|
|
1,211
|
|
|||||||||
Income tax expense
|
(2,471
|
)
|
(289
|
)
|
(6,545
|
)
|
(4,824
|
)
|
(411
|
)
|
(1,058
|
)
|
(15,598
|
)
|
|
(2,122
|
)
|
(624
|
)
|
|||||||||
Results of Producing Operations
|
$
|
4,345
|
|
$
|
804
|
|
$
|
3,770
|
|
$
|
4,944
|
|
$
|
987
|
|
$
|
481
|
|
$
|
15,331
|
|
|
$
|
4,952
|
|
$
|
587
|
|
1
|
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
|
2
|
Represents accretion of ARO liability. Refer to Note 24, “Asset Retirement Obligations,” on page FS-59.
|
3
|
Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
1,832
|
|
$
|
1,561
|
|
$
|
1,480
|
|
$
|
10,485
|
|
$
|
1,539
|
|
$
|
1,618
|
|
$
|
18,515
|
|
|
$
|
7,869
|
|
$
|
1,951
|
|
Transfers
|
15,122
|
|
1,997
|
|
15,033
|
|
9,071
|
|
1,073
|
|
2,148
|
|
44,444
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
16,954
|
|
3,558
|
|
16,513
|
|
19,556
|
|
2,612
|
|
3,766
|
|
62,959
|
|
|
7,869
|
|
1,951
|
|
|||||||||
Production expenses excluding taxes
|
(4,009
|
)
|
(1,073
|
)
|
(1,918
|
)
|
(4,545
|
)
|
(164
|
)
|
(637
|
)
|
(12,346
|
)
|
|
(463
|
)
|
(442
|
)
|
|||||||||
Taxes other than on income
|
(654
|
)
|
(123
|
)
|
(161
|
)
|
(191
|
)
|
(390
|
)
|
(3
|
)
|
(1,522
|
)
|
|
(439
|
)
|
(767
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(3,462
|
)
|
(508
|
)
|
(2,475
|
)
|
(3,399
|
)
|
(315
|
)
|
(541
|
)
|
(10,700
|
)
|
|
(427
|
)
|
(147
|
)
|
|||||||||
Accretion expense
2
|
(226
|
)
|
(33
|
)
|
(66
|
)
|
(92
|
)
|
(23
|
)
|
(46
|
)
|
(486
|
)
|
|
(8
|
)
|
(6
|
)
|
|||||||||
Exploration expenses
|
(244
|
)
|
(145
|
)
|
(427
|
)
|
(489
|
)
|
(133
|
)
|
(272
|
)
|
(1,710
|
)
|
|
—
|
|
—
|
|
|||||||||
Unproved properties valuation
|
(127
|
)
|
(138
|
)
|
(16
|
)
|
(133
|
)
|
—
|
|
(15
|
)
|
(429
|
)
|
|
—
|
|
—
|
|
|||||||||
Other income (expense)
3
|
167
|
|
(169
|
)
|
(199
|
)
|
245
|
|
2,495
|
|
13
|
|
2,552
|
|
|
27
|
|
31
|
|
|||||||||
Results before income taxes
|
8,399
|
|
1,369
|
|
11,251
|
|
10,952
|
|
4,082
|
|
2,265
|
|
38,318
|
|
|
6,559
|
|
620
|
|
|||||||||
Income tax expense
|
(3,043
|
)
|
(310
|
)
|
(7,558
|
)
|
(5,739
|
)
|
(1,226
|
)
|
(1,511
|
)
|
(19,387
|
)
|
|
(1,972
|
)
|
(299
|
)
|
|||||||||
Results of Producing Operations
|
$
|
5,356
|
|
$
|
1,059
|
|
$
|
3,693
|
|
$
|
5,213
|
|
$
|
2,856
|
|
$
|
754
|
|
$
|
18,931
|
|
|
$
|
4,587
|
|
$
|
321
|
|
1
|
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
|
2
|
Represents accretion of ARO liability. Refer to Note 24, “Asset Retirement Obligations,” on page FS-59.
|
3
|
Includes foreign currency gains and losses, gains and losses on property dispositions, and other miscellaneous income and expenses.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
84.13
|
|
$
|
83.57
|
|
$
|
96.43
|
|
$
|
89.44
|
|
$
|
95.17
|
|
$
|
95.05
|
|
$
|
89.44
|
|
|
$
|
81.07
|
|
$
|
76.07
|
|
Natural gas, per thousand cubic feet
|
3.90
|
|
2.84
|
|
1.53
|
|
5.86
|
|
10.42
|
|
9.29
|
|
5.44
|
|
|
1.53
|
|
6.38
|
|
|||||||||
Average production costs, per barrel
2
|
20.09
|
|
22.77
|
|
13.77
|
|
17.21
|
|
5.53
|
|
27.14
|
|
17.69
|
|
|
4.47
|
|
29.30
|
|
|||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
93.46
|
|
$
|
88.32
|
|
$
|
107.22
|
|
$
|
98.37
|
|
$
|
103.28
|
|
$
|
105.78
|
|
$
|
99.05
|
|
|
$
|
88.06
|
|
$
|
78.87
|
|
Natural gas, per thousand cubic feet
|
3.38
|
|
2.68
|
|
1.76
|
|
6.02
|
|
10.61
|
|
11.04
|
|
5.45
|
|
|
1.50
|
|
4.00
|
|
|||||||||
Average production costs, per barrel
2
|
19.57
|
|
21.29
|
|
13.93
|
|
16.49
|
|
5.90
|
|
22.87
|
|
17.10
|
|
|
4.37
|
|
22.69
|
|
|||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
95.21
|
|
$
|
87.87
|
|
$
|
109.64
|
|
$
|
102.46
|
|
$
|
103.06
|
|
$
|
108.77
|
|
$
|
101.61
|
|
|
$
|
89.34
|
|
$
|
83.97
|
|
Natural gas, per thousand cubic feet
|
2.65
|
|
3.59
|
|
1.22
|
|
6.03
|
|
10.99
|
|
10.10
|
|
5.42
|
|
|
1.36
|
|
5.39
|
|
|||||||||
Average production costs, per barrel
2
|
16.99
|
|
18.38
|
|
12.14
|
|
16.71
|
|
4.86
|
|
15.72
|
|
15.46
|
|
|
4.42
|
|
18.73
|
|
1
|
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
|
2
|
Natural gas converted to oil-equivalent gas (OEG) barrels at a rate of 6 MCF = 1 OEG barrel.
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
||||||||||||
Liquids in Millions of Barrels
|
Crude Oil
|
|
|
|
|
Crude Oil
|
|
|
|
|
Crude Oil
|
|
|
|
||||||
Condensate
|
|
Synthetic
|
|
Natural
|
|
|
Condensate
|
|
Synthetic
|
|
Natural
|
|
|
Condensate
|
|
Synthetic
|
|
Natural
|
|
|
Natural Gas in Billions of Cubic Feet
|
NGLs
|
|
Oil
|
|
Gas
|
|
|
NGLs
|
|
Oil
|
|
Gas
|
|
|
NGLs
|
|
Oil
|
|
Gas
|
|
Proved Developed
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S.
|
955
|
|
—
|
|
2,743
|
|
|
976
|
|
—
|
|
2,632
|
|
|
1,012
|
|
—
|
|
2,574
|
|
Other Americas
|
103
|
|
531
|
|
739
|
|
|
109
|
|
403
|
|
943
|
|
|
91
|
|
391
|
|
1,063
|
|
Africa
|
701
|
|
—
|
|
1,112
|
|
|
763
|
|
—
|
|
1,161
|
|
|
782
|
|
—
|
|
1,163
|
|
Asia
|
584
|
|
—
|
|
4,607
|
|
|
601
|
|
—
|
|
4,620
|
|
|
643
|
|
—
|
|
4,511
|
|
Australia/Oceania
|
38
|
|
—
|
|
1,117
|
|
|
44
|
|
—
|
|
1,251
|
|
|
31
|
|
—
|
|
682
|
|
Europe
|
87
|
|
—
|
|
167
|
|
|
94
|
|
—
|
|
200
|
|
|
103
|
|
—
|
|
191
|
|
Total Consolidated
|
2,468
|
|
531
|
|
10,485
|
|
|
2,587
|
|
403
|
|
10,807
|
|
|
2,662
|
|
391
|
|
10,184
|
|
Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TCO
|
961
|
|
—
|
|
1,431
|
|
|
884
|
|
—
|
|
1,188
|
|
|
977
|
|
—
|
|
1,261
|
|
Other
|
100
|
|
51
|
|
317
|
|
|
105
|
|
44
|
|
330
|
|
|
115
|
|
50
|
|
377
|
|
Total Consolidated and Affiliated Companies
|
3,529
|
|
582
|
|
12,233
|
|
|
3,576
|
|
447
|
|
12,325
|
|
|
3,754
|
|
441
|
|
11,822
|
|
Proved Undeveloped
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S.
