|
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
|
|
Emerging growth company
|
|
o
|
|
ITEM
|
|
PAGE
|
|
||
|
||
|
||
|
||
|
||
4.
|
Mine Safety Disclosures
|
|
|
||
16.
|
Form 10-K Summary
|
|
|
EX-10.6
|
EX-24.9
|
EX-10.7
|
EX-24.10
|
EX-10.23
|
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-99.1
|
EX-24.2
|
EX-101 INSTANCE DOCUMENT
|
EX-24.3
|
EX-101 SCHEMA DOCUMENT
|
EX-24.4
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
EX-24.5
|
EX-101 LABELS LINKBASE DOCUMENT
|
EX-24.6
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
EX-24.7
|
EX-101 DEFINITION LINKBASE DOCUMENT
|
EX-24.8
|
|
|
|
|
|
|
At December 31
|
|
|
||||||
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Liquids — Millions of barrels
|
|
|
|
|
|
|
|||
Consolidated Companies
|
4,530
|
|
|
4,131
|
|
|
4,262
|
|
|
Affiliated Companies
|
2,012
|
|
|
2,197
|
|
|
2,000
|
|
|
Total Liquids
|
6,542
|
|
|
6,328
|
|
|
6,262
|
|
|
Natural Gas — Billions of cubic feet
|
|
|
|
|
|
|
|||
Consolidated Companies
|
27,514
|
|
|
25,432
|
|
|
25,946
|
|
|
Affiliated Companies
|
3,222
|
|
|
3,328
|
|
|
3,491
|
|
|
Total Natural Gas
|
30,736
|
|
|
28,760
|
|
|
29,437
|
|
|
Oil-Equivalent — Millions of barrels
*
|
|
|
|
|
|
|
|||
Consolidated Companies
|
9,116
|
|
|
8,369
|
|
|
8,586
|
|
|
Affiliated Companies
|
2,549
|
|
|
2,752
|
|
|
2,582
|
|
|
Total Oil-Equivalent
|
11,665
|
|
|
11,121
|
|
|
11,168
|
|
|
*
|
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.
|
|
Undeveloped
2
|
|
|
Developed
|
|
|
Developed and Undeveloped
|
|
|
|||||||||
Thousands of acres
1
|
Gross
|
|
|
Net
|
|
|
Gross
|
|
|
Net
|
|
|
Gross
|
|
|
Net
|
|
|
United States
|
4,004
|
|
|
3,415
|
|
|
4,189
|
|
|
2,966
|
|
|
8,193
|
|
|
6,381
|
|
|
Other Americas
|
26,249
|
|
|
14,635
|
|
|
1,183
|
|
|
264
|
|
|
27,432
|
|
|
14,899
|
|
|
Africa
|
8,432
|
|
|
3,474
|
|
|
2,243
|
|
|
933
|
|
|
10,675
|
|
|
4,407
|
|
|
Asia
|
23,243
|
|
|
11,637
|
|
|
1,720
|
|
|
975
|
|
|
24,963
|
|
|
12,612
|
|
|
Australia/Oceania
|
25,947
|
|
|
17,198
|
|
|
2,002
|
|
|
803
|
|
|
27,949
|
|
|
18,001
|
|
|
Europe
|
2,004
|
|
|
1,004
|
|
|
407
|
|
|
53
|
|
|
2,411
|
|
|
1,057
|
|
|
Total Consolidated Companies
|
89,879
|
|
|
51,363
|
|
|
11,744
|
|
|
5,994
|
|
|
101,623
|
|
|
57,357
|
|
|
Affiliates
|
513
|
|
|
224
|
|
|
291
|
|
|
112
|
|
|
804
|
|
|
336
|
|
|
Total Including Affiliates
|
90,392
|
|
|
51,587
|
|
|
12,035
|
|
|
6,106
|
|
|
102,427
|
|
|
57,693
|
|
|
1
Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron's ownership interest in gross acres.
|
|
|||||||||||||||||
2
The gross undeveloped acres that will expire in 2018, 2019 and 2020 if production is not established by certain required dates are 4,353, 1,695 and 1,321, respectively.
|
|
|
Wells Drilling*
|
|
Net Wells Completed
|
|
|
|||||||||||||||||||
|
at 12/31/17
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|||||||||||||
|
Gross
|
|
|
Net
|
|
|
Prod.
|
|
|
Dry
|
|
|
Prod.
|
|
|
Dry
|
|
|
Prod.
|
|
|
Dry
|
|
|
United States
|
6
|
|
|
3
|
|
|
7
|
|
|
1
|
|
|
4
|
|
|
1
|
|
|
16
|
|
|
4
|
|
|
Other Americas
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
Africa
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
Asia
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
Australia/Oceania
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
Europe
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
Total Consolidated Companies
|
8
|
|
|
5
|
|
|
7
|
|
|
2
|
|
|
12
|
|
|
2
|
|
|
33
|
|
|
10
|
|
|
Affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total Including Affiliates
|
8
|
|
|
5
|
|
|
7
|
|
|
2
|
|
|
12
|
|
|
2
|
|
|
33
|
|
|
10
|
|
|
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron's ownership interest in gross wells.
|
|
Capacities and inputs in thousands of barrels per day
|
December 31, 2017
|
|
Refinery Inputs
|
|
|
|||||||
Locations
|
Number
|
|
Operable Capacity
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
Pascagoula
|
Mississippi
|
1
|
|
340
|
|
349
|
|
355
|
|
322
|
|
|
El Segundo
|
California
|
1
|
|
269
|
|
251
|
|
267
|
|
258
|
|
|
Richmond
|
California
|
1
|
|
257
|
|
248
|
|
188
|
|
245
|
|
|
Kapolei
1
|
Hawaii
|
—
|
|
—
|
|
—
|
|
37
|
|
47
|
|
|
Salt Lake City
|
Utah
|
1
|
|
53
|
|
53
|
|
53
|
|
52
|
|
|
Total Consolidated Companies — United States
|
4
|
|
919
|
|
901
|
|
900
|
|
924
|
|
|
|
Map Ta Phut
|
Thailand
|
1
|
|
165
|
|
152
|
|
162
|
|
164
|
|
|
Cape Town
2
|
South Africa
|
1
|
|
110
|
|
68
|
|
78
|
|
69
|
|
|
Burnaby, B.C.
3
|
Canada
|
—
|
|
—
|
|
40
|
|
51
|
|
46
|
|
|
Total Consolidated Companies — International
|
2
|
|
275
|
|
260
|
|
291
|
|
279
|
|
|
|
Affiliates
|
Various Locations
|
3
|
|
544
|
|
500
|
|
497
|
|
499
|
|
|
Total Including Affiliates — International
|
5
|
|
819
|
|
760
|
|
788
|
|
778
|
|
|
|
Total Including Affiliates — Worldwide
|
9
|
|
1,738
|
|
1,661
|
|
1,688
|
|
1,702
|
|
|
1
|
In November 2016, the company sold the Hawaii Refinery.
|
2
|
Chevron holds a 75 percent 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 the remaining 25 percent.
|
3
|
In September 2017, the company sold the Burnaby, B.C. refinery.
|
Thousands of barrels per day
|
2017
|
|
2016
|
|
2015
|
|
|
United States
|
|
|
|
|
|||
Gasoline
|
625
|
|
631
|
|
621
|
|
|
Jet Fuel
|
242
|
|
242
|
|
232
|
|
|
Diesel/Gas Oil
|
179
|
|
182
|
|
215
|
|
|
Residual Fuel Oil
|
48
|
|
59
|
|
59
|
|
|
Other Petroleum Products
1
|
103
|
|
99
|
|
101
|
|
|
Total United States
|
1,197
|
|
1,213
|
|
1,228
|
|
|
International
2
|
|
|
|
|
|||
Gasoline
|
365
|
|
382
|
|
389
|
|
|
Jet Fuel
|
274
|
|
261
|
|
271
|
|
|
Diesel/Gas Oil
|
490
|
|
468
|
|
478
|
|
|
Residual Fuel Oil
|
162
|
|
144
|
|
159
|
|
|
Other Petroleum Products
1
|
202
|
|
207
|
|
210
|
|
|
Total International
|
1,493
|
|
1,462
|
|
1,507
|
|
|
Total Worldwide
2
|
2,690
|
|
2,675
|
|
2,735
|
|
|
1
Principally naphtha, lubricants, asphalt and coke.
|
|
|
|||||
2
Includes share of affiliates’ sales:
|
366
|
|
377
|
|
420
|
|
|
|
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, 2017
|
312
|
|
|
$117.42
|
|
—
|
|
—
|
|
Nov. 1 – Nov. 30, 2017
|
—
|
|
|
|
—
|
|
—
|
|
|
Dec. 1 – Dec. 31, 2017
|
—
|
|
|
|
—
|
|
—
|
|
|
Total Oct. 1 – Dec. 31, 2017
|
312
|
|
|
$117.42
|
|
—
|
|
—
|
|
1
|
Includes common shares repurchased from company employees and directors 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 and director stock options. The options were issued to and exercised by management under Chevron long-term incentive 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. From inception of the program through 2014, the company had purchased
180,886,291
shares 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 did not acquire any shares under the program in 2015, 2016 or 2017.
|
Name
|
Age
|
Current and Prior Positions (up to five years)
|
Current Areas of Responsibility
|
M.K. Wirth
|
57
|
Chairman of the Board and Chief Executive Officer (since February
2018)
Vice Chairman of the Board and Executive Vice President, Midstream
and Development (February 2017 to January 2018)
Executive Vice President, Midstream and Development (February 2016
through January 2017)
Executive Vice President, Downstream (2006 through 2015)
|
Chairman of the Board and
Chief Executive Officer
|
J.W. Johnson
|
58
|
Executive Vice President, Upstream (since 2015)
Senior Vice President, Upstream (2014)
President, Europe, Eurasia and Middle East Exploration and
Production (2011 through 2013) |
Worldwide Exploration and Production Activities
|
P.R. Breber
|
53
|
Executive Vice President, Downstream (since 2016)
Corporate Vice President and President, Gas and Midstream
(2014 through 2015)
Managing Director, Asia South Business Unit (2012 through 2013)
|
Worldwide Refining, Marketing and Lubricants; Chemicals
|
J.C. Geagea
|
58
|
Executive Vice President, Technology, Projects and Services
(since 2015)
Senior Vice President, Technology, Projects and Services (2014)
Corporate Vice President and President, Gas and Midstream
(2012 through 2013) |
Technology; Health, Environment and Safety; Project Resources Company; Procurement
|
M.A. Nelson
|
54
|
Vice President, Midstream, Strategy and Policy (since February 2018)
Vice President, Strategic Planning (May 2016 through January 2018)
President, International Products (2010 through April 2016)
|
Corporate Strategy; Policy, Government and Public Affairs; Supply and Trading Activities; Shipping; Pipeline; Power and Energy Management
|
P.E. Yarrington
|
61
|
Vice President and Chief Financial Officer (since 2009)
|
Finance
|
R.H. Pate
|
55
|
Vice President and General Counsel (since 2009)
|
Law, Governance and Compliance
|
|
|
|
|
|
|
|
|
|
|
||
Note
2
|
Changes in Accumulated Other
Comprehensive Losses
|
|
Note
3
|
||
Note 4
|
Information Relating to the Consolidated
|
|
Note
5
|
||
Note
6
|
||
Note
7
|
||
Note
8
|
||
Note
9
|
Summarized Financial Data - Chevron Phillips
Chemical Company LLC |
|
Note
10
|
||
Note
11
|
||
Note 1
2
|
Assets Held for Sale
|
|
Note 1
3
|
||
Note 14
|
||
Note 15
|
||
Note 16
|
||
Note 17
|
||
Note 18
|
||
Note 19
|
Short
-Term Debt
|
|
Note 20
|
Long
-Term Debt
|
|
Note 21
|
||
Note 22
|
||
Note 23
|
||
Note 24
|
Properties, Plant and Equipment
|
|
Note 25
|
||
Note 26
|
||
Note 27
|
||
|
|
|
|
|
Millions of dollars, except per-share amounts
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
9,195
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
Per Share Amounts:
|
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to Chevron Corporation
|
|
|
|
|
|
|
|||||
– Basic
|
$
|
4.88
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.46
|
|
– Diluted
|
$
|
4.85
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.45
|
|
Dividends
|
$
|
4.32
|
|
|
$
|
4.29
|
|
|
$
|
4.28
|
|
Sales and Other Operating Revenues
|
$
|
134,674
|
|
|
$
|
110,215
|
|
|
$
|
129,925
|
|
Return on:
|
|
|
|
|
|
|
|||||
Capital Employed
|
5.0
|
%
|
|
(0.1
|
)%
|
|
2.5
|
%
|
|||
Stockholders’ Equity
|
6.3
|
%
|
|
(0.3
|
)%
|
|
3.0
|
%
|
|||
Earnings by Major Operating Area
|
|||||||||||
Millions of dollars
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
Upstream
|
|
|
|
|
|
||||||
United States
|
$
|
3,640
|
|
|
$
|
(2,054
|
)
|
|
$
|
(4,055
|
)
|
International
|
4,510
|
|
|
(483
|
)
|
|
2,094
|
|
|||
Total Upstream
|
8,150
|
|
|
(2,537
|
)
|
|
(1,961
|
)
|
|||
Downstream
|
|
|
|
|
|
||||||
United States
|
2,938
|
|
|
1,307
|
|
|
3,182
|
|
|||
International
|
2,276
|
|
|
2,128
|
|
|
4,419
|
|
|||
Total Downstream
|
5,214
|
|
|
3,435
|
|
|
7,601
|
|
|||
All Other
|
(4,169
|
)
|
|
(1,395
|
)
|
|
(1,053
|
)
|
|||
Net Income (Loss) Attributable to Chevron Corporation
1,2
|
$
|
9,195
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
1
Includes foreign currency effects:
|
$
|
(446
|
)
|
|
$
|
58
|
|
|
$
|
769
|
|
2
Income net of tax, also referred to as “earnings” in the discussions that follow.
|
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Earnings
|
$
|
3,640
|
|
|
|
$
|
(2,054
|
)
|
|
$
|
(4,055
|
)
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Earnings
*
|
$
|
4,510
|
|
|
|
$
|
(483
|
)
|
|
$
|
2,094
|
|
*
Includes foreign currency effects:
|
$
|
(456
|
)
|
|
|
$
|
122
|
|
|
$
|
725
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Earnings
|
$
|
2,938
|
|
|
|
$
|
1,307
|
|
|
$
|
3,182
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Earnings
*
|
$
|
2,276
|
|
|
|
$
|
2,128
|
|
|
$
|
4,419
|
|
*
Includes foreign currency effects:
|
$
|
(90
|
)
|
|
|
$
|
(25
|
)
|
|
$
|
47
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Net charges
*
|
$
|
(4,169
|
)
|
|
|
$
|
(1,395
|
)
|
|
$
|
(1,053
|
)
|
*
Includes foreign currency effects:
|
$
|
100
|
|
|
|
$
|
(39
|
)
|
|
$
|
(3
|
)
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Sales and other operating revenues
|
$
|
134,674
|
|
|
|
$
|
110,215
|
|
|
$
|
129,925
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Income from equity affiliates
|
$
|
4,438
|
|
|
|
$
|
2,661
|
|
|
$
|
4,684
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Other income
|
$
|
2,610
|
|
|
|
$
|
1,596
|
|
|
$
|
3,868
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Purchased crude oil and products
|
$
|
75,765
|
|
|
|
$
|
59,321
|
|
|
$
|
69,751
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Operating, selling, general and administrative expenses
|
$
|
23,885
|
|
|
|
$
|
24,952
|
|
|
$
|
27,477
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Exploration expense
|
$
|
864
|
|
|
|
$
|
1,033
|
|
|
$
|
3,340
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Depreciation, depletion and amortization
|
$
|
19,349
|
|
|
|
$
|
19,457
|
|
|
$
|
21,037
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Taxes other than on income
|
$
|
12,331
|
|
|
|
$
|
11,668
|
|
|
$
|
12,030
|
|
Millions of dollars
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Income tax (benefit) expense
|
$
|
(48
|
)
|
|
|
$
|
(1,729
|
)
|
|
$
|
132
|
|
•
|
Reducing cash capital expenditures to $13.4 billion, a 26 percent decrease compared to 2016,
|
•
|
Reducing operating and administrative expenses by $1.1 billion, a 4 percent decrease compared to 2016, and
|
•
|
Realizing net proceeds from asset sales of $5.2 billion during 2017.
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2015
|
|
|||||||||||||||||||||
Millions of dollars
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|
|
U.S.
|
|
Int’l.
|
|
Total
|
|
|||||||||
Upstream
|
$
|
5,145
|
|
$
|
11,243
|
|
$
|
16,388
|
|
|
|
$
|
4,713
|
|
$
|
15,403
|
|
$
|
20,116
|
|
|
|
$
|
7,582
|
|
$
|
23,535
|
|
$
|
31,117
|
|
Downstream
|
1,656
|
|
534
|
|
2,190
|
|
|
|
1,545
|
|
527
|
|
2,072
|
|
|
|
1,923
|
|
513
|
|
2,436
|
|
|||||||||
All Other
|
239
|
|
4
|
|
243
|
|
|
|
235
|
|
5
|
|
240
|
|
|
|
418
|
|
8
|
|
426
|
|
|||||||||
Total
|
$
|
7,040
|
|
$
|
11,781
|
|
$
|
18,821
|
|
|
|
$
|
6,493
|
|
$
|
15,935
|
|
$
|
22,428
|
|
|
|
$
|
9,923
|
|
$
|
24,056
|
|
$
|
33,979
|
|
Total, Excluding Equity in Affiliates
|
$
|
6,295
|
|
$
|
7,783
|
|
$
|
14,078
|
|
|
|
$
|
5,456
|
|
$
|
13,202
|
|
$
|
18,658
|
|
|
|
$
|
8,579
|
|
$
|
22,003
|
|
$
|
30,582
|
|
|
At December 31
|
|
|||||||||
|
2017
|
|
|
|
|
2016
|
|
|
|
2015
|
|
Current Ratio
|
1.0
|
|
|
|
|
0.9
|
|
|
|
1.3
|
|
Interest Coverage Ratio
|
10.7
|
|
|
|
|
(2.6
|
)
|
|
|
9.9
|
|
Debt Ratio
|
20.7
|
|
%
|
|
|
24.1
|
|
%
|
|
20.2
|
%
|
|
Payments Due by Period
|
|
|||||||||||||||||
Millions of dollars
|
Total
1
|
|
|
2018
|
|
|
2019-2020
|
|
|
2021-2022
|
|
|
After 2022
|
|
|||||
On Balance Sheet:
2
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-Term Debt
3
|
$
|
5,194
|
|
|
$
|
5,194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt
3
|
33,512
|
|
|
—
|
|
|
20,054
|
|
|
6,104
|
|
|
7,354
|
|
|||||
Noncancelable Capital Lease Obligations
|
226
|
|
|
26
|
|
|
35
|
|
|
23
|
|
|
142
|
|
|||||
Interest
|
4,078
|
|
|
786
|
|
|
1,173
|
|
|
850
|
|
|
1,269
|
|
|||||
Off Balance Sheet:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncancelable Operating Lease Obligations
|
2,895
|
|
|
693
|
|
|
1,102
|
|
|
562
|
|
|
538
|
|
|||||
Throughput and Take-or-Pay Agreements
4
|
5,277
|
|
|
655
|
|
|
1,285
|
|
|
866
|
|
|
2,471
|
|
|||||
Other Unconditional Purchase Obligations
4
|
2,560
|
|
|
747
|
|
|
1,109
|
|
|
609
|
|
|
95
|
|
1
|
Excludes contributions for pensions and other postretirement benefit plans. Information on employee benefit plans is contained in
Note 2
3
beginning on page
82
.
|
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
|
$10.0 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
2019
–
2020
period. The amounts represent only the principal balance.
|
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
|
|
|
2018
|
|
|
2019-2020
|
|
|
2021-2022
|
|
|
After 2022
|
|
|||||
Guarantee of nonconsolidated affiliate or joint-venture obligations
|
$
|
1,082
|
|
|
$
|
114
|
|
|
$
|
577
|
|
|
$
|
214
|
|
|
$
|
177
|
|
Millions of dollars
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
Balance at January 1
|
$
|
1,467
|
|
|
$
|
1,578
|
|
|
$
|
1,683
|
|
Net Additions
|
323
|
|
|
260
|
|
|
365
|
|
|||
Expenditures
|
(361
|
)
|
|
(371
|
)
|
|
(470
|
)
|
|||
Balance at December 31
|
$
|
1,429
|
|
|
$
|
1,467
|
|
|
$
|
1,578
|
|
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
2017
, Chevron's UOP Depreciation, Depletion and Amortization (DD&A) for oil and gas properties was
$14.8 billion
, and proved developed reserves at the beginning of
2017
were
6.2 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
2017
would have increased by approximately
$800 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. 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.
|
|
|
2017
|
|
2016
|
|
|
|||||||||||||||||||||||||||
|
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
|
$
|
36,381
|
|
|
$
|
33,892
|
|
|
$
|
32,877
|
|
|
$
|
31,524
|
|
|
$
|
30,142
|
|
|
$
|
29,159
|
|
|
$
|
27,844
|
|
|
$
|
23,070
|
|
|
|
Income from equity affiliates
|
936
|
|
|
1,036
|
|
|
1,316
|
|
|
1,150
|
|
|
778
|
|
|
555
|
|
|
752
|
|
|
576
|
|
|
||||||||
|
Other income
|
299
|
|
|
1,277
|
|
|
287
|
|
|
747
|
|
|
577
|
|
|
426
|
|
|
686
|
|
|
(93
|
)
|
|
||||||||
|
Total Revenues and Other Income
|
37,616
|
|
|
36,205
|
|
|
34,480
|
|
|
33,421
|
|
|
31,497
|
|
|
30,140
|
|
|
29,282
|
|
|
23,553
|
|
|
||||||||
|
Costs and Other Deductions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Purchased crude oil and products
|
21,158
|
|
|
18,776
|
|
|
18,325
|
|
|
17,506
|
|
|
16,976
|
|
|
15,842
|
|
|
15,278
|
|
|
11,225
|
|
|
||||||||
|
Operating expenses
|
5,182
|
|
|
4,937
|
|
|
4,662
|
|
|
4,656
|
|
|
5,144
|
|
|
4,666
|
|
|
5,054
|
|
|
5,404
|
|
|
||||||||
|
Selling, general and administrative expenses
|
1,349
|
|
|
1,238
|
|
|
991
|
|
|
870
|
|
|
1,544
|
|
|
1,109
|
|
|
1,033
|
|
|
998
|
|
|
||||||||
|
Exploration expenses
|
356
|
|
|
239
|
|
|
125
|
|
|
144
|
|
|
191
|
|
|
258
|
|
|
214
|
|
|
370
|
|
|
||||||||
|
Depreciation, depletion and amortization
|
4,735
|
|
|
5,109
|
|
|
5,311
|
|
|
4,194
|
|
|
4,203
|
|
|
4,130
|
|
|
6,721
|
|
|
4,403
|
|
|
||||||||
|
Taxes other than on income
1
|
3,182
|
|
|
3,213
|
|
|
3,065
|
|
|
2,871
|
|
|
2,869
|
|
|
2,962
|
|
|
2,973
|
|
|
2,864
|
|
|
||||||||
|
Interest and debt expense
|
173
|
|
|
35
|
|
|
48
|
|
|
51
|
|
|
58
|
|
|
64
|
|
|
79
|
|
|
—
|
|
|
||||||||
|
Total Costs and Other Deductions
|
36,135
|
|
|
33,547
|
|
|
32,527
|
|
|
30,292
|
|
|
30,985
|
|
|
29,031
|
|
|
31,352
|
|
|
25,264
|
|
|
||||||||
|
Income (Loss) Before Income Tax Expense
|
1,481
|
|
|
2,658
|
|
|
1,953
|
|
|
3,129
|
|
|
512
|
|
|
1,109
|
|
|
(2,070
|
)
|
|
(1,711
|
)
|
|
||||||||
|
Income Tax Expense (Benefit)
|
(1,637
|
)
|
|
672
|
|
|
487
|
|
|
430
|
|
|
74
|
|
|
(192
|
)
|
|
(607
|
)
|
|
(1,004
|
)
|
|
||||||||
|
Net Income (Loss)
|
$
|
3,118
|
|
|
$
|
1,986
|
|
|
$
|
1,466
|
|
|
$
|
2,699
|
|
|
$
|
438
|
|
|
$
|
1,301
|
|
|
$
|
(1,463
|
)
|
|
$
|
(707
|
)
|
|
|
Less: Net income attributable to
noncontrolling interests |
7
|
|
|
34
|
|
|
16
|
|
|
17
|
|
|
23
|
|
|
18
|
|
|
7
|
|
|
18
|
|
|
||||||||
|
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
3,111
|
|
|
$
|
1,952
|
|
|
$
|
1,450
|
|
|
$
|
2,682
|
|
|
$
|
415
|
|
|
$
|
1,283
|
|
|
$
|
(1,470
|
)
|
|
$
|
(725
|
)
|
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Net Income (Loss) Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
– Basic
|
$
|
1.65
|
|
|
$
|
1.03
|
|
|
$
|
0.77
|
|
|
$
|
1.43
|
|
|
$
|
0.22
|
|
|
$
|
0.68
|
|
|
$
|
(0.78
|
)
|
|
$
|
(0.39
|
)
|
|
|
– Diluted
|
$
|
1.64
|
|
|
$
|
1.03
|
|
|
$
|
0.77
|
|
|
$
|
1.41
|
|
|
$
|
0.22
|
|
|
$
|
0.68
|
|
|
$
|
(0.78
|
)
|
|
$
|
(0.39
|
)
|
|
|
Dividends
|
$
|
1.08
|
|
|
$
|
1.08
|
|
|
$
|
1.08
|
|
|
$
|
1.08
|
|
|
$
|
1.08
|
|
|
$
|
1.07
|
|
|
$
|
1.07
|
|
|
$
|
1.07
|
|
|
|
Common Stock Price Range – High
2
|
$
|
126.20
|
|
|
$118.33
|
|
$
|
110.67
|
|
|
$
|
119.00
|
|
|
$
|
119.00
|
|
|
$
|
107.58
|
|
|
$
|
105.00
|
|
|
$
|
97.91
|
|
|
||
|
– Low
2
|
$
|
112.57
|
|
|
$102.55
|
|
$
|
102.55
|
|
|
$
|
105.85
|
|
|
$
|
99.61
|
|
|
$
|
97.53
|
|
|
$
|
92.43
|
|
|
$
|
75.33
|
|
|
||
|
1
Includes excise, value-added and similar taxes:
|
$
|
1,874
|
|
|
$
|
1,867
|
|
|
$
|
1,771
|
|
|
$
|
1,677
|
|
|
$
|
1,697
|
|
|
$
|
1,772
|
|
|
$
|
1,784
|
|
|
$
|
1,652
|
|
|
|
2
Intraday price.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
The company’s common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 12, 2018, stockholders of record numbered approximately 131,000. 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 Corporation 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.
The company's management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company's disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2017. Based on that evaluation, management concluded that the company's disclosure controls are effective in ensuring that information required to be recorded, processed, summarized and reported, are done within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms.
|
|
||||
|
|
|
||||
|
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 defined in the Exchange Act Rules 13a-15(f) and 15d-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, 2017.
The effectiveness of the company’s internal control over financial reporting as of December 31, 2017, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein.
|
|
||||
|
|
|
|
|
|
|
|
/s/ MICHAEL K. WIRTH
|
|
/s/ PATRICIA E. YARRINGTON
|
|
/s/ JEANETTE L. OURADA
|
|
|
|
|
|
|
|
|
|
Michael K. Wirth
|
|
Patricia E. Yarrington
|
|
Jeanette L. Ourada
|
|
|
Chairman of the Board
|
|
Vice President
|
|
Vice President
|
|
|
and Chief Executive Officer
|
|
and Chief Financial Officer
|
|
and Comptroller
|
|
|
|
|
|
|
|
|
|
February 22, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
To the
Board of Directors and Shareholders of Chevron Corporation:
|
|
|
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Chevron Corporation and its subsidiaries as of December 31, 2017 and 2016, and the related consolidated statements of income, comprehensive income, cash flows and equity for each of the three years in the period ended December 31, 2017, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2)(collectively referred to as the “consolidated financial statements”).