|
477
|
|
—
|
|
1,431
|
|
|
354
|
|
—
|
|
1,358
|
|
|
347
|
|
—
|
|
1,148
|
|
Other Americas
|
135
|
|
3
|
|
384
|
|
|
134
|
|
134
|
|
357
|
|
|
132
|
|
122
|
|
412
|
|
Africa
|
320
|
|
—
|
|
1,856
|
|
|
341
|
|
—
|
|
1,884
|
|
|
348
|
|
—
|
|
1,918
|
|
Asia
|
168
|
|
—
|
|
1,659
|
|
|
191
|
|
—
|
|
2,125
|
|
|
194
|
|
—
|
|
2,356
|
|
Australia/Oceania
|
104
|
|
—
|
|
9,824
|
|
|
87
|
|
—
|
|
9,076
|
|
|
103
|
|
—
|
|
9,570
|
|
Europe
|
79
|
|
—
|
|
68
|
|
|
72
|
|
—
|
|
63
|
|
|
54
|
|
—
|
|
66
|
|
Total Consolidated
|
1,283
|
|
3
|
|
15,222
|
|
|
1,179
|
|
134
|
|
14,863
|
|
|
1,178
|
|
122
|
|
15,470
|
|
Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TCO
|
654
|
|
—
|
|
746
|
|
|
784
|
|
—
|
|
1,102
|
|
|
755
|
|
—
|
|
1,038
|
|
Other
|
45
|
|
153
|
|
915
|
|
|
49
|
|
176
|
|
856
|
|
|
49
|
|
182
|
|
865
|
|
Total Consolidated and Affiliated Companies
|
1,982
|
|
156
|
|
16,883
|
|
|
2,012
|
|
310
|
|
16,821
|
|
|
1,982
|
|
304
|
|
17,373
|
|
Total Proved Reserves
|
5,511
|
|
738
|
|
29,116
|
|
|
5,588
|
|
757
|
|
29,146
|
|
|
5,736
|
|
745
|
|
29,195
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated
|
|
||||||||||||||||||
|
|
|
Other
|
|
|
|
|
|
Australia/
|
|
|
|
Synthetic
|
|
|
|
|
|
|
Synthetic
|
|
|
|
|
and Affiliated
|
|
Millions of barrels
|
U.S.
|
|
Americas
1
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Oil
2
|
|
Total
|
|
|
TCO
|
|
Oil
|
|
Other
3
|
|
|
Companies
|
|
Reserves at January 1, 2012
|
1,311
|
|
113
|
|
1,155
|
|
894
|
|
140
|
|
159
|
|
523
|
|
4,295
|
|
|
1,759
|
|
244
|
|
157
|
|
|
6,455
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
104
|
|
20
|
|
66
|
|
97
|
|
4
|
|
16
|
|
6
|
|
313
|
|
|
59
|
|
(6
|
)
|
24
|
|
|
390
|
|
Improved recovery
|
24
|
|
8
|
|
30
|
|
6
|
|
—
|
|
9
|
|
—
|
|
77
|
|
|
—
|
|
—
|
|
—
|
|
|
77
|
|
Extensions and discoveries
|
77
|
|
101
|
|
30
|
|
2
|
|
7
|
|
—
|
|
—
|
|
217
|
|
|
—
|
|
—
|
|
1
|
|
|
218
|
|
Purchases
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
|
—
|
|
—
|
|
—
|
|
|
10
|
|
Sales
|
(1
|
)
|
—
|
|
—
|
|
(15
|
)
|
(7
|
)
|
—
|
|
—
|
|
(23
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(23
|
)
|
Production
|
(166
|
)
|
(19
|
)
|
(151
|
)
|
(147
|
)
|
(10
|
)
|
(27
|
)
|
(16
|
)
|
(536
|
)
|
|
(86
|
)
|
(6
|
)
|
(18
|
)
|
|
(646
|
)
|
Reserves at December 31, 2012
4
|
1,359
|
|
223
|
|
1,130
|
|
837
|
|
134
|
|
157
|
|
513
|
|
4,353
|
|
|
1,732
|
|
232
|
|
164
|
|
|
6,481
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
55
|
|
25
|
|
94
|
|
84
|
|
7
|
|
17
|
|
40
|
|
322
|
|
|
32
|
|
(3
|
)
|
3
|
|
|
354
|
|
Improved recovery
|
26
|
|
—
|
|
10
|
|
10
|
|
—
|
|
11
|
|
—
|
|
57
|
|
|
—
|
|
—
|
|
—
|
|
|
57
|
|
Extensions and discoveries
|
55
|
|
4
|
|
13
|
|
2
|
|
—
|
|
4
|
|
—
|
|
78
|
|
|
—
|
|
—
|
|
—
|
|
|
78
|
|
Purchases
|
2
|
|
9
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
|
—
|
|
—
|
|
—
|
|
|
11
|
|
Sales
|
(3
|
)
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(4
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(4
|
)
|
Production
|
(164
|
)
|
(18
|
)
|
(142
|
)
|
(141
|
)
|
(10
|
)
|
(23
|
)
|
(16
|
)
|
(514
|
)
|
|
(96
|
)
|
(9
|
)
|
(13
|
)
|
|
(632
|
)
|
Reserves at December 31, 2013
4
|
1,330
|
|
243
|
|
1,104
|
|
792
|
|
131
|
|
166
|
|
537
|
|
4,303
|
|
|
1,668
|
|
220
|
|
154
|
|
|
6,345
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
90
|
|
—
|
|
74
|
|
80
|
|
19
|
|
9
|
|
(32
|
)
|
240
|
|
|
41
|
|
(4
|
)
|
—
|
|
|
277
|
|
Improved recovery
|
19
|
|
1
|
|
1
|
|
8
|
|
—
|
|
5
|
|
—
|
|
34
|
|
|
—
|
|
—
|
|
—
|
|
|
34
|
|
Extensions and discoveries
|
164
|
|
18
|
|
2
|
|
7
|
|
—
|
|
8
|
|
19
|
|
218
|
|
|
—
|
|
—
|
|
1
|
|
|
219
|
|
Purchases
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
26
|
|
27
|
|
|
—
|
|
—
|
|
—
|
|
|
27
|
|
Sales
|
(6
|
)
|
—
|
|
(20
|
)
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
(29
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(29
|
)
|
Production
|
(166
|
)
|
(24
|
)
|
(140
|
)
|
(135
|
)
|
(8
|
)
|
(19
|
)
|
(16
|
)
|
(508
|
)
|
|
(94
|
)
|
(12
|
)
|
(10
|
)
|
|
(624
|
)
|
Reserves at December 31, 2014
4
|
1,432
|
|
238
|
|
1,021
|
|
752
|
|
142
|
|
166
|
|
534
|
|
4,285
|
|
|
1,615
|
|
204
|
|
145
|
|
|
6,249
|
|
1
|
Ending reserve balances in North America were
142
,
141
and
121
and in South America were
96
,
102
and
102
in
2014
,
2013
and
2012
, respectively.
|
2
|
Reserves associated with Canada.
|
3
|
Ending reserve balances in Africa were
37
,
37
and
41
and in South America were
108
,
117
and
123
in
2014
,
2013
and
2012
, respectively.
|
4
|
Included are year-end reserve quantities related to production-sharing contracts (PSC) (refer to page E-11 for the definition of a PSC). PSC-related reserve quantities are
19
percent,
20
percent and
20
percent for consolidated companies for
2014
,
2013
and
2012
, respectively.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated
|
|
||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
|
and Affiliated
|
|
|||||||
Billions of cubic feet (BCF)
|
U.S.