We also have audited the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in
Internal Control - Integrated Framework
(2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated
financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016
and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2017
in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in
Internal Control - Integrated Framework
(2013)
issued by the COSO.
|
|
|
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. 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.
|
|
|
Definition and Limitations of Internal Control over Financial Reporting
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/ PRICEWATERHOUSECOOPERS LLP
|
|
|
San Francisco, California
|
|
|
February 22, 2018
|
|
|
We have served as the Company’s auditor since 1935.
|
|
|
Year Ended December 31, 2017
1
|
|
|||||||||||||||||
|
Currency Translation Adjustments
|
|
|
Unrealized Holding Gains (Losses) on Securities
|
|
|
Derivatives
|
|
|
Defined Benefit Plans
|
|
|
Total
|
|
|||||
Balance at January 1
|
$
|
(162
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,677
|
)
|
|
$
|
(3,843
|
)
|
Components of Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|||||||||||
Before Reclassifications
|
57
|
|
|
(3
|
)
|
|
—
|
|
|
(310
|
)
|
|
(256
|
)
|
|||||
Reclassifications
2
|
—
|
|
|
—
|
|
|
—
|
|
|
510
|
|
|
510
|
|
|||||
Net Other Comprehensive Income (Loss)
|
57
|
|
|
(3
|
)
|
|
—
|
|
|
200
|
|
|
254
|
|
|||||
Balance at December 31
|
$
|
(105
|
)
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
$
|
(3,477
|
)
|
|
$
|
(3,589
|
)
|
1
|
All amounts are net of tax.
|
2
|
Refer to
Note 2
3
beginning on page
82
, for reclassified components totaling
$796
that are included in employee benefit costs for the year ending
December 31, 2017
. Related income taxes for the same period, totaling
$286
, are reflected in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Balance at January 1
|
$
|
1,166
|
|
|
|
$
|
1,170
|
|
|
$
|
1,163
|
|
Net income
|
74
|
|
|
|
66
|
|
|
123
|
|
|||
Distributions to noncontrolling interests
|
(78
|
)
|
|
|
(63
|
)
|
|
(128
|
)
|
|||
Other changes, net
|
33
|
|
|
|
(7
|
)
|
|
12
|
|
|||
Balance at December 31
|
$
|
1,195
|
|
|
|
$
|
1,166
|
|
|
$
|
1,170
|
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Net decrease (increase) in operating working capital was composed of the following:
|
|
|
|
|
|
|
||||||
(Increase) decrease
in accounts and notes receivable
|
$
|
(915
|
)
|
|
|
$
|
(2,121
|
)
|
|
$
|
3,631
|
|
(Increase) decrease
in inventories
|
(267
|
)
|
|
|
603
|
|
|
85
|
|
|||
Decrease
in prepaid expenses and other current assets
|
252
|
|
|
|
439
|
|
|
713
|
|
|||
Increase (decrease)
in accounts payable and accrued liabilities
|
875
|
|
|
|
533
|
|
|
(5,769
|
)
|
|||
Increase (decrease)
in income and other taxes payable
|
531
|
|
|
|
(4
|
)
|
|
(639
|
)
|
|||
Net decrease (increase) in operating working capital
|
$
|
476
|
|
|
|
$
|
(550
|
)
|
|
$
|
(1,979
|
)
|
Net cash provided by operating activities includes the following cash payments for interest on debt and for income taxes:
|
|
|
|
|
|
|
||||||
Interest on debt (net of capitalized interest)
|
$
|
265
|
|
|
|
$
|
158
|
|
|
$
|
—
|
|
Income taxes
|
3,132
|
|
|
|
1,935
|
|
|
4,645
|
|
|||
Net sales of marketable securities consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Marketable securities purchased
|
$
|
(3
|
)
|
|
|
$
|
(9
|
)
|
|
$
|
(6
|
)
|
Marketable securities sold
|
7
|
|
|
|
306
|
|
|
128
|
|
|||
Net sales of marketable securities
|
$
|
4
|
|
|
|
$
|
297
|
|
|
$
|
122
|
|
Net maturities of time deposits consisted of the following gross amounts:
|
|
|
|
|
|
|
||||||
Investments in time deposits
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Maturities of time deposits
|
—
|
|
|
|
—
|
|
|
8
|
|
|||
Net maturities of time deposits
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Net (borrowing) repayment of loans by equity affiliates:
|
|
|
|
|
|
|
||||||
Borrowing of loans by equity affiliates
|
$
|
(142
|
)
|
|
|
$
|
(2,341
|
)
|
|
$
|
(223
|
)
|
Repayment of loans by equity affiliates
|
126
|
|
|
|
307
|
|
|
6
|
|
|||
Net (borrowing) repayment of loans by equity affiliates
|
$
|
(16
|
)
|
|
|
$
|
(2,034
|
)
|
|
$
|
(217
|
)
|
Net (purchases) sales of other short-term investments:
|
|
|
|
|
|
|
||||||
Purchases of other short-term investments
|
$
|
(41
|
)
|
|
|
$
|
(1
|
)
|
|
$
|
(75
|
)
|
Sales of other short-term investments
|
9
|
|
|
|
218
|
|
|
119
|
|
|||
Net (purchases) sales of other short-term investments
|
$
|
(32
|
)
|
|
|
$
|
217
|
|
|
$
|
44
|
|
Net borrowings (repayments) of short-term obligations consisted of the following gross and net amounts:
|
|
|
|
|
|
|
||||||
Proceeds from issuances of short-term obligations
|
$
|
5,051
|
|
|
|
$
|
14,778
|
|
|
$
|
13,805
|
|
Repayments of short-term obligations
|
(8,820
|
)
|
|
|
(12,558
|
)
|
|
(16,379
|
)
|
|||
Net
(repayments) borrowings
of short-term obligations with three months or less maturity
|
(1,373
|
)
|
|
|
(90
|
)
|
|
2,239
|
|
|||
Net (repayments) borrowings of short-term obligations
|
$
|
(5,142
|
)
|
|
|
$
|
2,130
|
|
|
$
|
(335
|
)
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Additions to properties, plant and equipment
*
|
$
|
13,222
|
|
|
|
$
|
17,742
|
|
|
$
|
28,213
|
|
Additions to investments
|
25
|
|
|
|
55
|
|
|
555
|
|
|||
Current-year dry hole expenditures
|
157
|
|
|
|
313
|
|
|
736
|
|
|||
Payments for other liabilities and assets, net
|
—
|
|
|
|
(1
|
)
|
|
—
|
|
|||
Capital expenditures
|
13,404
|
|
|
|
18,109
|
|
|
29,504
|
|
|||
Expensed exploration expenditures
|
666
|
|
|
|
544
|
|
|
1,031
|
|
|||
Assets acquired through capital lease obligations and other financing obligations
|
8
|
|
|
|
5
|
|
|
47
|
|
|||
Capital and exploratory expenditures, excluding equity affiliates
|
14,078
|
|
|
|
18,658
|
|
|
30,582
|
|
|||
Company's share of expenditures by equity affiliates
|
4,743
|
|
|
|
3,770
|
|
|
3,397
|
|
|||
Capital and exploratory expenditures, including equity affiliates
|
$
|
18,821
|
|
|
|
$
|
22,428
|
|
|
$
|
33,979
|
|
*
|
Excludes noncash additions of
$1,183
in
2017
,
$56
in
2016
and
$1,362
in
2015
.
|
|
At December 31
|
|
||||||
|
2017
|
|
|
|
2016
|
|
||
Upstream
|
$
|
678
|
|
|
|
$
|
676
|
|
Downstream
|
99
|
|
|
|
99
|
|
||
All Other
|
—
|
|
|
|
—
|
|
||
Total
|
777
|
|
|
|
775
|
|
||
Less: Accumulated amortization
|
515
|
|
|
|
383
|
|
||
Net capitalized leased assets
|
$
|
262
|
|
|
|
$
|
392
|
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Minimum rentals
|
$
|
726
|
|
|
|
$
|
943
|
|
|
$
|
1,041
|
|
Contingent rentals
|
1
|
|
|
|
2
|
|
|
2
|
|
|||
Total
|
727
|
|
|
|
945
|
|
|
1,043
|
|
|||
Less: Sublease rental income
|
6
|
|
|
|
7
|
|
|
9
|
|
|||
Net rental expense
|
$
|
721
|
|
|
|
$
|
938
|
|
|
$
|
1,034
|
|
|
|
At December 31
|
|
||||||
|
|
Operating Leases
|
|
|
|
Capital Leases
|
|
||
Year
|
2018
|
$
|
693
|
|
|
|
$
|
26
|
|
|
2019
|
628
|
|
|
|
22
|
|
||
|
2020
|
474
|
|
|
|
13
|
|
||
|
2021
|
339
|
|
|
|
12
|
|
||
|
2022
|
223
|
|
|
|
11
|
|
||
|
Thereafter
|
538
|
|
|
|
142
|
|
||
Total
|
$
|
2,895
|
|
|
|
$
|
226
|
|
|
Less: Amounts representing interest and executory costs
|
|
|
|
$
|
(117
|
)
|
|||
Net present values
|
|
|
|
109
|
|
||||
Less: Capital lease obligations included in short-term debt
|
|
|
|
(15
|
)
|
||||
Long-term capital lease obligations
|
|
|
|
$
|
94
|
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Sales and other operating revenues
|
$
|
104,054
|
|
|
|
$
|
83,715
|
|
|
$
|
97,766
|
|
Total costs and other deductions
|
103,904
|
|
|
|
87,429
|
|
|
101,565
|
|
|||
Net income (loss) attributable to CUSA
|
4,842
|
|
|
|
(1,177
|
)
|
|
(1,054
|
)
|
|
|
||||||
|
2017
|
|
|
2016
|
|
||
Current assets
|
$
|
12,163
|
|
|
$
|
11,266
|
|
Other assets
|
54,994
|
|
|
55,722
|
|
||
Current liabilities
|
17,379
|
|
|
16,660
|
|
||
Other liabilities
|
12,541
|
|
|
21,701
|
|
||
Total CUSA net equity
|
$
|
37,237
|
|
|
$
|
28,627
|
|
|
|
|
|
||||
Memo: Total debt
|
$
|
3,056
|
|
|
$
|
9,418
|
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Sales and other operating revenues
|
$
|
13,363
|
|
|
|
$
|
10,460
|
|
|
$
|
12,811
|
|
Costs and other deductions
|
6,507
|
|
|
|
6,822
|
|
|
7,257
|
|
|||
Net income attributable to TCO
|
4,841
|
|
|
|
2,563
|
|
|
3,897
|
|
|
At December 31
|
|
||||||
|
2017
|
|
|
|
2016
|
|
||
Current assets
|
$
|
4,239
|
|
|
|
$
|
7,001
|
|
Other assets
|
26,411
|
|
|
|
20,476
|
|
||
Current liabilities
|
2,517
|
|
|
|
2,841
|
|
||
Other liabilities
|
6,266
|
|
|
|
6,210
|
|
||
Total TCO net equity
|
$
|
21,867
|
|
|
|
$
|
18,426
|
|
|
Year ended December 31
|
|
|||||||||
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
Sales and other operating revenues
|
$
|
9,063
|
|
|
$
|
8,455
|
|
|
$
|
9,248
|
|
Costs and other deductions
|
8,126
|
|
|
7,017
|
|
|
7,136
|
|
|||
Net income attributable to CPChem
|
1,446
|
|
|
1,687
|
|
|
2,651
|
|
|
At December 31
|
|
|||||
|
2017
|
|
|
2016
|
|
||
Current assets
|
$
|
2,944
|
|
|
$
|
2,695
|
|
Other assets
|
13,823
|
|
|
12,770
|
|
||
Current liabilities
|
1,439
|
|
|
1,418
|
|
||
Other liabilities
|
2,932
|
|
|
2,569
|
|
||
Total CPChem net equity
|
$
|
12,396
|
|
|
$
|
11,478
|
|
|
At December 31, 2017
|
|
At December 31, 2016
|
|
||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||
Marketable securities
|
$
|
9
|
|
$
|
9
|
|
$
|
—
|
|
$
|
—
|
|
$
|
13
|
|
$
|
13
|
|
$
|
—
|
|
$
|
—
|
|
Derivatives
|
22
|
|
—
|
|
22
|
|
—
|
|
32
|
|
15
|
|
17
|
|
—
|
|
||||||||
Total assets at fair value
|
$
|
31
|
|
$
|
9
|
|
$
|
22
|
|
$
|
—
|
|
$
|
45
|
|
$
|
28
|
|
$
|
17
|
|
$
|
—
|
|
Derivatives
|
124
|
|
78
|
|
46
|
|
—
|
|
109
|
|
78
|
|
31
|
|
—
|
|
||||||||
Total liabilities at fair value
|
$
|
124
|
|
$
|
78
|
|
$
|
46
|
|
$
|
—
|
|
$
|
109
|
|
$
|
78
|
|
$
|
31
|
|
$
|
—
|
|
|
At December 31
|
|
At December 31
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Before-Tax Loss
|
|
|
|
|
|
Before-Tax Loss
|
|
||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Year 2017
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Year 2016
|
|
||||||||||
Properties, plant and equipment, net (held and used)
|
$
|
603
|
|
$
|
—
|
|
$
|
—
|
|
$
|
603
|
|
$
|
658
|
|
$
|
582
|
|
$
|
—
|
|
$
|
15
|
|
$
|
567
|
|
$
|
2,507
|
|
Properties, plant and equipment, net (held for sale)
|
1,378
|
|
—
|
|
1,378
|
|
—
|
|
363
|
|
891
|
|
—
|
|
888
|
|
3
|
|
679
|
|
||||||||||
Investments and advances
|
28
|
|
—
|
|
1
|
|
27
|
|
26
|
|
26
|
|
—
|
|
20
|
|
6
|
|
234
|
|
||||||||||
Total nonrecurring assets at fair value
|
$
|
2,009
|
|
$
|
—
|
|
$
|
1,379
|
|
$
|
630
|
|
$
|
1,047
|
|
$
|
1,499
|
|
$
|
—
|
|
$
|
923
|
|
$
|
576
|
|
$
|
3,420
|
|
|
|
Gain/(Loss)
|
|
||||||||||
Type of Derivative
|
Statement of
|
Year ended December 31
|
|
||||||||||
Contract
|
Income Classification
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Commodity
|
Sales and other operating revenues
|
$
|
(105
|
)
|
|
|
$
|
(269
|
)
|
|
$
|
277
|
|
Commodity
|
Purchased crude oil and products
|
(9
|
)
|
|
|
(31
|
)
|
|
30
|
|
|||
Commodity
|
Other income
|
(2
|
)
|
|
|
—
|
|
|
(3
|
)
|
|||
|
|
$
|
(116
|
)
|
|
|
$
|
(300
|
)
|
|
$
|
304
|
|
|
|
Gross Amounts Recognized
|
|
|
Gross Amounts Offset
|
|
|
Net Amounts Presented
|
|
|
Gross Amounts Not Offset
|
|
|
Net Amounts
|
|
|||||
At December 31, 2017
|
|
|
|
|
|
|||||||||||||||
Derivative Assets
|
|
$
|
1,169
|
|
|
$
|
1,147
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
Derivative Liabilities
|
|
$
|
1,271
|
|
|
$
|
1,147
|
|
|
$
|
124
|
|
|
$
|
—
|
|
|
$
|
124
|
|
At December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative Assets
|
|
$
|
1,052
|
|
|
$
|
1,020
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
32
|
|
Derivative Liabilities
|
|
$
|
1,129
|
|
|
$
|
1,020
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Basic EPS Calculation
|
|
|
|
|
|
|
||||||
Earnings available to common stockholders - Basic
1
|
$
|
9,195
|
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
Weighted-average number of common shares outstanding
2
|
1,882
|
|
|
|
1,872
|
|
|
1,867
|
|
|||
Add: Deferred awards held as stock units
|
1
|
|
|
|
1
|
|
|
1
|
|
|||
Total weighted-average number of common shares outstanding
|
1,883
|
|
|
|
1,873
|
|
|
1,868
|
|
|||
Earnings per share of common stock - Basic
|
$
|
4.88
|
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.46
|
|
Diluted EPS Calculation
|
|
|
|
|
|
|
||||||
Earnings available to common stockholders - Diluted
1
|
$
|
9,195
|
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
Weighted-average number of common shares outstanding
2
|
1,882
|
|
|
|
1,872
|
|
|
1,867
|
|
|||
Add: Deferred awards held as stock units
|
1
|
|
|
|
1
|
|
|
1
|
|
|||
Add: Dilutive effect of employee stock-based awards
|
15
|
|
|
|
—
|
|
|
7
|
|
|||
Total weighted-average number of common shares outstanding
|
1,898
|
|
|
|
1,873
|
|
|
1,875
|
|
|||
Earnings per share of common stock - Diluted
|
$
|
4.85
|
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.45
|
|
|
||||||||||||
1
There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
|
||||||||||||
2
Millions of shares; 10 million shares of employee-based awards were not included in the 2016 diluted EPS calculation as the result would be anti-dilutive.
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
3,640
|
|
|
|
$
|
(2,054
|
)
|
|
$
|
(4,055
|
)
|
International
|
4,510
|
|
|
|
(483
|
)
|
|
2,094
|
|
|||
Total Upstream
|
8,150
|
|
|
|
(2,537
|
)
|
|
(1,961
|
)
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
2,938
|
|
|
|
1,307
|
|
|
3,182
|
|
|||
International
|
2,276
|
|
|
|
2,128
|
|
|
4,419
|
|
|||
Total Downstream
|
5,214
|
|
|
|
3,435
|
|
|
7,601
|
|
|||
Total Segment Earnings
|
13,364
|
|
|
|
898
|
|
|
5,640
|
|
|||
All Other
|
|
|
|
|
|
|
||||||
Interest expense
|
(264
|
)
|
|
|
(168
|
)
|
|
—
|
|
|||
Interest income
|
60
|
|
|
|
58
|
|
|
65
|
|
|||
Other
|
(3,965
|
)
|
|
|
(1,285
|
)
|
|
(1,118
|
)
|
|||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
9,195
|
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
|
At December 31
|
|
||||||
|
2017
|
|
|
|
2016
|
|
||
Upstream
|
|
|
|
|
||||
United States
|
$
|
40,770
|
|
|
|
$
|
42,596
|
|
International
|
159,612
|
|
|
|
164,068
|
|
||
Goodwill
|
4,531
|
|
|
|
4,581
|
|
||
Total Upstream
|
204,913
|
|
|
|
211,245
|
|
||
Downstream
|
|
|
|
|
||||
United States
|
23,202
|
|
|
|
22,264
|
|
||
International
|
17,434
|
|
|
|
15,816
|
|
||
Total Downstream
|
40,636
|
|
|
|
38,080
|
|
||
Total Segment Assets
|
245,549
|
|
|
|
249,325
|
|
||
All Other
|
|
|
|
|
||||
United States
|
4,938
|
|
|
|
4,852
|
|
||
International
|
3,319
|
|
|
|
5,901
|
|
||
Total All Other
|
8,257
|
|
|
|
10,753
|
|
||
Total Assets – United States
|
68,910
|
|
|
|
69,712
|
|
||
Total Assets – International
|
180,365
|
|
|
|
185,785
|
|
||
Goodwill
|
4,531
|
|
|
|
4,581
|
|
||
Total Assets
|
$
|
253,806
|
|
|
|
$
|
260,078
|
|
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Upstream
|
|
|
|
|
|
|
||||||
United States
|
$
|
(3,538
|
)
|
|
|
$
|
(1,172
|
)
|
|
$
|
(2,041
|
)
|
International
|
2,249
|
|
|
|
166
|
|
|
1,214
|
|
|||
Total Upstream
|
(1,289
|
)
|
|
|
(1,006
|
)
|
|
(827
|
)
|
|||
Downstream
|
|
|
|
|
|
|
||||||
United States
|
(419
|
)
|
|
|
503
|
|
|
1,320
|
|
|||
International
|
650
|
|
|
|
484
|
|
|
1,313
|
|
|||
Total Downstream
|
231
|
|
|
|
987
|
|
|
2,633
|
|
|||
All Other
|
1,010
|
|
|
|
(1,710
|
)
|
|
(1,674
|
)
|
|||
Total Income Tax Expense (Benefit)
|
$
|
(48
|
)
|
|
|
$
|
(1,729
|
)
|
|
$
|
132
|
|
Investments and Advances
|
|
|
|
Equity in Earnings
|
|
|||||||||||||||
|
At December 31
|
|
|
|
Year ended December 31
|
|
||||||||||||||
|
2017
|
|
|
2016
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||||
Upstream
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tengizchevroil
|
$
|
13,121
|
|
|
$
|
11,414
|
|
|
|
$
|
2,581
|
|
|
$
|
1,380
|
|
|
$
|
1,939
|
|
Petropiar
|
1,152
|
|
|
977
|
|
|
|
175
|
|
|
326
|
|
|
180
|
|
|||||
Caspian Pipeline Consortium
|
1,151
|
|
|
1,245
|
|
|
|
155
|
|
|
145
|
|
|
162
|
|
|||||
Petroboscan
|
1,080
|
|
|
982
|
|
|
|
154
|
|
|
(133
|
)
|
|
219
|
|
|||||
Angola LNG Limited
|
2,625
|
|
|
2,744
|
|
|
|
31
|
|
|
(282
|
)
|
|
(417
|
)
|
|||||
Other
|
1,714
|
|
|
1,791
|
|
|
|
100
|
|
|
(193
|
)
|
|
135
|
|
|||||
Total Upstream
|
20,843
|
|
|
19,153
|
|
|
|
3,196
|
|
|
1,243
|
|
|
2,218
|
|
|||||
Downstream
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GS Caltex Corporation
|
3,826
|
|
|
3,767
|
|
|
|
290
|
|
|
373
|
|
|
824
|
|
|||||
Chevron Phillips Chemical Company LLC
|
6,200
|
|
|
5,767
|
|
|
|
723
|
|
|
840
|
|
|
1,367
|
|
|||||
Caltex Australia Ltd.
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|||||
Other
|
1,251
|
|
|
1,118
|
|
|
|
230
|
|
|
209
|
|
|
186
|
|
|||||
Total Downstream
|
11,277
|
|
|
10,652
|
|
|
|
1,243
|
|
|
1,422
|
|
|
2,469
|
|
|||||
All Other
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
(15
|
)
|
|
(16
|
)
|
|
|
(1
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|||||
Total equity method
|
32,105
|
|
|
$
|
29,789
|
|
|
|
$
|
4,438
|
|
|
$
|
2,661
|
|
|
$
|
4,684
|
|
|
Other at or below cost
|
392
|
|
|
461
|
|
|
|
|
|
|
|
|
||||||||
Total investments and advances
|
$
|
32,497
|
|
|
$
|
30,250
|
|
|
|
|
|
|
|
|
||||||
Total United States
|
$
|
7,582
|
|
|
$
|
7,258
|
|
|
|
$
|
788
|
|
|
$
|
802
|
|
|
$
|
1,342
|
|
Total International
|
$
|
24,915
|
|
|
$
|
22,992
|
|
|
|
$
|
3,650
|
|
|
$
|
1,859
|
|
|
$
|
3,342
|
|
|
Affiliates
|
|
|
|
Chevron Share
|
|
||||||||||||||||||
Year ended December 31
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
||||||
Total revenues
|
$
|
70,744
|
|
|
$
|
59,253
|
|
|
$
|
71,389
|
|
|
|
$
|
33,460
|
|
|
$
|
27,787
|
|
|
$
|
33,492
|
|
Income before income tax expense
|
13,487
|
|
|
6,587
|
|
|
13,129
|
|
|
|
5,712
|
|
|
3,670
|
|
|
6,279
|
|
||||||
Net income attributable to affiliates
|
10,751
|
|
|
5,127
|
|
|
10,649
|
|
|
|
4,468
|
|
|
2,876
|
|
|
4,691
|
|
||||||
At December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets
|
$
|
33,883
|
|
|
$
|
33,406
|
|
|
$
|
27,162
|
|
|
|
$
|
13,568
|
|
|
$
|
13,743
|
|
|
$
|
10,657
|
|
Noncurrent assets
|
82,261
|
|
|
75,258
|
|
|
71,650
|
|
|
|
32,643
|
|
|
28,854
|
|
|
26,607
|
|
||||||
Current liabilities
|
26,873
|
|
|
24,793
|
|
|
20,559
|
|
|
|
10,201
|
|
|
8,996
|
|
|
7,351
|
|
||||||
Noncurrent liabilities
|
21,447
|
|
|
22,671
|
|
|
18,560
|
|
|
|
4,224
|
|
|
4,255
|
|
|
3,909
|
|
||||||
Total affiliates' net equity
|
$
|
67,824
|
|
|
$
|
61,200
|
|
|
$
|
59,693
|
|
|
|
$
|
31,786
|
|
|
$
|
29,346
|
|
|
$
|
26,004
|
|
Income Taxes
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Income tax expense (benefit)
|
|
|
|
|
|
|
||||||
U.S. federal
|
|
|
|
|
|
|
||||||
Current
|
$
|
(382
|
)
|
|
|
$
|
(623
|
)
|
|
$
|
(817
|
)
|
Deferred
|
(2,561
|
)
|
|
|
(1,558
|
)
|
|
(580
|
)
|
|||
State and local
|
|
|
|
|
|
|
||||||
Current
|
(97
|
)
|
|
|
(15
|
)
|
|
(187
|
)
|
|||
Deferred
|
66
|
|
|
|
(121
|
)
|
|
(109
|
)
|
|||
Total United States
|
(2,974
|
)
|
|
|
(2,317
|
)
|
|
(1,693
|
)
|
|||
International
|
|
|
|
|
|
|
||||||
Current
|
3,634
|
|
|
|
2,744
|
|
|
2,997
|
|
|||
Deferred
|
(708
|
)
|
|
|
(2,156
|
)
|
|
(1,172
|
)
|
|||
Total International
|
2,926
|
|
|
|
588
|
|
|
1,825
|
|
|||
Total income tax expense (benefit)
|
$
|
(48
|
)
|
|
|
$
|
(1,729
|
)
|
|
$
|
132
|
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Income (loss) before income taxes
|
|
|
|
|
|
|
||||||
United States
|
$
|
(441
|
)
|
|
|
$
|
(4,317
|
)
|
|
$
|
(2,877
|
)
|
International
|
9,662
|
|
|
|
2,157
|
|
|
7,719
|
|
|||
Total income (loss) before income taxes
|
9,221
|
|
|
|
(2,160
|
)
|
|
4,842
|
|
|||
Theoretical tax (at U.S. statutory rate of 35%)
|
3,227
|
|
|
|
(756
|
)
|
|
1,695
|
|
|||
Effect of U.S. tax reform
|
(2,020
|
)
|
|
|
—
|
|
|
—
|
|
|||
Equity affiliate accounting effect
|
(1,373
|
)
|
|
|
(704
|
)
|
|
(1,286
|
)
|
|||
Effect of income taxes from international operations
*
|
(130
|
)
|
|
|
608
|
|
|
72
|
|
|||
State and local taxes on income, net of U.S. federal income tax benefit
|
39
|
|
|
|
(44
|
)
|
|
(74
|
)
|
|||
Prior year tax adjustments, claims and settlements
|
(39
|
)
|
|
|
(349
|
)
|
|
84
|
|
|||
Tax credits
|
(199
|
)
|
|
|
(188
|
)
|
|
(35
|
)
|
|||
Other U.S.
*
|
447
|
|
|
|
(296
|
)
|
|
(324
|
)
|
|||
Total income tax expense (benefit)
|
$
|
(48
|
)
|
|
|
$
|
(1,729
|
)
|
|
$
|
132
|
|
|
|
|
|
|
|
|
||||||
Effective income tax rate
|
(0.5
|
)%
|
|
|
80.0
|
%
|
|
2.7
|
%
|
|
|
|
|
At December 31
|
|
|||
|
2017
|
|
|
|
2016
|
|
||
Deferred tax liabilities
|
|
|
|
|
||||
Properties, plant and equipment
|
$
|
19,869
|
|
|
|
$
|
25,180
|
|
Investments and other
|
4,796
|
|
|
|
5,222
|
|
||
Total deferred tax liabilities
|
24,665
|
|
|
|
30,402
|
|
||
Deferred tax assets
|
|
|
|
|
||||
Foreign tax credits
|
(11,872
|
)
|
|
|
(10,976
|
)
|
||
Asset retirement obligations/environmental reserves
|
(5,511
|
)
|
|
|
(6,251
|
)
|
||
Employee benefits
|
(3,129
|
)
|
|
|
(4,392
|
)
|
||
Deferred credits
|
(1,769
|
)
|
|
|
(1,950
|
)
|
||
Tax loss carryforwards
|
(5,463
|
)
|
|
|
(6,030
|
)
|
||
Other accrued liabilities
|
(842
|
)
|
|
|
(510
|
)
|
||
Inventory
|
(336
|
)
|
|
|
(374
|
)
|
||
Miscellaneous
|
(2,415
|
)
|
|
|
(3,121
|
)
|
||
Total deferred tax assets
|
(31,337
|
)
|
|
|
(33,604
|
)
|
||
Deferred tax assets valuation allowance
|
16,574
|
|
|
|
16,069
|
|
||
Total deferred taxes, net
|
$
|
9,902
|
|
|
|
$
|
12,867
|
|
|
At December 31
|
|
||||||
|
2017
|
|
|
|
2016
|
|
||
Deferred charges and other assets
|
$
|
(4,750
|
)
|
|
|
$
|
(4,649
|
)
|
Noncurrent deferred income taxes
|
14,652
|
|
|
|
17,516
|
|
||
Total deferred income taxes, net
|
$
|
9,902
|
|
|
|
$
|
12,867
|
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Balance at January 1
|
$
|
3,031
|
|
|
|
$
|
3,042
|
|
|
$
|
3,552
|
|
Foreign currency effects
|
43
|
|
|
|
1
|
|
|
(27
|
)
|
|||
Additions based on tax positions taken in current year
|
1,853
|
|
|
|
245
|
|
|
154
|
|
|||
Additions for tax positions taken in prior years
|
1,166
|
|
|
|
181
|
|
|
218
|
|
|||
Reductions for tax positions taken in prior years
|
(90
|
)
|
|
|
(390
|
)
|
|
(678
|
)
|
|||
Settlements with taxing authorities in current year
|
(1,173
|
)
|
|
|
(36
|
)
|
|
(5
|
)
|
|||
Reductions as a result of a lapse of the applicable statute of limitations
|
(2
|
)
|
|
|
(12
|
)
|
|
(172
|
)
|
|||
Balance at December 31
|
$
|
4,828
|
|
|
|
$
|
3,031
|
|
|
$
|
3,042
|
|
Taxes Other Than on Income
|
Year ended December 31
|
|
||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
United States
|
|
|
|
|
|
|
||||||
Excise and similar taxes on products and merchandise
|
$
|
4,398
|
|
|
|
$
|
4,335
|
|
|
$
|
4,426
|
|
Import duties and other levies
|
11
|
|
|
|
9
|
|
|
4
|
|
|||
Property and other miscellaneous taxes
|
1,824
|
|
|
|
1,680
|
|
|
1,367
|
|
|||
Payroll taxes
|
241
|
|
|
|
252
|
|
|
270
|
|
|||
Taxes on production
|
206
|
|
|
|
159
|
|
|
157
|
|
|||
Total United States
|
6,680
|
|
|
|
6,435
|
|
|
6,224
|
|
|||
International
|
|
|
|
|
|
|
||||||
Excise and similar taxes on products and merchandise
|
2,791
|
|
|
|
2,570
|
|
|
2,933
|
|
|||
Import duties and other levies
|
45
|
|
|
|
33
|
|
|
40
|
|
|||
Property and other miscellaneous taxes
|
2,563
|
|
|
|
2,379
|
|
|
2,548
|
|
|||
Payroll taxes
|
137
|
|
|
|
145
|
|
|
161
|
|
|||
Taxes on production
|
115
|
|
|
|
106
|
|
|
124
|
|
|||
Total International
|
5,651
|
|
|
|
5,233
|
|
|
5,806
|
|
|||
Total taxes other than on income
|
$
|
12,331
|
|
|
|
$
|
11,668
|
|
|
$
|
12,030
|
|
|
At December 31
|
|
||||||
|
2017
|
|
|
|
2016
|
|
||
Commercial paper
1
|
$
|
5,379
|
|
|
|
$
|
10,410
|
|
Notes payable to banks and others with originating terms of one year or less
|
—
|
|
|
|
50
|
|
||
Current maturities of long-term debt
2
|
6,720
|
|
|
|
6,253
|
|
||
Current maturities of long-term capital leases
|
15
|
|
|
|
14
|
|
||
Redeemable long-term obligations
|
|
|
|
|
||||
Long-term debt
|
3,078
|
|
|
|
3,113
|
|
||
Capital leases
|
—
|
|
|
|
—
|
|
||
Subtotal
|
15,192
|
|
|
|
19,840
|
|
||
Reclassified to long-term debt
|
(10,000
|
)
|
|
|
(9,000
|
)
|
||
Total short-term debt
|
$
|
5,192
|
|
|
|
$
|
10,840
|
|
1
Weighted-average interest rates at December 31, 2017 and 2016, were 1.30 percent and 0.74 percent, respectively.