|
|
Americas
1
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
2
|
|
|
Companies
|
|
Reserves at January 1, 2012
|
3,646
|
|
1,664
|
|
3,196
|
|
6,721
|
|
9,744
|
|
258
|
|
25,229
|
|
|
2,251
|
|
1,203
|
|
|
28,683
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
318
|
|
(77
|
)
|
(30
|
)
|
1,007
|
|
358
|
|
84
|
|
1,660
|
|
|
158
|
|
37
|
|
|
1,855
|
|
Improved recovery
|
5
|
|
—
|
|
—
|
|
1
|
|
—
|
|
2
|
|
8
|
|
|
—
|
|
—
|
|
|
8
|
|
Extensions and discoveries
|
166
|
|
34
|
|
2
|
|
50
|
|
747
|
|
—
|
|
999
|
|
|
—
|
|
12
|
|
|
1,011
|
|
Purchases
|
33
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
33
|
|
|
—
|
|
—
|
|
|
33
|
|
Sales
|
(6
|
)
|
—
|
|
—
|
|
(93
|
)
|
(439
|
)
|
—
|
|
(538
|
)
|
|
—
|
|
—
|
|
|
(538
|
)
|
Production
3
|
(440
|
)
|
(146
|
)
|
(87
|
)
|
(819
|
)
|
(158
|
)
|
(87
|
)
|
(1,737
|
)
|
|
(110
|
)
|
(10
|
)
|
|
(1,857
|
)
|
Reserves at December 31, 2012
|
3,722
|
|
1,475
|
|
3,081
|
|
6,867
|
|
10,252
|
|
257
|
|
25,654
|
|
|
2,299
|
|
1,242
|
|
|
29,195
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
(234
|
)
|
(59
|
)
|
27
|
|
627
|
|
229
|
|
46
|
|
636
|
|
|
117
|
|
(35
|
)
|
|
718
|
|
Improved recovery
|
3
|
|
—
|
|
2
|
|
6
|
|
—
|
|
4
|
|
15
|
|
|
—
|
|
—
|
|
|
15
|
|
Extensions and discoveries
|
951
|
|
—
|
|
27
|
|
16
|
|
—
|
|
27
|
|
1,021
|
|
|
—
|
|
—
|
|
|
1,021
|
|
Purchases
|
12
|
|
32
|
|
—
|
|
60
|
|
—
|
|
—
|
|
104
|
|
|
—
|
|
—
|
|
|
104
|
|
Sales
|
(10
|
)
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
(12
|
)
|
|
—
|
|
—
|
|
|
(12
|
)
|
Production
3
|
(454
|
)
|
(148
|
)
|
(91
|
)
|
(831
|
)
|
(154
|
)
|
(70
|
)
|
(1,748
|
)
|
|
(126
|
)
|
(21
|
)
|
|
(1,895
|
)
|
Reserves at December 31, 2013
|
3,990
|
|
1,300
|
|
3,045
|
|
6,745
|
|
10,327
|
|
263
|
|
25,670
|
|
|
2,290
|
|
1,186
|
|
|
29,146
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
76
|
|
(110
|
)
|
35
|
|
252
|
|
775
|
|
36
|
|
1,064
|
|
|
9
|
|
34
|
|
|
1,107
|
|
Improved recovery
|
2
|
|
1
|
|
1
|
|
—
|
|
—
|
|
1
|
|
5
|
|
|
—
|
|
—
|
|
|
5
|
|
Extensions and discoveries
|
614
|
|
56
|
|
—
|
|
79
|
|
—
|
|
3
|
|
752
|
|
|
—
|
|
32
|
|
|
784
|
|
Purchases
|
1
|
|
—
|
|
—
|
|
21
|
|
—
|
|
—
|
|
22
|
|
|
—
|
|
—
|
|
|
22
|
|
Sales
|
(53
|
)
|
(1
|
)
|
(3
|
)
|
—
|
|
—
|
|
(5
|
)
|
(62
|
)
|
|
—
|
|
—
|
|
|
(62
|
)
|
Production
3
|
(456
|
)
|
(123
|
)
|
(110
|
)
|
(831
|
)
|
(161
|
)
|
(63
|
)
|
(1,744
|
)
|
|
(122
|
)
|
(20
|
)
|
|
(1,886
|
)
|
Reserves at December 31, 2014
|
4,174
|
|
1,123
|
|
2,968
|
|
6,266
|
|
10,941
|
|
235
|
|
25,707
|
|
|
2,177
|
|
1,232
|
|
|
29,116
|
|
1
|
Ending reserve balances in North America and South America were
59
,
54
,
49
and
1,064
,
1,246
,
1,426
in
2014
,
2013
and
2012
, respectively.
|
2
|
Ending reserve balances in Africa and South America were
1,043
,
1,009
,
1,068
and
189
,
177
,
174
in
2014
,
2013
and
2012
, respectively.
|
3
|
Total “as sold” volumes are
1,695
BCF,
1,702
BCF and
1,666
BCF for
2014
,
2013
and
2012
, respectively; 2013 conformed to 2014 presentation.
|
4
|
Includes reserve quantities related to production-sharing contracts (PSC) (refer to page E-11 for the definition of a PSC). PSC-related reserve quantities are
19
percent,
20
percent and
21
percent for consolidated companies for
2014
,
2013
and
2012
, respectively.
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Total
Consolidated |
|
||||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
|
and Affiliated
|
|
|||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|
Companies
|
|
||||||||||
At December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
138,385
|
|
$
|
67,102
|
|
$
|
103,304
|
|
$
|
99,741
|
|
$
|
142,541
|
|
$
|
18,168
|
|
$
|
569,241
|
|
|
$
|
144,721
|
|
$
|
37,511
|
|
|
$
|
751,473
|
|
Future production costs
|
(42,817
|
)
|
(30,899
|
)
|
(26,992
|
)
|
(34,359
|
)
|
(12,744
|
)
|
(10,814
|
)
|
(158,625
|
)
|
|
(30,015
|
)
|
(17,061
|
)
|
|
(205,701
|
)
|
||||||||||
Future development costs
|
(13,616
|
)
|
(8,283
|
)
|
(9,486
|
)
|
(12,629
|
)
|
(15,681
|
)
|
(3,031
|
)
|
(62,726
|
)
|
|
(19,349
|
)
|
(4,454
|
)
|
|
(86,529
|
)
|
||||||||||
Future income taxes
|
(27,129
|
)
|
(8,445
|
)
|
(47,884
|
)
|
(24,225
|
)
|
(34,235
|
)
|
(2,692
|
)
|
(144,610
|
)
|
|
(28,607
|
)
|
(6,634
|
)
|
|
(179,851
|
)
|
||||||||||
Undiscounted future net cash flows
|
54,823
|
|
19,475
|
|
18,942
|
|
28,528
|
|
79,881
|
|
1,631
|
|
203,280
|
|
|
66,750
|
|
9,362
|
|
|
279,392
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(23,257
|
)
|
(12,082
|
)
|
(6,145
|
)
|
(8,570
|
)
|
(43,325
|
)
|
(380
|
)
|
(93,759
|
)
|
|
(34,987
|
)
|
(5,294
|
)
|
|
(134,040
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
31,566
|
|
$
|
7,393
|
|
$
|
12,797
|
|
$
|
19,958
|
|
$
|
36,556
|
|
$
|
1,251
|
|
$
|
109,521
|
|
|
$
|
31,763
|
|
$
|
4,068
|
|
|
$
|
145,352
|
|
At December 31, 2013
1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
136,942
|
|
$
|
73,468
|
|
$
|
117,119
|
|
$
|
111,970
|
|
$
|
130,620
|
|
$
|
20,232
|
|
$
|
590,351
|
|
|
$
|
157,108
|
|
$
|
43,380
|
|
|
$
|
790,839
|
|
Future production costs
|
(39,009
|
)
|
(29,373
|
)
|
(27,800
|
)
|
(35,716
|
)
|
(12,593
|
)
|
(10,099
|
)
|
(154,590
|
)
|
|
(32,245
|
)
|
(18,027
|
)
|
|
(204,862
|
)
|
||||||||||
Future development costs
|
(12,058
|
)
|
(10,149
|
)
|
(10,983
|
)
|
(17,290
|
)
|
(18,220
|
)
|
(2,644
|
)
|
(71,344
|
)
|
|
(12,852
|
)
|
(3,879
|
)
|
|
(88,075
|
)
|
||||||||||
Future income taxes
|