|
|
|
|
|
||||
2
Net of unamortized discounts and issuance costs.
|
|
|
|
|
|
At December 31
|
|
||||||
|
2017
|
|
|
|
2016
|
|
||
|
Principal
|
|
|
|
Principal
|
|
||
3.191% notes due 2023
|
$
|
2,250
|
|
|
|
$
|
2,250
|
|
2.954% notes due 2026
|
2,250
|
|
|
|
2,250
|
|
||
1.718% notes due 2018
|
2,000
|
|
|
|
2,000
|
|
||
2.355% notes due 2022
|
2,000
|
|
|
|
2,000
|
|
||
1.365% notes due 2018
|
1,750
|
|
|
|
1,750
|
|
||
1.961% notes due 2020
|
1,750
|
|
|
|
1,750
|
|
||
Floating rate notes due 2018 (1.833%)
1
|
1,650
|
|
|
|
1,650
|
|
||
4.950% notes due 2019
|
1,500
|
|
|
|
1,500
|
|
||
1.561% notes due 2019
|
1,350
|
|
|
|
1,350
|
|
||
2.100% notes due 2021
|
1,350
|
|
|
|
1,350
|
|
||
1.790% notes due 2018
|
1,250
|
|
|
|
1,250
|
|
||
2.419% notes due 2020
|
1,250
|
|
|
|
1,250
|
|
||
2.427% notes due 2020
|
1,000
|
|
|
|
1,000
|
|
||
2.895% notes due 2024
|
1,000
|
|
|
|
—
|
|
||
Floating rate notes due 2019 (1.684%)
1
|
850
|
|
|
|
400
|
|
||
2.193% notes due 2019
|
750
|
|
|
|
750
|
|
||
2.566% notes due 2023
|
750
|
|
|
|
750
|
|
||
3.326% notes due 2025
|
750
|
|
|
|
750
|
|
||
2.498% notes due 2022
|
700
|
|
|
|
—
|
|
||
2.411% notes due 2022
|
700
|
|
|
|
700
|
|
||
Floating rate notes due 2021 (2.109%)
1
|
650
|
|
|
|
650
|
|
||
Floating rate notes due 2022 (1.994%)
1
|
650
|
|
|
|
350
|
|
||
1.991% notes due 2020
|
600
|
|
|
|
—
|
|
||
1.686% notes due 2019
|
550
|
|
|
|
—
|
|
||
Floating rate notes due 2020 (1.697%)
2
|
400
|
|
|
|
—
|
|
||
8.625% debentures due 2032
|
147
|
|
|
|
147
|
|
||
8.625% debentures due 2031
|
108
|
|
|
|
108
|
|
||
8.000% debentures due 2032
|
75
|
|
|
|
75
|
|
||
Amortizing bank loan due 2018 (2.179%)
2
|
72
|
|
|
|
178
|
|
||
9.750% debentures due 2020
|
54
|
|
|
|
54
|
|
||
8.875% debentures due 2021
|
40
|
|
|
|
40
|
|
||
Medium-term notes, maturing from 2021 to 2038 (6.283%)
1
|
38
|
|
|
|
38
|
|
||
Floating rate notes due 2017
|
—
|
|
|
|
2,050
|
|
||
1.104% notes due 2017
|
—
|
|
|
|
2,000
|
|
||
1.345% notes due 2017
|
—
|
|
|
|
1,100
|
|
||
1.344% notes due 2017
|
—
|
|
|
|
1,000
|
|
||
Total including debt due within one year
|
30,234
|
|
|
|
32,490
|
|
||
Debt due within one year
|
(6,722
|
)
|
|
|
(6,256
|
)
|
||
Reclassified from short-term debt
|
10,000
|
|
|
|
9,000
|
|
||
Unamortized discounts and debt issuance costs
|
(35
|
)
|
|
|
(41
|
)
|
||
Total long-term debt
|
$
|
33,477
|
|
|
|
$
|
35,193
|
|
1
|
Weighted-average interest rate at December 31,
2017
.
|
2
|
Interest rate at December 31, 2017.
|
|
2017
|
|
2016
|
|
2015
|
|
|||
Beginning balance at January 1
|
$
|
3,540
|
|
$
|
3,312
|
|
$
|
4,195
|
|
Additions to capitalized exploratory well costs pending the determination of proved reserves
|
323
|
|
465
|
|
869
|
|
|||
Reclassifications to wells, facilities and equipment based on the determination of proved reserves
|
(113
|
)
|
(119
|
)
|
(164
|
)
|
|||
Capitalized exploratory well costs charged to expense
|
(39
|
)
|
(118
|
)
|
(1,397
|
)
|
|||
Other reductions
*
|
(9
|
)
|
—
|
|
(191
|
)
|
|||
Ending balance at December 31
|
$
|
3,702
|
|
$
|
3,540
|
|
$
|
3,312
|
|
|
At December 31
|
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|
|||
Exploratory well costs capitalized for a period of one year or less
|
$
|
307
|
|
$
|
445
|
|
$
|
489
|
|
Exploratory well costs capitalized for a period greater than one year
|
3,395
|
|
3,095
|
|
2,823
|
|
|||
Balance at December 31
|
$
|
3,702
|
|
$
|
3,540
|
|
$
|
3,312
|
|
Number of projects with exploratory well costs that have been capitalized for a period greater than one year
*
|
32
|
|
35
|
|
39
|
|
Aging based on drilling completion date of individual wells:
|
Amount
|
|
|
|
Number of wells
|
|
|
1998-2006
|
$
|
318
|
|
|
|
29
|
|
2007-2011
|
879
|
|
|
|
50
|
|
|
2012-2016
|
2,198
|
|
|
|
79
|
|
|
Total
|
$
|
3,395
|
|
|
|
158
|
|
|
|
|
|
|
|||
Aging based on drilling completion date of last suspended well in project:
|
Amount
|
|
|
|
Number of projects
|
|
|
2003-2009
|
$
|
344
|
|
|
|
5
|
|
2010-2013
|
367
|
|
|
|
6
|
|
|
2014-2017
|
2,684
|
|
|
|
21
|
|
|
Total
|
$
|
3,395
|
|
|
|
32
|
|
|
Year ended December 31
|
||||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|
|||
Expected term in years
1
|
6.3
|
|
|
|
6.3
|
|
|
6.1
|
|
|
|||
Volatility
2
|
21.7
|
|
%
|
|
21.7
|
|
%
|
21.9
|
|
%
|
|||
Risk-free interest rate based on zero coupon U.S. treasury note
|
2.2
|
|
%
|
|
1.6
|
|
%
|
1.4
|
|
%
|
|||
Dividend yield
|
4.2
|
|
%
|
|
4.5
|
|
%
|
3.6
|
|
%
|
|||
Weighted-average fair value per option granted
|
$
|
15.31
|
|
|
|
$
|
9.53
|
|
|
$
|
13.89
|
|
|
|
Shares (Thousands)
|
|
Weighted-Average
Exercise Price
|
|
|
Averaged Remaining Contractual Term (Years)
|
Aggregate Intrinsic Value
|
|
||||
Outstanding at January 1, 2017
|
112,275
|
|
|
$
|
94.99
|
|
|
|
|
|
||
Granted
|
5,877
|
|
|
$
|
117.16
|
|
|
|
|
|
||
Exercised
|
(13,110
|
)
|
|
$
|
84.86
|
|
|
|
|
|
||
Forfeited
|
(1,277
|
)
|
|
$
|
105.02
|
|
|
|
|
|
||
Outstanding at December 31, 2017
|
103,765
|
|
|
$
|
97.40
|
|
|
5.63
|
|
$
|
2,883
|
|
Exercisable at December 31, 2017
|
78,120
|
|
|
$
|
98.54
|
|
|
4.82
|
|
$
|
2,082
|
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2017
|
|
|
|
2016
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2017
|
|
|
|
2016
|
|
||||||
Change in Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at January 1
|
$
|
13,271
|
|
|
$
|
5,169
|
|
|
|
$
|
13,563
|
|
|
$
|
5,336
|
|
|
$
|
2,549
|
|
|
|
$
|
3,324
|
|
Service cost
|
489
|
|
|
151
|
|
|
|
494
|
|
|
159
|
|
|
32
|
|
|
|
60
|
|
||||||
Interest cost
|
366
|
|
|
219
|
|
|
|
377
|
|
|
261
|
|
|
95
|
|
|
|
128
|
|
||||||
Plan participants' contributions
|
—
|
|
|
4
|
|
|
|
—
|
|
|
5
|
|
|
78
|
|
|
|
148
|
|
||||||
Plan amendments
|
—
|
|
|
1
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(345
|
)
|
||||||
Actuarial (gain) loss
|
1,168
|
|
|
(37
|
)
|
|
|
903
|
|
|
426
|
|
|
266
|
|
|
|
(437
|
)
|
||||||
Foreign currency exchange rate changes
|
—
|
|
|
374
|
|
|
|
—
|
|
|
(524
|
)
|
|
10
|
|
|
|
8
|
|
||||||
Benefits paid
|
(1,714
|
)
|
|
(310
|
)
|
|
|
(2,066
|
)
|
|
(494
|
)
|
|
(229
|
)
|
|
|
(337
|
)
|
||||||
Divestitures
|
—
|
|
|
(31
|
)
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
|
—
|
|
||||||
Benefit obligation at December 31
|
13,580
|
|
|
5,540
|
|
|
|
13,271
|
|
|
5,169
|
|
|
2,788
|
|
|
|
2,549
|
|
||||||
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1
|
9,550
|
|
|
4,174
|
|
|
|
10,274
|
|
|
4,109
|
|
|
—
|
|
|
|
—
|
|
||||||
Actual return on plan assets
|
1,384
|
|
|
319
|
|
|
|
936
|
|
|
642
|
|
|
—
|
|
|
|
—
|
|
||||||
Foreign currency exchange rate changes
|
—
|
|
|
358
|
|
|
|
—
|
|
|
(552
|
)
|
|
—
|
|
|
|
—
|
|
||||||
Employer contributions
|
728
|
|
|
252
|
|
|
|
406
|
|
|
464
|
|
|
151
|
|
|
|
189
|
|
||||||
Plan participants' contributions
|
—
|
|
|
4
|
|
|
|
—
|
|
|
5
|
|
|
78
|
|
|
|
148
|
|
||||||
Benefits paid
|
(1,714
|
)
|
|
(310
|
)
|
|
|
(2,066
|
)
|
|
(494
|
)
|
|
(229
|
)
|
|
|
(337
|
)
|
||||||
Divestitures
|
—
|
|
|
(31
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31
|
9,948
|
|
|
4,766
|
|
|
|
9,550
|
|
|
4,174
|
|
|
—
|
|
|
|
—
|
|
||||||
Funded status at December 31
|
$
|
(3,632
|
)
|
|
$
|
(774
|
)
|
|
|
$
|
(3,721
|
)
|
|
$
|
(995
|
)
|
|
$
|
(2,788
|
)
|
|
|
$
|
(2,549
|
)
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2017
|
|
|
|
2016
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2017
|
|
|
|
2016
|
|
||||||
Deferred charges and other assets
|
$
|
21
|
|
|
$
|
448
|
|
|
|
$
|
16
|
|
|
$
|
199
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
Accrued liabilities
|
(188
|
)
|
|
(100
|
)
|
|
|
(222
|
)
|
|
(75
|
)
|
|
(174
|
)
|
|
|
(163
|
)
|
||||||
Noncurrent employee benefit plans
|
(3,465
|
)
|
|
(1,122
|
)
|
|
|
(3,515
|
)
|
|
(1,119
|
)
|
|
(2,614
|
)
|
|
|
(2,386
|
)
|
||||||
Net amount recognized at December 31
|
$
|
(3,632
|
)
|
|
$
|
(774
|
)
|
|
|
$
|
(3,721
|
)
|
|
$
|
(995
|
)
|
|
$
|
(2,788
|
)
|
|
|
$
|
(2,549
|
)
|
|
Pension Benefits
|
|
|
|
|||||||||||||||||||||
|
2017
|
|
|
|
2016
|
|
|
Other Benefits
|
|
||||||||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
|
2017
|
|
|
|
2016
|
|
||||||
Net actuarial loss
|
$
|
4,258
|
|
|
$
|
1,005
|
|
|
|
$
|
4,653
|
|
|
$
|
1,145
|
|
|
$
|
207
|
|
|
|
$
|
(82
|
)
|
Prior service (credit) costs
|
9
|
|
|
94
|
|
|
|
4
|
|
|
106
|
|
|
(287
|
)
|
|
|
(315
|
)
|
||||||
Total recognized at December 31
|
$
|
4,267
|
|
|
$
|
1,099
|
|
|
|
$
|
4,657
|
|
|
$
|
1,251
|
|
|
$
|
(80
|
)
|
|
|
$
|
(397
|
)
|
|
Pension Benefits
|
|
||||||||||||||
|
2017
|
|
|
|
2016
|
|
||||||||||
|
U.S.
|
|
|
Int’l.
|
|
|
|
U.S.
|
|
|
Int’l.
|
|
||||
Projected benefit obligations
|
$
|
13,514
|
|
|
$
|
1,590
|
|
|
|
$
|
13,208
|
|
|
$
|
1,449
|
|
Accumulated benefit obligations
|
12,129
|
|
|
1,326
|
|
|
|
11,891
|
|
|
1,258
|
|
||||
Fair value of plan assets
|
9,862
|
|
|
413
|
|
|
|
9,471
|
|
|
287
|
|
|
Pension Benefits
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
2017
|
|
|
|
2016
|
|
2015
|
|
|
Other Benefits
|
|
||||||||||||||||||||||
|
U.S.
|
|
Int’l.
|
|
|
|
U.S.
|
|
Int’l.
|
|
U.S.
|
|
Int’l.
|
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||||||||
Net Periodic Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
489
|
|
$
|
151
|
|
|
|
$
|
494
|
|
$
|
159
|
|
$
|
538
|
|
$
|
185
|
|
|
$
|
32
|
|
|
|
$
|
60
|
|
|
$
|
72
|
|
Interest cost
|
366
|
|
219
|
|
|
|
377
|
|
261
|
|
502
|
|
277
|
|
|
95
|
|
|
|
128
|
|
|
151
|
|
|||||||||
Expected return on plan assets
|
(597
|
)
|
(239
|
)
|
|
|
(723
|
)
|
(243
|
)
|
(783
|
)
|
(262
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of prior service costs (credits)
|
(5
|
)
|
13
|
|
|
|
(9
|
)
|
14
|
|
(8
|
)
|
22
|
|
|
(28
|
)
|
|
|
14
|
|
|
14
|
|
|||||||||
Recognized actuarial losses
|
340
|
|
44
|
|
|
|
335
|
|
47
|
|
356
|
|
78
|
|
|
(5
|
)
|
|
|
19
|
|
|
34
|
|
|||||||||
Settlement losses
|
436
|
|
2
|
|
|
|
511
|
|
6
|
|
320
|
|
6
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Curtailment losses (gains)
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
—
|
|
(14
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|||||||||
Total net periodic benefit cost
|
1,029
|
|
190
|
|
|
|
985
|
|
244
|
|
925
|
|
292
|
|
|
94
|
|
|
|
221
|
|
|
271
|
|
|||||||||
Changes Recognized in Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net actuarial (gain) loss during period
|
381
|
|
(94
|
)
|
|
|
690
|
|
55
|
|
513
|
|
(260
|
)
|
|
284
|
|
|
|
(430
|
)
|
|
(362
|
)
|
|||||||||
Amortization of actuarial loss
|
(776
|
)
|
(46
|
)
|
|
|
(846
|
)
|
(53
|
)
|
(676
|
)
|
(84
|
)
|
|
5
|
|
|
|
(19
|
)
|
|
(34
|
)
|
|||||||||
Prior service (credits) costs during period
|
—
|
|
1
|
|
|
|
—
|
|
—
|
|
—
|
|
(6
|
)
|
|
—
|
|
|
|
(345
|
)
|
|
—
|
|
|||||||||
Amortization of prior service (costs) credits
|
5
|
|
(13
|
)
|
|
|
9
|
|
(14
|
)
|
8
|
|
(24
|
)
|
|
28
|
|
|
|
(14
|
)
|
|
(14
|
)
|
|||||||||
Total changes recognized in other
comprehensive income |
(390
|
)
|
(152
|
)
|
|
|
(147
|
)
|
(12
|
)
|
(155
|
)
|
(374
|
)
|
|
317
|
|
|
|
(808
|
)
|
|
(410
|
)
|
|||||||||
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
|
$
|
639
|
|
$
|
38
|
|
|
|
$
|
838
|
|
$
|
232
|
|
$
|
770
|
|
$
|
(82
|
)
|
|
$
|
411
|
|
|
|
$
|
(587
|
)
|
|
$
|
(139
|
)
|
|
Pension Benefits
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
Other Benefits
|
|
||||||||||
|
U.S.
|
|
Int’l.
|
|
|
|
U.S.
|
|
Int’l.
|
|
|
U.S.
|
|
Int’l.
|
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
Assumptions used to determine benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
|
3.5
|
%
|
3.9
|
%
|
|
|
3.9
|
%
|
4.3
|
%
|
|
4.0
|
%
|
5.3
|
%
|
|
3.8
|
%
|
|
|
4.3
|
%
|
|
4.6
|
%
|
Rate of compensation increase
|
4.5
|
%
|
4.0
|
%
|
|
|
4.5
|
%
|
4.5
|
%
|
|
4.5
|
%
|
4.8
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
Assumptions used to determine net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate for service cost
|
4.2
|
%
|
4.3
|
%
|
|
|
4.4
|
%
|
5.3
|
%
|
|
3.7
|
%
|
5.0
|
%
|
|
4.6
|
%
|
|
|
4.9
|
%
|
|
4.3
|
%
|
Discount rate for interest cost
|
3.0
|
%
|
4.3
|
%
|
|
|
3.0
|
%
|
5.3
|
%
|
|
3.7
|
%
|
5.0
|
%
|
|
3.8
|
%
|
|
|
4.0
|
%
|
|
4.3
|
%
|
Expected return on plan assets
|
6.8
|
%
|
5.5
|
%
|
|
|
7.3
|
%
|
6.3
|
%
|
|
7.5
|
%
|
6.3
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
Rate of compensation increase
|
4.5
|
%
|
4.5
|
%
|
|
|
4.5
|
%
|
4.8
|
%
|
|
4.5
|
%
|
5.1
|
%
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
|
1 Percent Increase
|
|
|
1 Percent Decrease
|
|
||
Effect on total service and interest cost components
|
$
|
12
|
|
|
$
|
(10
|
)
|
Effect on postretirement benefit obligation
|
$
|
188
|
|
|
$
|
(155
|
)
|
|
U.S.
|
|
|
|
Int’l.
|
|
||||||||||||||||||||||||||||||||||
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
NAV
1
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
NAV
1
|
|
||||||||||
At December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
U.S.
2
|
$
|
1,217
|
|
|
$
|
1,217
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
$
|
565
|
|
|
$
|
564
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
International
|
1,832
|
|
|
1,822
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
|
576
|
|
|
576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds
3
|
1,132
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
1,108
|
|
|
|
196
|
|
|
8
|
|
|
2
|
|
|
—
|
|
|
186
|
|
||||||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Government
4
|
222
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
|
286
|
|
|
51
|
|
|
235
|
|
|
—
|
|
|
—
|
|
||||||||||
Corporate
4
|
1,356
|
|
|
—
|
|
|
1,356
|
|
|
—
|
|
|
—
|
|
|
|
509
|
|
|
22
|
|
|
468
|
|
|
19
|
|
|
—
|
|
||||||||||
Bank Loans
|
118
|
|
|
—
|
|
|
107
|
|
|
11
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Mortgage/Asset Backed
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds
3,4
|
1,031
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,031
|
|
|
|
1,278
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
1,261
|
|
||||||||||
Mixed Funds
5
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
72
|
|
|
2
|
|
|
70
|
|
|
—
|
|
|
—
|
|
||||||||||
Real Estate
6
|
1,367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,367
|
|
|
|
331
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
271
|
|
||||||||||
Alternative Investments
7
|
955
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Cash and Cash Equivalents
|
252
|
|
|
243
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
|
331
|
|
|
325
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||||||||
Other
8
|
67
|
|
|
(9
|
)
|
|
25
|
|
|
42
|
|
|
9
|
|
|
|
20
|
|
|
—
|
|
|
18
|
|
|
2
|
|
|
—
|
|
||||||||||
Total at December 31, 2016
|
$
|
9,550
|
|
|
$
|
3,297
|
|
|
$
|
1,730
|
|
|
$
|
53
|
|
|
4,470
|
|
|
|
$
|
4,174
|
|
|
$
|
1,548
|
|
|
$
|
827
|
|
|
$
|
81
|
|
|
$
|
1,718
|
|
|
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
U.S.
2
|
$
|
1,331
|
|
|
$
|
1,331
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
652
|
|
|
$
|
651
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International
|
2,060
|
|
|
2,057
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
|
691
|
|
|
691
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds
3
|
1,089
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
1,067
|
|
|
|
204
|
|
|
19
|
|
|
4
|
|
|
—
|
|
|
181
|
|
||||||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Government
|
274
|
|
|
—
|
|
|
274
|
|
|
—
|
|
|
—
|
|
|
|
296
|
|
|
77
|
|
|
219
|
|
|
—
|
|
|
—
|
|
||||||||||
Corporate
|
1,492
|
|
|
—
|
|
|
1,492
|
|
|
—
|
|
|
—
|
|
|
|
593
|
|
|
—
|
|
|
563
|
|
|
30
|
|
|
—
|
|
||||||||||
Bank Loans
|
117
|
|
|
—
|
|
|
106
|
|
|
11
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Mortgage/Asset Backed
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
||||||||||
Collective Trusts/Mutual Funds
3
|
1,130
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,130
|
|
|
|
1,481
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
1,465
|
|
||||||||||
Mixed Funds
5
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
80
|
|
|
1
|
|
|
79
|
|
|
—
|
|
|
—
|
|
||||||||||
Real Estate
6
|
1,096
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,096
|
|
|
|
376
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
320
|
|
||||||||||
Alternative Investments
7
|
1,022
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,022
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Cash and Cash Equivalents
|
260
|
|
|
255
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
|
366
|
|
|
362
|
|
|
4
|
|
|
—
|
|
|
—
|
|
||||||||||
Other
8
|
76
|
|
|
(2
|
)
|
|
28
|
|
|
43
|
|
|
7
|
|
|
|
19
|
|
|
(2
|
)
|
|
18
|
|
|
3
|
|
|
—
|
|
||||||||||
Total at December 31, 2017
|
$
|
9,948
|
|
|
$
|
3,663
|
|
|
$
|
1,909
|
|
|
$
|
54
|
|
|
$
|
4,322
|
|
|
|
$
|
4,766
|
|
|
$
|
1,799
|
|
|
$
|
912
|
|
|
$
|
89
|
|
|
$
|
1,966
|
|
1
|
2016 has been adjusted to conform to the 2017 presentation of investments measured at Net Asset Value (NAV).
|
2
|
U.S. equities include investments in the company’s common stock in the amount of
$12
at
December 31, 2017
, and
$12
at
December 31, 2016
.
|
3
|
Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.
|
4
|
Certain International Fixed Income investments previously disclosed as Government or Corporate have been reclassified to Collective Trusts/Mutual Funds to conform to the 2017 presentation.
|
5
|
Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
|
6
|
The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.
|
7
|
Alternative investments focus on market-neutral strategies that have a low expected correlation to traditional asset classes.
|
8
|
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 (Level 3); and investments in private-equity limited partnerships (NAV).
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate
|
|
|
|
Bank Loans
|
|
|
Real Estate
|
|
|
|
Other
|
|
|
|
Total
|
|
||||||
Total at December 31, 2015
1
|
$
|
25
|
|
|
|
$
|
—
|
|
|
|
$
|
97
|
|
|
|
$
|
43
|
|
|
|
$
|
165
|
|
Actual Return on Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets held at the reporting date
|
1
|
|
|
|
—
|
|
|
|
(33
|
)
|
|
|
—
|
|
|
|
(32
|
)
|
|||||
Assets sold during the period
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
1
|
|
|||||
Purchases, Sales and Settlements
|
(7
|
)
|
|
|
11
|
|
|
|
(5
|
)
|
|
|
1
|
|
|
|
—
|
|
|||||
Transfers in and/or out of Level 3
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||||
Total at December 31, 2016
1
|
$
|
19
|
|
|
|
$
|
11
|
|
|
|
$
|
60
|
|
|
|
$
|
44
|
|
|
|
$
|
134
|
|
Actual Return on Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets held at the reporting date
|
1
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
2
|
|
|||||
Assets sold during the period
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||||
Purchases, Sales and Settlements
|
10
|
|
|
|
3
|
|
|
|
(5
|
)
|
|
|
2
|
|
|
|
10
|
|
|||||
Transfers in and/or out of Level 3
|
—
|
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|||||
Total at December 31, 2017
|
$
|
30
|
|
|
|
$
|
11
|
|
|
|
$
|
56
|
|
|
|
$
|
46
|
|
|
|
$
|
143
|
|
1
|
2015 and 2016 have been adjusted to conform to the 2017 presentation.
|
|
Pension Benefits
|
|
|
Other
|
|
||||||
|
U.S.
|
|
|
Int’l.