(28,458
|
)
|
(9,454
|
)
|
(53,953
|
)
|
(26,162
|
)
|
(29,942
|
)
|
(4,727
|
)
|
(152,696
|
)
|
|
(33,603
|
)
|
(9,418
|
)
|
|
(195,717
|
)
|
||||||||||
Undiscounted future net cash flows
|
57,417
|
|
24,492
|
|
24,383
|
|
32,802
|
|
69,865
|
|
2,762
|
|
211,721
|
|
|
78,408
|
|
12,056
|
|
|
302,185
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(23,055
|
)
|
(15,217
|
)
|
(8,165
|
)
|
(10,901
|
)
|
(39,117
|
)
|
(888
|
)
|
(97,343
|
)
|
|
(41,444
|
)
|
(6,482
|
)
|
|
(145,269
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
34,362
|
|
$
|
9,275
|
|
$
|
16,218
|
|
$
|
21,901
|
|
$
|
30,748
|
|
$
|
1,874
|
|
$
|
114,378
|
|
|
$
|
36,964
|
|
$
|
5,574
|
|
|
$
|
156,916
|
|
At December 31, 2012
1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
139,856
|
|
$
|
72,548
|
|
$
|
122,189
|
|
$
|
121,849
|
|
$
|
134,009
|
|
$
|
19,653
|
|
$
|
610,104
|
|
|
$
|
169,966
|
|
$
|
47,496
|
|
|
$
|
827,566
|
|
Future production costs
|
(41,773
|
)
|
(27,191
|
)
|
(24,592
|
)
|
(35,713
|
)
|
(15,649
|
)
|
(8,768
|
)
|
(153,686
|
)
|
|
(32,085
|
)
|
(19,899
|
)
|
|
(205,670
|
)
|
||||||||||
Future development costs
|
(11,192
|
)
|
(14,810
|
)
|
(14,601
|
)
|
(17,275
|
)
|
(24,923
|
)
|
(1,946
|
)
|
(84,747
|
)
|
|
(12,355
|
)
|
(3,710
|
)
|
|
(100,812
|
)
|
||||||||||
Future income taxes
|
(32,357
|
)
|
(9,902
|
)
|
(48,683
|
)
|
(30,763
|
)
|
(28,031
|
)
|
(5,589
|
)
|
(155,325
|
)
|
|
(37,658
|
)
|
(13,363
|
)
|
|
(206,346
|
)
|
||||||||||
Undiscounted future net cash flows
|
54,534
|
|
20,645
|
|
34,313
|
|
38,098
|
|
65,406
|
|
3,350
|
|
216,346
|
|
|
87,868
|
|
10,524
|
|
|
314,738
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(23,055
|
)
|
(14,331
|
)
|
(12,429
|
)
|
(13,033
|
)
|
(42,012
|
)
|
(860
|
)
|
(105,720
|
)
|
|
(47,534
|
)
|
(5,644
|
)
|
|
(158,898
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
31,479
|
|
$
|
6,314
|
|
$
|
21,884
|
|
$
|
25,065
|
|
$
|
23,394
|
|
$
|
2,490
|
|
$
|
110,626
|
|
|
$
|
40,334
|
|
$
|
4,880
|
|
|
$
|
155,840
|
|
1
|
2012 and 2013 conformed to 2014 presentation.
|
|
|
|
|
|
|
|
Total Consolidated and
|
|
||||||
Millions of dollars
|
Consolidated Companies
1
|
|
|
Affiliated Companies
|
|
|
Affiliated Companies
|
|
||||||
Present Value at January 1, 2012
|
|
$
|
106,948
|
|
|
|
$
|
45,891
|
|
|
|
$
|
152,839
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(49,094
|
)
|
|
|
(7,708
|
)
|
|
|
(56,802
|
)
|
|||
Development costs incurred
|
|
18,013
|
|
|
|
942
|
|
|
|
18,955
|
|
|||
Purchases of reserves
|
|
376
|
|
|
|
—
|
|
|
|
376
|
|
|||
Sales of reserves
|
|
(1,665
|
)
|
|
|
—
|
|
|
|
(1,665
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
9,296
|
|
|
|
106
|
|
|
|
9,402
|
|
|||
Revisions of previous quantity estimates
|
|
26,060
|
|
|
|
3,759
|
|
|
|
29,819
|
|
|||
Net changes in prices, development and production costs
|
|
(18,752
|
)
|
|
|
(2,266
|
)
|
|
|
(21,018
|
)
|
|||
Accretion of discount
|
|
18,026
|
|
|
|
6,322
|
|
|
|
24,348
|
|
|||
Net change in income tax
|
|
1,418
|
|
|
|
(1,832
|
)
|
|
|
(414
|
)
|
|||
Net change for 2012
|
|
3,678
|
|
|
|
(677
|
)
|
|
|
3,001
|
|
|||
Present Value at December 31, 2012
|
|
$
|
110,626
|
|
|
|
$
|
45,214
|
|
|
|
$
|
155,840
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(43,760
|
)
|
|
|
(8,692
|
)
|
|
|
(52,452
|
)
|
|||
Development costs incurred
|
|
22,907
|
|
|
|
1,411
|
|
|
|
24,318
|
|
|||
Purchases of reserves
|
|
184
|
|
|
|
—
|
|
|
|
184
|
|
|||
Sales of reserves
|
|
243
|
|
|
|
—
|
|
|
|
243
|
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
3,135
|
|
|
|
—
|
|
|
|
3,135
|
|
|||
Revisions of previous quantity estimates
|
|
22,796
|
|
|
|
1,306
|
|
|
|
24,102
|
|
|||
Net changes in prices, development and production costs
|
|
(22,591
|
)
|
|
|
(5,925
|
)
|
|
|
(28,516
|
)
|
|||
Accretion of discount
|
|
18,510
|
|
|
|
6,406
|
|
|
|
24,916
|
|
|||
Net change in income tax
|
|
2,328
|
|
|
|
2,818
|
|
|
|
5,146
|
|
|||
Net change for 2013
|
|
3,752
|
|
|
|
(2,676
|
)
|
|
|
1,076
|
|
|||
Present Value at December 31, 2013
|
|
$
|
114,378
|
|
|
|
$
|
42,538
|
|
|
|
$
|
156,916
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(38,935
|
)
|
|
|
(7,578
|
)
|
|
|
(46,513
|
)
|
|||
Development costs incurred
|
|
25,687
|
|
|
|
1,963
|
|
|
|
27,650
|
|
|||
Purchases of reserves
|
|
255
|
|
|
|
—
|
|
|
|
255
|
|
|||
Sales of reserves
|
|
(1,178
|
)
|
|
|
—
|
|
|
|
(1,178
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
3,956
|
|
|
|
215
|
|
|
|
4,171
|
|
|||
Revisions of previous quantity estimates
|
|
17,462
|
|
|
|
1,573
|
|
|
|
19,035
|
|
|||
Net changes in prices, development and production costs
|
|
(34,953
|
)
|
|
|
(12,496
|
)
|
|
|
(47,449
|
)
|
|||
Accretion of discount
|
|
18,884
|
|
|
|
5,926
|
|
|
|
24,810
|
|
|||
Net change in income tax
|
|
3,965
|
|
|
|
3,690
|
|
|
|
7,655
|
|
|||
Net change for 2014
|
|
(4,857
|
)
|
|
|
(6,707
|
)
|
|
|
(11,564
|
)
|
|||
Present Value at December 31, 2014
|
|
$
|
109,521
|
|
|
|
$
|
35,831
|
|
|
|
$
|
145,352
|
|
Exhibit No.
|
Description
|
3.1
|
Restated Certificate of Incorporation of Chevron Corporation, dated May 30, 2008, filed as Exhibit 3.1 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008, and incorporated herein by reference.
|
3.2
|
By-Laws of Chevron Corporation, as amended December 10, 2014, filed as Exhibit 3.1 to Chevron Corporation's Current Report on Form 8-K filed December 12, 2014, and incorporated herein by reference.