|
|
|
Benefits
|
|
|||
2018
|
$
|
1,465
|
|
|
$
|
387
|
|
|
$
|
174
|
|
2019
|
$
|
1,331
|
|
|
$
|
279
|
|
|
$
|
175
|
|
2020
|
$
|
1,296
|
|
|
$
|
289
|
|
|
$
|
175
|
|
2021
|
$
|
1,261
|
|
|
$
|
277
|
|
|
$
|
175
|
|
2022
|
$
|
1,234
|
|
|
$
|
290
|
|
|
$
|
174
|
|
2023-2027
|
$
|
5,487
|
|
|
$
|
1,609
|
|
|
$
|
850
|
|
|
At December 31
|
|
|
Year ended December 31
|
|
||||||||||||||||||||||||||||||||||
|
Gross Investment at Cost
|
|
|
Net Investment
|
|
|
Additions at Cost
2
|
|
|
Depreciation Expense
3
|
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|
2017
|
|
2016
|
|
2015
|
|
|
2017
|
|
2016
|
|
2015
|
|
|
2017
|
|
2016
|
|
2015
|
|
||||||||||||
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
$
|
84,602
|
|
$
|
83,929
|
|
$
|
93,848
|
|
|
$
|
38,722
|
|
$
|
39,710
|
|
$
|
43,125
|
|
|
$
|
4,995
|
|
$
|
4,432
|
|
$
|
6,586
|
|
|
$
|
5,527
|
|
$
|
6,576
|
|
$
|
8,545
|
|
International
|
224,211
|
|
214,557
|
|
208,395
|
|
|
123,191
|
|
125,502
|
|
127,459
|
|
|
7,934
|
|
12,084
|
|
19,993
|
|
|
12,096
|
|
11,247
|
|
10,803
|
|
||||||||||||
Total Upstream
|
308,813
|
|
298,486
|
|
302,243
|
|
|
161,913
|
|
165,212
|
|
170,584
|
|
|
12,929
|
|
16,516
|
|
26,579
|
|
|
17,623
|
|
17,823
|
|
19,348
|
|
||||||||||||
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
23,598
|
|
22,795
|
|
23,202
|
|
|
10,346
|
|
10,196
|
|
10,807
|
|
|
907
|
|
528
|
|
696
|
|
|
753
|
|
956
|
|
878
|
|
||||||||||||
International
|
7,094
|
|
9,350
|
|
9,177
|
|
|
3,074
|
|
4,094
|
|
4,090
|
|
|
306
|
|
375
|
|
365
|
|
|
282
|
|
332
|
|
355
|
|
||||||||||||
Total Downstream
|
30,692
|
|
32,145
|
|
32,379
|
|
|
13,420
|
|
14,290
|
|
14,897
|
|
|
1,213
|
|
903
|
|
1,061
|
|
|
1,035
|
|
1,288
|
|
1,233
|
|
||||||||||||
All Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
United States
|
4,798
|
|
5,263
|
|
5,500
|
|
|
2,341
|
|
2,635
|
|
2,859
|
|
|
218
|
|
198
|
|
357
|
|
|
677
|
|
328
|
|
439
|
|
||||||||||||
International
|
182
|
|
183
|
|
155
|
|
|
38
|
|
49
|
|
56
|
|
|
4
|
|
6
|
|
5
|
|
|
14
|
|
18
|
|
17
|
|
||||||||||||
Total All Other
|
4,980
|
|
5,446
|
|
5,655
|
|
|
2,379
|
|
2,684
|
|
2,915
|
|
|
222
|
|
204
|
|
362
|
|
|
691
|
|
346
|
|
456
|
|
||||||||||||
Total United States
|
112,998
|
|
111,987
|
|
122,550
|
|
|
51,409
|
|
52,541
|
|
56,791
|
|
|
6,120
|
|
5,158
|
|
7,639
|
|
|
6,957
|
|
7,860
|
|
9,862
|
|
||||||||||||
Total International
|
231,487
|
|
224,090
|
|
217,727
|
|
|
126,303
|
|
129,645
|
|
131,605
|
|
|
8,244
|
|
12,465
|
|
20,363
|
|
|
12,392
|
|
11,597
|
|
11,175
|
|
||||||||||||
Total
|
$
|
344,485
|
|
$
|
336,077
|
|
$
|
340,277
|
|
|
$
|
177,712
|
|
$
|
182,186
|
|
$
|
188,396
|
|
|
$
|
14,364
|
|
$
|
17,623
|
|
$
|
28,002
|
|
|
$
|
19,349
|
|
$
|
19,457
|
|
$
|
21,037
|
|
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
2017
. Australia had PP&E of
$55,514
,
$53,962
and
$49,205
in
2017
,
2016
, and
2015
, respectively. Nigeria had PP&E of
$17,076
,
$17,922
and
$18,773
for
2017
,
2016
and
2015
, respectively.
|
2
|
Net of dry hole expense related to prior years’ expenditures of
$42
,
$175
and
$1,573
in
2017
,
2016
and
2015
, respectively.
|
3
|
Depreciation expense includes accretion expense of
$668
,
$749
and
$715
in
2017
,
2016
and
2015
, respectively, and impairments of
$1,021
,
$3,186
and
$4,066
in
2017
,
2016
and
2015
, respectively.
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|||
Balance at January 1
|
$
|
14,243
|
|
|
|
$
|
15,642
|
|
|
$
|
15,053
|
|
Liabilities incurred
|
684
|
|
|
|
204
|
|
|
51
|
|
|||
Liabilities settled
|
(1,721
|
)
|
|
|
(1,658
|
)
|
|
(981
|
)
|
|||
Accretion expense
|
668
|
|
|
|
749
|
|
|
715
|
|
|||
Revisions in estimated cash flows
|
340
|
|
|
|
(694
|
)
|
|
804
|
|
|||
Balance at December 31
|
$
|
14,214
|
|
|
|
$
|
14,243
|
|
|
$
|
15,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Millions of dollars, except per-share amounts
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
|||||
|
Statement of Income Data
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Revenues and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total sales and other operating revenues
*
|
$
|
134,674
|
|
|
|
$
|
110,215
|
|
|
$
|
129,925
|
|
|
$
|
200,494
|
|
|
$
|
220,156
|
|
|
|
Income from equity affiliates and other income
|
7,048
|
|
|
|
4,257
|
|
|
8,552
|
|
|
11,476
|
|
|
8,692
|
|
|
|||||
|
Total Revenues and Other Income
|
141,722
|
|
|
|
114,472
|
|
|
138,477
|
|
|
211,970
|
|
|
228,848
|
|
|
|||||
|
Total Costs and Other Deductions
|
132,501
|
|
|
|
116,632
|
|
|
133,635
|
|
|
180,768
|
|
|
192,943
|
|
|
|||||
|
Income Before Income Tax Expense (Benefit)
|
9,221
|
|
|
|
(2,160
|
)
|
|
4,842
|
|
|
31,202
|
|
|
35,905
|
|
|
|||||
|
Income Tax Expense (Benefit)
|
(48
|
)
|
|
|
(1,729
|
)
|
|
132
|
|
|
11,892
|
|
|
14,308
|
|
|
|||||
|
Net Income
|
9,269
|
|
|
|
(431
|
)
|
|
4,710
|
|
|
19,310
|
|
|
21,597
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
74
|
|
|
|
66
|
|
|
123
|
|
|
69
|
|
|
174
|
|
|
|||||
|
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
9,195
|
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
|
$
|
19,241
|
|
|
$
|
21,423
|
|
|
|
Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Income (Loss) Attributable to Chevron
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
– Basic
|
$
|
4.88
|
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.46
|
|
|
$
|
10.21
|
|
|
$
|
11.18
|
|
|
|
– Diluted
|
$
|
4.85
|
|
|
|
$
|
(0.27
|
)
|
|
$
|
2.45
|
|
|
$
|
10.14
|
|
|
$
|
11.09
|
|
|
|
Cash Dividends Per Share
|
$
|
4.32
|
|
|
|
$
|
4.29
|
|
|
$
|
4.28
|
|
|
$
|
4.21
|
|
|
$
|
3.90
|
|
|
|
Balance Sheet Data (at December 31)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current assets
|
$
|
28,560
|
|
|
|
$
|
29,619
|
|
|
$
|
34,430
|
|
|
$
|
41,161
|
|
|
$
|
48,909
|
|
|
|
Noncurrent assets
|
225,246
|
|
|
|
230,459
|
|
|
230,110
|
|
|
223,723
|
|
|
203,884
|
|
|
|||||
|
Total Assets
|
253,806
|
|
|
|
260,078
|
|
|
264,540
|
|
|
264,884
|
|
|
252,793
|
|
|
|||||
|
Short-term debt
|
5,192
|
|
|
|
10,840
|
|
|
4,927
|
|
|
3,790
|
|
|
374
|
|
|
|||||
|
Other current liabilities
|
22,545
|
|
|
|
20,945
|
|
|
20,540
|
|
|
27,322
|
|
|
32,061
|
|
|
|||||
|
Long-term debt and capital lease obligations
|
33,571
|
|
|
|
35,286
|
|
|
33,622
|
|
|
23,994
|
|
|
20,027
|
|
|
|||||
|
Other noncurrent liabilities
|
43,179
|
|
|
|
46,285
|
|
|
51,565
|
|
|
53,587
|
|
|
49,904
|
|
|
|||||
|
Total Liabilities
|
104,487
|
|
|
|
113,356
|
|
|
110,654
|
|
|
108,693
|
|
|
102,366
|
|
|
|||||
|
Total Chevron Corporation Stockholders' Equity
|
$
|
148,124
|
|
|
|
$
|
145,556
|
|
|
$
|
152,716
|
|
|
$
|
155,028
|
|
|
$
|
149,113
|
|
|
|
Noncontrolling interests
|
1,195
|
|
|
|
1,166
|
|
|
1,170
|
|
|
1,163
|
|
|
1,314
|
|
|
|||||
|
Total Equity
|
$
|
149,319
|
|
|
|
$
|
146,722
|
|
|
$
|
153,886
|
|
|
$
|
156,191
|
|
|
$
|
150,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
*
Includes excise, value-added and similar taxes:
|
$
|
7,189
|
|
|
|
$
|
6,905
|
|
|
$
|
7,359
|
|
|
$
|
8,186
|
|
|
$
|
8,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
479
|
|
$
|
3
|
|
$
|
1
|
|
$
|
36
|
|
$
|
—
|
|
$
|
15
|
|
$
|
534
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
93
|
|
46
|
|
4
|
|
3
|
|
33
|
|
5
|
|
184
|
|
|
—
|
|
—
|
|
|||||||||
Rentals and other
|
157
|
|
32
|
|
52
|
|
60
|
|
46
|
|
128
|
|
475
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
729
|
|
81
|
|
57
|
|
99
|
|
79
|
|
148
|
|
1,193
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
64
|
|
—
|
|
—
|
|
93
|
|
—
|
|
—
|
|
157
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
77
|
|
—
|
|
40
|
|
18
|
|
1
|
|
—
|
|
136
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
141
|
|
—
|
|
40
|
|
111
|
|
1
|
|
—
|
|
293
|
|
|
—
|
|
—
|
|
|||||||||
Development
3
|
4,346
|
|
944
|
|
1,136
|
|
1,324
|
|
2,580
|
|
121
|
|
10,451
|
|
|
3,596
|
|
147
|
|
|||||||||
Total Costs Incurred
4
|
$
|
5,216
|
|
$
|
1,025
|
|
$
|
1,233
|
|
$
|
1,534
|
|
$
|
2,660
|
|
$
|
269
|
|
$
|
11,937
|
|
|
$
|
3,596
|
|
$
|
147
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
707
|
|
$
|
51
|
|
$
|
95
|
|
$
|
31
|
|
$
|
1
|
|
$
|
1
|
|
$
|
886
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
67
|
|
3
|
|
22
|
|
31
|
|
16
|
|
4
|
|
143
|
|
|
—
|
|
—
|
|
|||||||||
Rentals and other
|
139
|
|
40
|
|
70
|
|
57
|
|
54
|
|
32
|
|
392
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
913
|
|
94
|
|
187
|
|
119
|
|
71
|
|
37
|
|
1,421
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
16
|
|
—
|
|
—
|
|
52
|
|
—
|
|
—
|
|
68
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
27
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
43
|
|
—
|
|
—
|
|
52
|
|
—
|
|
—
|
|
95
|
|
|
—
|
|
—
|
|
|||||||||
Development
3
|
3,814
|
|
1,631
|
|
2,014
|
|
1,866
|
|
3,733
|
|
550
|
|
13,608
|
|
|
2,211
|
|
262
|
|
|||||||||
Total Costs Incurred
4
|
$
|
4,770
|
|
$
|
1,725
|
|
$
|
2,201
|
|
$
|
2,037
|
|
$
|
3,804
|
|
$
|
587
|
|
$
|
15,124
|
|
|
$
|
2,211
|
|
$
|
262
|
|
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Wells
|
$
|
857
|
|
$
|
66
|
|
$
|
172
|
|
$
|
218
|
|
$
|
81
|
|
$
|
14
|
|
$
|
1,408
|
|
|
$
|
—
|
|
$
|
—
|
|
Geological and geophysical
|
69
|
|
6
|
|
77
|
|
86
|
|
107
|
|
26
|
|
371
|
|
|
—
|
|
—
|
|
|||||||||
Rentals and other
|
218
|
|
56
|
|
121
|
|
109
|
|
71
|
|
68
|
|
643
|
|
|
—
|
|
—
|
|
|||||||||
Total exploration
|
1,144
|
|
128
|
|
370
|
|
413
|
|
259
|
|
108
|
|
2,422
|
|
|
—
|
|
—
|
|
|||||||||
Property acquisitions
2
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Proved
|
23
|
|
21
|
|
—
|
|
54
|
|
—
|
|
—
|
|
98
|
|
|
—
|
|
—
|
|
|||||||||
Unproved
|
554
|
|
3
|
|
30
|
|
—
|
|
—
|
|
—
|
|
587
|
|
|
—
|
|
—
|
|
|||||||||
Total property acquisitions
|
577
|
|
24
|
|
30
|
|
54
|
|
—
|
|
—
|
|
685
|
|
|
—
|
|
—
|
|
|||||||||
Development
3
|
6,275
|
|
2,048
|
|
3,701
|
|
3,924
|
|
6,715
|
|
995
|
|
23,658
|
|
|
1,641
|
|
225
|
|
|||||||||
Total Costs Incurred
4
|
$
|
7,996
|
|
$
|
2,200
|
|
$
|
4,101
|
|
$
|
4,391
|
|
$
|
6,974
|
|
$
|
1,103
|
|
$
|
26,765
|
|
|
$
|
1,641
|
|
$
|
225
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unproved properties
|
$
|
6,466
|
|
$
|
2,314
|
|
$
|
240
|
|
$
|
1,420
|
|
$
|
1,986
|
|
$
|
23
|
|
$
|
12,449
|
|
|
$
|
108
|
|
$
|
—
|
|
Proved properties and
related producing assets |
66,390
|
|
20,696
|
|
43,656
|
|
55,616
|
|
21,544
|
|
10,697
|
|
218,599
|
|
|
8,956
|
|
4,346
|
|
|||||||||
Support equipment
|
2,248
|
|
337
|
|
1,104
|
|
2,050
|
|
15,599
|
|
132
|