|
4.1
|
Pursuant to the Instructions to Exhibits, certain instruments defining the rights of holders of long-term debt securities of the company and its consolidated subsidiaries are not filed because the total amount of securities authorized under any such instrument does not exceed 10 percent of the total assets of the corporation and its subsidiaries on a consolidated basis. A copy of such instrument will be furnished to the Securities and Exchange Commission upon request.
|
4.2
|
Confidential Stockholder Voting Policy of Chevron Corporation, filed as Exhibit 4.2 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.
|
10.1
|
Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.1 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.
|
10.2
|
Form of Retainer Stock Option Agreement under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.17 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2009, and incorporated herein by reference.
|
10.3
|
Form of Stock Units Agreement under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.19 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.
|
10.4
|
Chevron Incentive Plan, filed as Exhibit 10.2 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.
|
10.5*
|
Summary of Chevron Incentive Plan Award Criteria.
|
10.6
|
Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit B to Chevron Corporation’s Notice of the 2013 Annual Meeting and 2013 Proxy Statement filed April 11, 2013, and incorporated herein by reference.
|
10.7*
|
Form of Restricted Stock Units Grant Agreement under the Long-Term Incentive Plan of Chevron Corporation.
|
10.8*
|
Form of Non-Qualified Stock Options Grant Agreement under the Long-Term Incentive Plan of Chevron Corporation.
|
10.9*
|
Form of Performance Shares Grant Agreement under the Long-Term Incentive Plan of Chevron Corporation.
|
10.10*
|
Form of Stock Appreciation Rights Grant Agreement under the Long-Term Incentive Plan of Chevron Corporation.
|
10.11
|
Chevron Corporation Deferred Compensation Plan for Management Employees, filed as Exhibit 10.5 to Chevron Corporation’s Current Report on Form 8-K filed December 13, 2005, and incorporated herein by reference.
|
10.12
|
Chevron Corporation Deferred Compensation Plan for Management Employees II, filed as Exhibit 10.5 to Chevron Corporation’s Annual Report on Form 10-K filed December 31, 2008, and incorporated herein by reference.
|
10.13
|
Chevron Corporation Retirement Restoration Plan, filed as Exhibit 10.6 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.
|
10.14
|
Chevron Corporation ESIP Restoration Plan, filed as Exhibit 10.7 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.
|
10.15
|
Agreement between Chevron Corporation and R. Hewitt Pate, filed as Exhibit 10.16 to Chevron's Annual Report on Form 10-K for the year ended December 31, 2011, and incorporated herein by reference.
|
12.1*
|
Computation of Ratio of Earnings to Fixed Charges (page E-3).
|
21.1*
|
Subsidiaries of Chevron Corporation (page E-4).
|
Exhibit No.
|
|
Description
|
|
|
|
23.1*
|
|
Consent of PricewaterhouseCoopers LLP (page E-5).
|
24.1 to 24.12*
|
|
Powers of Attorney for certain directors of Chevron Corporation, authorizing the signing of the Annual Report on Form 10-K on their behalf.
|
31.1*
|
|
Rule 13a-14(a)/15d-14(a) Certification of the company’s Chief Executive Officer (page E-6).
|
31.2*
|
|
Rule 13a-14(a)/15d-14(a) Certification of the company’s Chief Financial Officer (page E-7).
|
32.1*
|
|
Section 1350 Certification of the company’s Chief Executive Officer (page E-8).
|
32.2*
|
|
Section 1350 Certification of the company’s Chief Financial Officer (page E-9).
|
95*
|
|
Mine Safety Disclosure.
|
99.1*
|
|
Definitions of Selected Energy and Financial Terms (pages E-10 through E-11).
|
101.INS*
|
|
XBRL Instance Document.
|
101.SCH*
|
|
XBRL Schema Document.
|
101.CAL*
|
|
XBRL Calculation Linkbase Document.
|
101.LAB*
|
|
XBRL Label Linkbase Document.
|
101.PRE*
|
|
XBRL Presentation Linkbase Document.
|
101.DEF*
|
|
XBRL Definition Linkbase Document.
|
*
|
Filed herewith.
|
Base Salary
|
X
|
CIP Award Target
|
X
|
Corporate Performance
Rating
|
X
|
Individual Performance Modifier
|
A.
|
GRANT DATE.
The Grant Date of your Restricted Stock Unit Award is [insert date].
|
B.
|
NUMBER OF UNITS GRANTED.
The
number of units granted is reflected in the [insert date] award detail screen in the “Restricted Unit/Perf Share” section of your Morgan Stanley account at
www.benefitaccess.com
. Refer to Award Type labeled “RSU”.
|
C.
|
VESTING DATE.
Your Restricted Stock Unit Award will vest only if you continue employment with Chevron until the Vesting Date, [insert date], which is three years after the Grant Date.
|
D.
|
EFFECT OF TERMINATION ON VESTING.
The entire Restricted Stock Unit Award will be forfeited if you terminate prior to the Vesting Date for any reason.
|
E.
|
DISABILITY.
For purposes of the vesting of your Restricted Stock Unit Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.
|
F.
|
DIVIDEND EQUIVALENTS.
The Restricted Stock Unit Award does not earn dividends or dividend equivalents prior to or after the Vesting Date.
|
G.
|
RESTRICTED STOCK UNIT AWARD PAYOUT.
The payout amount of your Restricted Stock Unit Award is equal to the number of your vested Restricted Stock Units in the Award multiplied by the Chevron Stock Closing Price on the New York Stock Exchange on [insert date], or, should the New York Stock Exchange not be open, the Chevron Stock Closing Price on the last day prior to [insert date] that the New York Stock Exchange is open.
|
H.
|
PAYMENT.
Your vested Restricted Stock Units will be paid in cash directly to your Morgan Stanley account as soon as practical after the Vesting Date.
|
I.
|
NO DEFERRAL
. You may not defer payment of your Restricted Stock Unit Award payout.
|
J.
|
MISCONDUCT.
Restricted Stock Unit Awards may be forfeited for Misconduct as defined in the Long-Term Incentive Plan, and the Corporation may demand repayment of amounts received on or after the date of the Misconduct.
|
K.
|
TAXATION.
The tax consequences of Restricted Stock Unit Awards vary depending on the country’s laws that govern this Award. Consult the prospectus or prospectus supplement and your tax advisor for more information regarding the tax consequences of your Restricted Stock Unit Award. For a copy of the prospectus or prospectus supplement, go to
http://hr.chevron.com/northamerica/us/payprograms/executiveplans/ltip.asp
or the Global Executive Plans Web site at
http://hr.chevron.com/globalprograms/execplans/ltip.aspx
.
|
L.
|
ADJUSTMENTS.
In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of restricted stock units subject to this agreement shall be adjusted, as appropriate.
|
M.
|
NON-TRANSFERABILITY OF AWARD.
You are not permitted to sell, transfer, pledge, assign or encumber this Restricted Stock Unit Award during your lifetime. Notwithstanding the foregoing, this Restricted Stock Unit Award may be transferred or assigned pursuant to a domestic relations order enforceable under applicable law.
|
A.
|
GRANT DATE.
The Grant Date of your Stock Option Award is [insert date].
|
B.
|
NUMBER OF OPTIONS GRANTED.
The number of stock options granted is reflected on the [insert date] grant detail screen in the ”Stock Option/SAR” section of your Morgan Stanley account at
www.benefitaccess.com
.
|
C.
|
EXERCISE PRICE.
The exercise price is the Chevron common stock closing price (U.S.$[insert price]) on the Grant Date, as listed on the New York Stock Exchange (“NYSE”). You can find the exercise price from the Chevron Historical Price Lookup page at
http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-stockLookup
|
D.
|
VESTING SCHEDULE.
Subject to Subsection F., 33 1/3% of the Stock Option Award shall vest on the first anniversary of the Grant Date, 66 2/3% shall vest on the second anniversary of the Grant Date and 100% shall vest on the third anniversary of the Grant Date. The Stock Option Award cannot be exercised to the extent it is not vested.
|
E.
|
EXERCISE PERIOD.
Subject to Subsection F., your vested stock options may be exercised up until the tenth anniversary of the Grant Date, provided you remain employed by Chevron and the NYSE is open on such date. Should this tenth anniversary date fall on a day that the NYSE is not open, stock options may be exercised only up until the last day that the NYSE is open immediately prior to that tenth anniversary.
|
F.
|
EFFECT OF TERMINATION ON VESTING AND EXERCISE PERIOD.
Termination of employment impacts your Stock Option Award’s Vesting Schedule and Exercise Period.
|
i.
|
One hundred percent (100%) of the Stock Option Award will vest if your employment terminates on or after [insert date]
and
if, upon termination of employment, you are at least age 65, have at least 90 points (sum of age and service at termination of employment), or submit documentation substantiating required retirement due to the attainment of the normal statutory or mandatory retirement age, based on the applicable jurisdiction for your employing company at the time of termination. Your vested Stock Option Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
ii.
|
A portion of the Stock Option Award will vest if your employment terminates on or after [insert date]
and
if, upon termination of employment, you are at least age 60 or have at least 75 points (sum of age and service at termination of employment). The number of vested stock options is determined by multiplying the number of stock options granted by the number of whole months from the Grant Date to your termination date, up to a maximum of 36 months, divided by 36 months. The portion not vested is forfeited. The vested
|
iii.
|
One hundred percent (100%) of the Stock Option Award will vest if you terminate employment after a Change in Control and qualify for a Change in Control severance pay program maintained by the Corporation. Your vested Stock Option Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
iv.
|
If at termination of employment, none of the above Subsections F.i., F.ii., and F.iii. is satisfied, the portion of your Stock Option Award that is not vested at termination is forfeited. The portion of your Stock Option Award that is already vested is exercisable until the last day that the NYSE is open that is no more than 180 days after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination.
|
v.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least 30 years of service, your Stock Option Award will continue to vest according to the Vesting Schedule under Subsection D. Your vested Stock Option Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
vi.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least 25 years of service but less than 30 years of service, the portion of your Stock Option Award that is not vested at termination is forfeited. The portion of your Stock Option Award that is already vested is exercisable until the last day that the NYSE is open that is no more than five years after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination.
|
vii.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least one year of service but less than 25 years of service, the portion of your Stock Option Award that is not vested at termination is forfeited. The portion of your Stock Option Award that is already vested is exercisable until the last day that the NYSE is open that is no more than 180 days after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination.
|
viii.
|
One hundred percent (100%) of the Stock Option Award will vest if you terminate employment after a Change in Control and qualify for a Change in Control severance pay program maintained by the Corporation. Your vested Stock Option Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
ix.
|
If at termination of employment, none of the above Subsections F.v., F.vi., F.vii., and F.viii. is satisfied, 100 percent of your Stock Option Award is forfeited.
|
G.
|
DISABILITY.
For purposes of the Vesting Schedule and the Exercise Period of your Stock Option Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.
|
H.
|
FAILURE TO EXERCISE.
Unexercised Stock Option Awards are forfeited at the end of the applicable Exercise Period.
|
I.
|
EXERCISE CHOICES.
You may exercise your vested Stock Option Award under the following four exercise choices: (i) same day sale; (ii) sell-to-cover; (iii) cash exercise; or (iv) stock swap. For more information, please refer to “Exercise Choices and Examples” at
http://hr.chevron.com/northamerica/us/payprograms/executiveplans/exercisechoices.asp
, or, if you are not subject to U.S. taxation,
http://hr.chevron.com/globalprograms/execplans/exercisechoices.aspx
.
|
J.
|
NO DEFERRAL
. You may not defer payment of proceeds as a result of the exercise of your Stock Option Award.
|
K.
|
MISCONDUCT.
Stock Option Awards may be forfeited for Misconduct as defined in the Plan, and the Corporation may demand repayment of amounts received upon exercise on or after the date of the Misconduct. See the terms of the Plan for additional information.
|
L.
|
TAXATION.
The tax consequences of Stock Option Awards vary, and, depending on the country’s laws that govern this Stock Option Award, taxation can be triggered upon events such as the grant, vest, and/or exercise of such Stock Option Award. Consult the prospectus or prospectus supplement and your tax advisor for more information regarding the tax consequences of your Stock Option Award. For a copy of the prospectus or prospectus supplement, go to
http://hr.chevron.com/northamerica/us/payprograms/executiveplans/ltip.asp
or the Global Executive Plans Web site at
http://hr.chevron.com/globalprograms/execplans/ltip.aspx
|
M.
|
ADJUSTMENTS.
In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of stock options and the Exercise Price of the Stock Option Award under this agreement shall be adjusted, as appropriate.
|
N.
|
NON-TRANSFERABILITY OF AWARD.
You are not permitted to sell, transfer, pledge, assign or encumber this Stock Option Award during your lifetime. Notwithstanding the foregoing, this Stock Option Award may be transferred or assigned after your death to your beneficiary or according to the laws of descent in your jurisdiction or pursuant to a domestic relations order enforceable under applicable law.
|
O.
|
BENEFICIARY DESIGNATION.
You may designate a beneficiary for your Stock Option Award upon your death at
https://www.benefitsweb.com/chevron.html
. Non-U.S. payroll employees may download a beneficiary designation form from the Global Executive Plans Web page at
http://hr.chevron.com/globalprograms/execplans/docs/GO76VnonUS.pdf
.
|
P.
|
ABILITY TO SUBSTITUTE.
The Management Compensation Committee shall have the ability to substitute, without receiving participant permission, Stock Appreciation Rights (SARs) paid only in stock for outstanding options; provided, that the number of substituted SARs equals the number of shares underlying the options and the Exercise Price of the SARs is equal to the Exercise Price of the options.
|
A.
|
GRANT DATE.
The Grant Date of your Performance Share Award is [insert date].
|
B.
|
NUMBER OF SHARES GRANTED.
The
number of shares granted is reflected in the [insert date] award detail screen in the “Restricted Unit/Perf Share” section of your Morgan Stanley account at
www.benefitaccess.com
. Refer to the Award Type labeled “PSU”.
|
C.
|
PERFORMANCE PERIOD.
The three-year Performance Period for your Performance Share Award starts on [insert date] and ends on [insert date].
|
D.
|
VESTING.
Except as otherwise provided in Subsection E., your Performance Share Award will vest only if you continue employment with Chevron until the end of the Performance Period.
|
E.
|
EFFECT OF TERMINATION ON VESTING.
Termination of employment impacts the vesting of your Performance Share Award, but not when its value is calculated or when it is paid.
|
i.
|
One hundred percent (100%) of the Performance Share Award will vest if your employment terminates on or after [insert date]
and
if, upon termination of employment, you are at least age 65, have at least 90 points (sum of age and service at termination of employment), or submit documentation substantiating required retirement due to the attainment of the normal statutory or mandatory retirement age, based on the applicable jurisdiction for your employing company at the time of termination.
|
ii.
|
A portion of the Performance Share Award will vest if your employment terminates on or after [insert date]
and
if, upon termination of employment, you are at least age 60 or have at least 75 points (sum of age and service at termination of employment). The portion of your Performance Share Award that vests is determined by multiplying the number of Performance Shares granted by the number of whole months from the performance period start date to your termination date, up to a maximum of 36 months, divided by 36 months. The portion not vested is forfeited.
|
iii.
|
If you terminate employment after a Change in Control and, qualify for a Change in Control severance pay program maintained by the Corporation, the portion of your Performance Share Award vested and or deemed vested shall be determined by multiplying the number of Performance Shares granted by the number of whole months from the performance period start date to your termination date, divided by 36 months. The portion not vested is forfeited.
|
iv.
|
If at termination of employment, none of the above Subsections E.i, E.ii., and E.iii. is satisfied, your Performance Share Award is forfeited.
|
v.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least 30 years of service, 100% of the Performance Share Award will vest.
|
vi.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least 25 years of service but less than 30 years of service, a portion of the Performance Share Award will vest. The portion of your Performance Share Award that vests is determined by multiplying the number of Performance Shares granted by the number of whole years from the performance period start date to your termination date, up to a maximum of three years, divided by three years. The portion not vested is forfeited.
|
vii.
|
If you terminate employment after a Change in Control and qualify for a Change in Control severance pay program maintained by the Corporation, the portion of your Performance Share Award vested and or deemed vested shall be determined by multiplying the number of Performance Shares granted by the number of whole months from the performance period start date to your termination date, divided by 36 months. The portion not vested is forfeited.
|
viii.
|
If at termination of employment, none of the above Subsections E.v, E.vi., and E.vii. is satisfied, your Performance Share Award is forfeited.
|
F.
|
DISABILITY.
For
purposes of the vesting of your Performance Share Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.
|
G.
|
PERFORMANCE SHARE AWARD PAYOUT.
The payout amount of your Performance Share Award is equal to the number of your vested Performance Shares, multiplied by the Average Chevron Stock Closing Price in the last twenty days that the New York Stock Exchange is open during the Performance Period, multiplied by the Payout Modifier, as described below.
|
H.
|
PAYOUT MODIFIER.
The Payout Modifier is determined as follows based on Chevron’s total stockholder return (TSR) compared with the TSR for the Peer Group for the three-year Performance Period:
|
Relative TSR Rank
|
1
|
2
|
3
|
4
|
5
|
Payout Modifier
|
200%
|
150%
|
100%
|
50%
|
0%
|
I.
|
PAYMENT DATE.
The non-deferred Performance Share Award will be paid in cash within two and a half months after [insert date].
|
J.
|
DEFERRAL
. You may defer payment of up to 90 percent of your payout attributable to your Performance Share Award, provided you are on the U.S. Payroll and subject to U.S. taxes on the deferral election due date. Deferral elections may not be cancelled or changed after the deferral election due date or upon termination of employment. Deferred amounts will be further subject to all terms and conditions of the Deferred Compensation Plan II and its Rules.
|
K.
|
MISCONDUCT.
Performance Share Awards may be forfeited for Misconduct as defined in the Long-Term Incentive Plan, and the Corporation may demand repayment of amounts received on or after the date of the Misconduct.
|
L.
|
TAXATION.
The tax consequences of Performance Share Awards vary depending on the country’s laws that govern this Award. Consult the prospectus or prospectus supplement and your tax advisor for more information regarding the tax consequences of your Performance Share Award. For a copy of the prospectus or prospectus
|
M.
|
ADJUSTMENTS.
In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of performance shares subject to this agreement shall be adjusted, as appropriate.
|
N.
|
NON-TRANSFERABILITY OF AWARD.
You are not permitted to sell, transfer, pledge, assign or encumber this Performance Share Award during your lifetime. Notwithstanding the foregoing, this Performance Share Award may be transferred or assigned after your death to your beneficiary according to the laws of descent in your jurisdiction or pursuant to a domestic relations order enforceable under applicable law.
|
O.
|
BENEFICIARY DESIGNATION.
You may designate a beneficiary for your non-deferred Performance Share Award upon your death at
https://www.benefitsweb.com/chevron.html
.
Non-U.S. payroll employees may download a beneficiary designation form from the Global Executive Plans Web page at
http://hr.chevron.com/globalprograms/execplans/docs/GO76VnonUS.pdf
.
Beneficiary designations for deferred Performance Share Awards are made under the terms of the Deferred Compensation Plan II.
|
A.
|
GRANT DATE.
The Grant Date of your Stock Appreciation Rights Award is [insert date].
|
B.
|
NUMBER OF STOCK APPRECIATION RIGHTS GRANTED.
The number of stock appreciation rights granted is reflected on the [insert date] grant detail screen in the ”Stock Option/SAR” section of your Morgan Stanley account at
www.benefitaccess.com
.
|
C.
|
EXERCISE PRICE.
The exercise price is the Chevron common stock closing price (U.S.$[insert price]) on the Grant Date, as listed on the New York Stock Exchange (“NYSE”). You can find the exercise price from the Chevron Historical Price Lookup page at
http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-stockLookup
|
D.
|
VESTING SCHEDULE.
Subject to Subsection F., 33 1/3% of the Stock Appreciation Rights Award shall vest on the first anniversary of the Grant Date, 66 2/3% shall vest on the second anniversary of the Grant Date and 100% shall vest on the third anniversary of the Grant Date. The Stock Appreciation Rights Award cannot be exercised to the extent it is not vested.
|
E.
|
EXERCISE PERIOD.
Subject to Subsection F., your vested stock appreciation rights may be exercised up until the tenth anniversary of the Grant Date, provided you remain employed by Chevron and the NYSE is open on such date. Should this tenth anniversary date fall on a day that the NYSE is not open, stock appreciation rights may be exercised only up until the last day that the NYSE is open immediately prior to that tenth anniversary.
|
F.
|
EFFECT OF TERMINATION ON VESTING AND EXERCISE PERIOD.
Termination of employment impacts your Stock Appreciation Rights Award’s Vesting Schedule and Exercise Period.
|
i.
|
One hundred percent (100%) of the Stock Appreciation Rights Award will vest if your employment terminates on or after [insert date]
and
if, upon termination of employment, you are at least age 65, have at least 90 points (sum of age and service at termination of employment), or submit documentation substantiating required retirement due to the attainment of the normal statutory or mandatory retirement age, based on the applicable jurisdiction for your employing company at the time of termination. Your vested Stock Appreciation Rights Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
ii.
|
A portion of the Stock Appreciation Rights Award will vest if your employment terminates on or after [insert date]
and
if, upon termination of employment, you are at least age 60 or have at least 75 points (sum of age and service at termination of employment). The number of vested stock appreciation rights is determined by multiplying the number of stock appreciation rights granted by the number of whole months
|
iii.
|
One hundred percent (100%) of the Stock Appreciation Rights Award will vest if you terminate employment after a Change in Control and qualify for a Change in Control severance pay program maintained by the Corporation. Your vested Stock Appreciation Rights Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
iv.
|
If at termination of employment, none of the above Subsections F.i., F.ii., and F.iii. is satisfied, the portion of your Stock Appreciation Rights Award that is not vested at termination is forfeited. The portion of your Stock Appreciation Rights Award that is already vested is exercisable until the last day that the NYSE is open that is no more than 180 days after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination.
|
v.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least 30 years of service, your Stock Appreciation Rights Award will continue to vest according to the Vesting Schedule under Subsection D. Your vested Stock Appreciation Rights Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
vi.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least 25 years of service but less than 30 years of service, the portion of your Stock Appreciation Rights Award that is not vested at termination is forfeited. The portion of your Stock Appreciation Rights Award that is already vested is exercisable until the last day that the NYSE is open that is no more than five years after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination.
|
vii.
|
If your employment terminates on or after [insert date]
and
if, upon termination of employment, you have at least one year of service but less than 25 years of service, the portion of your Stock Appreciation Rights Award that is not vested at termination is forfeited. The portion of your Stock Appreciation Rights Award that is already vested is exercisable until the last day that the NYSE is open that is no more than 180 days after your termination date or, if earlier, the date it would last be exercisable under Subsection E. in the absence of your termination.
|
viii.
|
One hundred percent (100%) of the Stock Appreciation Rights Award will vest if you terminate employment after a Change in Control and qualify for a Change in Control severance pay program maintained by the Corporation. Your vested Stock Appreciation Rights Award is exercisable until the tenth anniversary of the Grant Date as described in Subsection E.
|
ix.
|
If at termination of employment, none of the above Subsections F.v., F.vi., F.vii., and F.viii. is satisfied, 100 percent of your Stock Appreciation Rights Award is forfeited.
|
G.
|
DISABILITY.
For purposes of the Vesting Schedule and the Exercise Period of your Stock Appreciation Rights Award, you are deemed to have terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.
|
H.
|
FAILURE TO EXERCISE.
Unexercised Stock Appreciation Rights Awards are forfeited at the end of the applicable Exercise Period.
|
I.
|
EXERCISE CHOICES.
You may exercise your vested Stock Appreciation Rights Award under the SAR exercise method. For more information, please refer to “Exercise Choices and Examples” at
http://hr.chevron.com/northamerica/us/payprograms/executiveplans/exercisechoices.asp
, or, if you are not subject to U.S. taxation,
http://hr.chevron.com/globalprograms/execplans/exercisechoices.aspx
.
|
J.
|
NO DEFERRAL
. You may not defer payment of proceeds as a result of the exercise of your Stock Appreciation Rights Award.
|
K.
|
MISCONDUCT.
Stock Appreciation Rights Awards may be forfeited for Misconduct as defined in the Plan, and the Corporation may demand repayment of amounts received upon exercise on or after the date of the Misconduct. See the terms of the Plan for additional information.
|
L.
|
TAXATION.
The tax consequences of Stock Appreciation Rights Awards vary, and, depending on the country’s laws that govern this Stock Appreciation Rights Award, taxation can be triggered upon events such as the grant, vest, and/or exercise of such Stock Appreciation Rights Award. Consult the prospectus or prospectus supplement and your tax advisor for more information regarding the tax consequences of your Stock Appreciation Rights Award. For a copy of the prospectus or prospectus supplement, go to
http://hr.chevron.com/northamerica/us/payprograms/executiveplans/ltip.asp
or the Global Executive Plans Web site at
http://hr.chevron.com/globalprograms/execplans/ltip.aspx
|
M.
|
ADJUSTMENTS.
In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of stock appreciation rights and the Exercise Price of the Stock Appreciation Rights Award under this agreement shall be adjusted, as appropriate.
|
N.
|
NON-TRANSFERABILITY OF AWARD.
You are not permitted to sell, transfer, pledge, assign or encumber this Stock Appreciation Rights Award during your lifetime. Notwithstanding the foregoing, this Stock Appreciation Rights Award may be transferred or assigned after your death to your beneficiary or according to the laws of descent in your jurisdiction or pursuant to a domestic relations order enforceable under applicable law.
|
O.
|
BENEFICIARY DESIGNATION.
You may designate a beneficiary for your Stock Appreciation Rights Award upon your death at
https://www.benefitsweb.com/chevron.html
. Non-U.S. payroll employees may download a beneficiary designation form from the Global Executive Plans Web page at
http://hr.chevron.com/globalprograms/execplans/docs/GO76VnonUS.pdf
.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended December 31
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(Millions of dollars)
|
||||||||||||||||||
Net Income Attributable to Chevron Corporation
|
$
|
19,241
|
|
|
$
|
21,423
|
|
|
$
|
26,179
|
|
|
$
|
26,895
|
|
|
$
|
19,024
|
|
Income Tax Expense
|
11,892
|
|
|
14,308
|
|
|
19,996
|
|
|
20,626
|
|
|
12,919
|
|
|||||
Distributions Less Than Equity in Earnings of Affiliates
|
(2,202
|
)
|
|
(1,178
|
)
|
|
(1,351
|
)
|
|
(570
|
)
|
|
(501
|
)
|
|||||
Noncontrolling Interests
|
69
|
|
|
174
|
|
|
157
|
|
|
113
|
|
|
112
|
|
|||||
Previously Capitalized Interest Charged to Earnings During Period
|
100
|
|
|
96
|
|
|
123
|
|
|
117
|
|
|
240
|
|
|||||
Interest and Debt Expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||
Interest Portion of Rentals
(1)
|
356
|
|
|
342
|
|
|
316
|
|
|
288
|
|
|
300
|
|
|||||
Earnings Before Provision for Taxes and Fixed Charges
|
$
|
29,456
|
|
|
$
|
35,165
|
|
|
$
|
45,420
|
|
|
$
|
47,469
|
|
|
$
|
32,144
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and Debt Expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||
Interest Portion of Rentals
(1)
|
356
|
|
|
342
|
|
|
316
|
|
|
288
|
|
|
300
|
|
|||||
Preferred Stock Dividends of Subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capitalized Interest
|
358
|
|
|
284
|
|
|
230
|
|
|
288
|
|
|
267
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Fixed Charges
|
$
|
714
|
|
|
$
|
626
|
|
|
$
|
546
|
|
|
$
|
576
|
|
|
$
|
617
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
41.25
|
|
|
56.17
|
|
|
83.19
|
|
|
82.41
|
|
|
52.10
|
|
|||||
____________
|
|
|
|
|
|
|
|
|
|
(1)
|
Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
|
Name of Subsidiary
|
State, Province or Country in Which Organized
|
Cabinda Gulf Oil Company Limited
|
Bermuda
|
Chevron Argentina S.R.L.
|
Argentina
|
Chevron Australia Pty Ltd.
|
Australia
|
Chevron Australia Holdings Pty Ltd.
|
Australia
|
Chevron Canada Limited
|
Canada
|
Chevron Global Energy Inc.
|
Delaware
|
Chevron Global Technology Services Company
|
Delaware
|
Chevron Investments Inc.
|
Delaware
|
Chevron LNG Shipping Company Limited
|
Bermuda
|
Chevron Malampaya LLC
|
Delaware
|
Chevron Nigeria Limited
|
Nigeria
|
Chevron North Sea Limited
|
United Kingdom
|
Chevron Oil Congo (D.R.C.) Limited
|
Bermuda
|
Chevron Oronite Company LLC
|
Delaware
|
Chevron Oronite Pte. Ltd.
|
Singapore
|
Chevron Oronite S.A.S.
|
France
|
Chevron Overseas Company
|
Delaware
|
Chevron Overseas (Congo) Limited
|
Bermuda
|
Chevron Overseas Petroleum Limited
|
Bahamas
|
Chevron Petroleum Company
|
New Jersey
|
Chevron Petroleum Limited
|
Bermuda
|
Chevron Petroleum Nigeria Limited
|
Nigeria
|
Chevron Philippines Inc.
|
Philippines
|
Chevron Pipe Line Company
|
Delaware
|
Chevron South Natuna B Inc.
|
Liberia
|
Chevron Thailand Exploration and Production, Ltd.
|
Bermuda
|
Chevron (Thailand) Limited
|
Bahamas
|
Chevron Thailand LLC
|
Delaware
|
Chevron Transport Corporation Ltd.
|
Bermuda
|
Chevron U.S.A. Holdings Inc.
|
Delaware
|
Chevron U.S.A. Inc.
|
Pennsylvania
|
Nigeria Chevron Alpha Limited
|
Bermuda
|
PT Chevron Pacific Indonesia
|
Indonesia
|
Saudi Arabian Chevron Inc.
|
Delaware
|
Star Petroleum Refining Public Co., Ltd.
|
Thailand
|
Texaco Inc.
|
Delaware
|
Texaco Overseas Holdings Inc.
|
Delaware
|
Texaco Venezuela Holdings (I) Company
|
Delaware
|
Union Oil Company of California
|
California
|
Unocal Corporation
|
Delaware
|
Unocal International Corporation
|
Nevada
|
1
|
All of the subsidiaries in the above list are wholly owned, either directly or indirectly, by Chevron Corporation. Certain subsidiaries are not listed since, considered in the aggregate as a single subsidiary, they would not constitute a significant subsidiary at December 31, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
I have reviewed this
Annual
Report on Form 10-
K
of Chevron Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/
S
/ J
OHN
S. W
ATSON
|
John S. Watson
Chairman of the Board and
Chief Executive Officer
|
1.
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I have reviewed this
Annual
Report on Form 10-
K
of Chevron Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/
S
/ P
ATRICIA
E. Y
ARRINGTON
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Patricia E. Yarrington
Vice President and
Chief Financial Officer
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/
S
/ J
OHN
S. W
ATSON
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John S. Watson
Chairman of the Board and
Chief Executive Officer
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/
S
/ P
ATRICIA
E. Y
ARRINGTON
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Patricia E. Yarrington
Vice President and
Chief Financial Officer
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Mine
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Section
104 S&S Citations (#) |
Section
104(b) Orders (#) |
Section
104(d) Citations And Orders (#) |
Section
110(b)(2) Violations (#) |
Section
107(a) Orders (#) |
Total Dollar
Value of MSHA Assess-ments Proposed ($1,000) |
Total
Number of Mining Related Fatalities (#) |
Received
Notice of Pattern of Violation Under Section 104(e) (yes/no) |
Received
Notice of Potential to Have Pattern of Violation Under Section 104(e) (yes/no) |
Legal
Actions Pending as of Last Day of Period (#) |
Legal
Actions Initiated During Period (#) |
Legal
Actions Resolved During Period (#) |
Questa Mine
|
6
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—
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—
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—
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—
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$8
|
—
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no
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no
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—
|
—
|
—
|
McKinley Mine
1
|
—
|
—
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—
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—
|
—
|
—
|
—
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no
|
no
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—
|
—
|
—
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