|
21,470
|
|
|
1,731
|
|
—
|
|
|||||||||
Deferred exploratory wells
|
969
|
|
181
|
|
406
|
|
562
|
|
1,323
|
|
261
|
|
3,702
|
|
|
—
|
|
—
|
|
|||||||||
Other uncompleted projects
|
8,333
|
|
3,624
|
|
2,528
|
|
1,889
|
|
3,238
|
|
1,966
|
|
21,578
|
|
|
8,098
|
|
457
|
|
|||||||||
Gross Capitalized Costs
|
84,406
|
|
27,152
|
|
47,934
|
|
61,537
|
|
43,690
|
|
13,079
|
|
277,798
|
|
|
18,893
|
|
4,803
|
|
|||||||||
Unproved properties valuation
|
977
|
|
855
|
|
162
|
|
535
|
|
107
|
|
23
|
|
2,659
|
|
|
58
|
|
—
|
|
|||||||||
Proved producing properties – Depreciation and depletion
|
43,286
|
|
11,795
|
|
27,916
|
|
40,234
|
|
3,193
|
|
9,306
|
|
135,730
|
|
|
4,690
|
|
1,468
|
|
|||||||||
Support equipment depreciation
|
1,359
|
|
227
|
|
712
|
|
1,584
|
|
870
|
|
123
|
|
4,875
|
|
|
846
|
|
—
|
|
|||||||||
Accumulated provisions
|
45,622
|
|
12,877
|
|
28,790
|
|
42,353
|
|
4,170
|
|
9,452
|
|
143,264
|
|
|
5,594
|
|
1,468
|
|
|||||||||
Net Capitalized Costs
|
$
|
38,784
|
|
$
|
14,275
|
|
$
|
19,144
|
|
$
|
19,184
|
|
$
|
39,520
|
|
$
|
3,627
|
|
$
|
134,534
|
|
|
$
|
13,299
|
|
$
|
3,335
|
|
At December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unproved properties
|
$
|
9,052
|
|
$
|
3,063
|
|
$
|
263
|
|
$
|
1,273
|
|
$
|
1,986
|
|
$
|
23
|
|
$
|
15,660
|
|
|
$
|
108
|
|
$
|
—
|
|
Proved properties and
related producing assets |
69,924
|
|
18,269
|
|
38,903
|
|
56,070
|
|
11,642
|
|
10,738
|
|
205,546
|
|
|
8,484
|
|
3,898
|
|
|||||||||
Support equipment
|
2,249
|
|
357
|
|
1,083
|
|
2,036
|
|
8,598
|
|
131
|
|
14,454
|
|
|
1,632
|
|
—
|
|
|||||||||
Deferred exploratory wells
|
750
|
|
190
|
|
415
|
|
602
|
|
1,322
|
|
261
|
|
3,540
|
|
|
—
|
|
—
|
|
|||||||||
Other uncompleted projects
|
7,018
|
|
5,900
|
|
6,152
|
|
2,743
|
|
17,559
|
|
1,804
|
|
41,176
|
|
|
5,075
|
|
517
|
|
|||||||||
Gross Capitalized Costs
|
88,993
|
|
27,779
|
|
46,816
|
|
62,724
|
|
41,107
|
|
12,957
|
|
280,376
|
|
|
15,299
|
|
4,415
|
|
|||||||||
Unproved properties valuation
|
1,673
|
|
903
|
|
222
|
|
483
|
|
107
|
|
23
|
|
3,411
|
|
|
55
|
|
—
|
|
|||||||||
Proved producing properties – Depreciation and depletion
|
45,820
|
|
11,635
|
|
24,463
|
|
38,757
|
|
2,300
|
|
8,643
|
|
131,618
|
|
|
4,148
|
|
1,170
|
|
|||||||||
Support equipment depreciation
|
1,165
|
|
226
|
|
657
|
|
1,502
|
|
571
|
|
118
|
|
4,239
|
|
|
750
|
|
—
|
|
|||||||||
Accumulated provisions
|
48,658
|
|
12,764
|
|
25,342
|
|
40,742
|
|
2,978
|
|
8,784
|
|
139,268
|
|
|
4,953
|
|
1,170
|
|
|||||||||
Net Capitalized Costs
|
$
|
40,335
|
|
$
|
15,015
|
|
$
|
21,474
|
|
$
|
21,982
|
|
$
|
38,129
|
|
$
|
4,173
|
|
$
|
141,108
|
|
|
$
|
10,346
|
|
$
|
3,245
|
|
At December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unproved properties
|
$
|
9,880
|
|
$
|
3,216
|
|
$
|
271
|
|
$
|
1,487
|
|
$
|
1,990
|
|
$
|
23
|
|
$
|
16,867
|
|
|
$
|
108
|
|
$
|
—
|
|
Proved properties and
related producing assets |
79,891
|
|
16,810
|
|
36,563
|
|
51,509
|
|
3,012
|
|
9,664
|
|
197,449
|
|
|
7,803
|
|
3,857
|
|
|||||||||
Support equipment
|
1,970
|
|
363
|
|
1,229
|
|
1,967
|
|
1,195
|
|
176
|
|
6,900
|
|
|
1,452
|
|
—
|
|
|||||||||
Deferred exploratory wells
|
438
|
|
237
|
|
443
|
|
612
|
|
1,321
|
|
261
|
|
3,312
|
|
|
—
|
|
—
|
|
|||||||||
Other uncompleted projects
|
7,700
|
|
5,566
|
|
6,517
|
|
5,070
|
|
29,843
|
|
2,332
|
|
57,028
|
|
|
3,732
|
|
425
|
|
|||||||||
Gross Capitalized Costs
|
99,879
|
|
26,192
|
|
45,023
|
|
60,645
|
|
37,361
|
|
12,456
|
|
281,556
|
|
|
13,095
|
|
4,282
|
|
|||||||||
Unproved properties valuation
|
1,667
|
|
873
|
|
209
|
|
438
|
|
107
|
|
23
|
|
3,317
|
|
|
51
|
|
—
|
|
|||||||||
Proved producing properties – Depreciation and depletion
|
53,718
|
|
8,950
|
|
21,904
|
|
35,004
|
|
1,950
|
|
8,074
|
|
129,600
|
|
|
3,714
|
|
984
|
|
|||||||||
Support equipment depreciation
|
800
|
|
208
|
|
740
|
|
1,420
|
|
480
|
|
161
|
|
3,809
|
|
|
661
|
|
—
|
|
|||||||||
Accumulated provisions
|
56,185
|
|
10,031
|
|
22,853
|
|
36,862
|
|
2,537
|
|
8,258
|
|
136,726
|
|
|
4,426
|
|
984
|
|
|||||||||
Net Capitalized Costs
|
$
|
43,694
|
|
$
|
16,161
|
|
$
|
22,170
|
|
$
|
23,783
|
|
$
|
34,824
|
|
$
|
4,198
|
|
$
|
144,830
|
|
|
$
|
8,669
|
|
$
|
3,298
|
|
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|||||||||||||||||||||||
|
|
Other
|
|
|
|
Australia/
|
|
|
|
|
|
|
||||||||||||||||
Millions of dollars
|
U.S.
|
|
Americas
|
|
Africa
|
|
Asia
|
|
Oceania
|
|
Europe
|
|
Total
|
|
|
TCO
|
|
Other
|
|
|||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
1,548
|
|
$
|
999
|
|
$
|
487
|
|
$
|
5,381
|
|
$
|
2,061
|
|
$
|
372
|
|
$
|
10,848
|
|
|
$
|
4,509
|
|
$
|
1,218
|
|
Transfers
|
7,610
|
|
1,371
|
|
6,533
|
|
2,966
|
|
937
|
|
1,246
|
|
20,663
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
9,158
|
|
2,370
|
|
7,020
|
|
8,347
|
|
2,998
|
|
1,618
|
|
31,511
|
|
|
4,509
|
|
1,218
|
|
|||||||||
Production expenses excluding taxes
|
(3,160
|
)
|
(1,021
|
)
|
(1,521
|
)
|
(2,670
|
)
|
(304
|
)
|
(415
|
)
|
(9,091
|
)
|
|
(425
|
)
|
(306
|
)
|
|||||||||
Taxes other than on income
|
(403
|
)
|
(85
|
)
|
(115
|
)
|
(11
|
)
|
(183
|
)
|
(3
|
)
|
(800
|
)
|
|
118
|
|
(121
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(5,092
|
)
|
(1,046
|
)
|
(3,531
|
)
|
(4,134
|
)
|
(1,176
|
)
|
(668
|
)
|
(15,647
|
)
|
|
(638
|
)
|
(365
|
)
|
|||||||||
Accretion expense
2
|
(212
|
)
|
(23
|
)
|
(144
|
)
|
(155
|
)
|
(40
|
)
|
(60
|
)
|
(634
|
)
|
|
(3
|
)
|
(16
|
)
|
|||||||||
Exploration expenses
|
(299
|
)
|
(126
|
)
|
(65
|
)
|
(108
|
)
|
(85
|
)
|
(149
|
)
|
(832
|
)
|
|
—
|
|
—
|
|
|||||||||
Unproved properties valuation
|
(204
|
)
|
(259
|
)
|
(3
|
)
|
(52
|
)
|
—
|
|
—
|
|
(518
|
)
|
|
—
|
|
—
|
|
|||||||||
Other income (expense)
3
|
580
|
|
(87
|
)
|
259
|
|
273
|
|
170
|
|
(170
|
)
|
1,025
|
|
|
(104
|
)
|
(14
|
)
|
|||||||||
Results before income taxes
|
368
|
|
(277
|
)
|
1,900
|
|
1,490
|
|
1,380
|
|
153
|
|
5,014
|
|
|
3,457
|
|
396
|
|
|||||||||
Income tax (expense) benefit
|
(88
|
)
|
(64
|
)
|
(1,199
|
)
|
(616
|
)
|
(413
|
)
|
(174
|
)
|
(2,554
|
)
|
|
(1,037
|
)
|
20
|
|
|||||||||
Results of Producing Operations
|
$
|
280
|
|
$
|
(341
|
)
|
$
|
701
|
|
$
|
874
|
|
$
|
967
|
|
$
|
(21
|
)
|
$
|
2,460
|
|
|
$
|
2,420
|
|
$
|
416
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
1,178
|
|
$
|
1,038
|
|
$
|
238
|
|
$
|
5,347
|
|
$
|
733
|
|
$
|
436
|
|
$
|
8,970
|
|
|
$
|
3,416
|
|
$
|
695
|
|
Transfers
|
5,895
|
|
1,134
|
|
4,896
|
|
2,839
|
|
478
|
|
727
|
|
15,969
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
7,073
|
|
2,172
|
|
5,134
|
|
8,186
|
|
1,211
|
|
1,163
|
|
24,939
|
|
|
3,416
|
|
695
|
|
|||||||||
Production expenses excluding taxes
|
(3,634
|
)
|
(1,120
|
)
|
(1,806
|
)
|
(2,942
|
)
|
(250
|
)
|
(389
|
)
|
(10,141
|
)
|
|
(451
|
)
|
(359
|
)
|
|||||||||
Taxes other than on income
|
(341
|
)
|
(90
|
)
|
(104
|
)
|
(10
|
)
|
(154
|
)
|
(2
|
)
|
(701
|
)
|
|
(494
|
)
|
(67
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(5,913
|
)
|
(2,729
|
)
|
(2,612
|
)
|
(3,848
|
)
|
(425
|
)
|
(483
|
)
|
(16,010
|
)
|
|
(524
|
)
|
(196
|
)
|
|||||||||
Accretion expense
2
|
(265
|
)
|
(26
|
)
|
(134
|
)
|
(181
|
)
|
(30
|
)
|
(66
|
)
|
(702
|
)
|
|
(3
|
)
|
(12
|
)
|
|||||||||
Exploration expenses
|
(399
|
)
|
(132
|
)
|
(255
|
)
|
(109
|
)
|
(70
|
)
|
(38
|
)
|
(1,003
|
)
|
|
—
|
|
—
|
|
|||||||||
Unproved properties valuation
|
(342
|
)
|
(31
|
)
|
(13
|
)
|
(44
|
)
|
—
|
|
—
|
|
(430
|
)
|
|
—
|
|
—
|
|
|||||||||
Other income (expense)
3
|
681
|
|
(103
|
)
|
(141
|
)
|
(39
|
)
|
4
|
|
431
|
|
833
|
|
|
(113
|
)
|
(206
|
)
|
|||||||||
Results before income taxes
|
(3,140
|
)
|
(2,059
|
)
|
69
|
|
1,013
|
|
286
|
|
616
|
|
(3,215
|
)
|
|
1,831
|
|
(145
|
)
|
|||||||||
Income tax (expense) benefit
|
1,080
|
|
139
|
|
(267
|
)
|
(386
|
)
|
(94
|
)
|
(57
|
)
|
415
|
|
|
(549
|
)
|
39
|
|
|||||||||
Results of Producing Operations
|
$
|
(2,060
|
)
|
$
|
(1,920
|
)
|
$
|
(198
|
)
|
$
|
627
|
|
$
|
192
|
|
$
|
559
|
|
$
|
(2,800
|
)
|
|
$
|
1,282
|
|
$
|
(106
|
)
|
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 2
6
, “Asset Retirement Obligations,” on page
89
.
|
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, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues from net production
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales
|
$
|
1,475
|
|
$
|
1,155
|
|
$
|
279
|
|
$
|
6,254
|
|
$
|
889
|
|
$
|
403
|
|
$
|
10,455
|
|
|
$
|
4,097
|
|
$
|
729
|
|
Transfers
|
7,195
|
|
1,089
|
|
6,182
|
|
3,779
|
|
408
|
|
829
|
|
19,482
|
|
|
—
|
|
—
|
|
|||||||||
Total
|
8,670
|
|
2,244
|
|
6,461
|
|
10,033
|
|
1,297
|
|
1,232
|
|
29,937
|
|
|
4,097
|
|
729
|
|
|||||||||
Production expenses excluding taxes
|
(4,293
|
)
|
(1,162
|
)
|
(1,758
|
)
|
(3,601
|
)
|
(162
|
)
|
(505
|
)
|
(11,481
|
)
|
|
(510
|
)
|
(365
|
)
|
|||||||||
Taxes other than on income
|
(430
|
)
|
(123
|
)
|
(124
|
)
|
(15
|
)
|
(172
|
)
|
(2
|
)
|
(866
|
)
|
|
(279
|
)
|
(31
|
)
|
|||||||||
Proved producing properties:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Depreciation and depletion
|
(7,640
|
)
|
(2,519
|
)
|
(2,506
|
)
|
(3,887
|
)
|
(217
|
)
|
(556
|
)
|
(17,325
|
)
|
|
(501
|
)
|
(169
|
)
|
|||||||||
Accretion expense
2
|
(265
|
)
|
(23
|
)
|
(127
|
)
|
(158
|
)
|
(37
|
)
|
(69
|
)
|
(679
|
)
|
|
(3
|
)
|
(14
|
)
|
|||||||||
Exploration expenses
|
(1,614
|
)
|
(137
|
)
|
(667
|
)
|
(492
|
)
|
(289
|
)
|
(106
|
)
|
(3,305
|
)
|
|
—
|
|
(1
|
)
|
|||||||||
Unproved properties valuation
|
(583
|
)
|
(55
|
)
|
(24
|
)
|
(79
|
)
|
(61
|
)
|
—
|
|
(802
|
)
|
|
—
|
|
—
|
|
|||||||||
Other income (expense)
3
|
220
|
|
(291
|
)
|
638
|
|
21
|
|
73
|
|
237
|
|
898
|
|
|
(25
|
)
|
373
|
|
|||||||||
Results before income taxes
|
(5,935
|
)
|
(2,066
|
)
|
1,893
|
|
1,822
|
|
432
|
|
231
|
|
(3,623
|
)
|
|
2,779
|
|
522
|
|
|||||||||
Income tax expense
|
2,133
|
|
550
|
|
(986
|
)
|
(679
|
)
|
(178
|
)
|
(62
|
)
|
778
|
|
|
(835
|
)
|
(291
|
)
|
|||||||||
Results of Producing Operations
|
$
|
(3,802
|
)
|
$
|
(1,516
|
)
|
$
|
907
|
|
$
|
1,143
|
|
$
|
254
|
|
$
|
169
|
|
$
|
(2,845
|
)
|
|
$
|
1,944
|
|
$
|
231
|
|
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 2
6
, “Asset Retirement Obligations,” on page
89
.
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
44.53
|
|
$
|
51.26
|
|
$
|
52.12
|
|
$
|
48.45
|
|
$
|
52.32
|
|
$
|
51.15
|
|
$
|
48.61
|
|
|
$
|
41.47
|
|
$
|
48.68
|
|
Natural gas, per thousand cubic feet
|
2.11
|
|
3.15
|
|
1.77
|
|
4.12
|
|
5.75
|
|
5.55
|
|
4.07
|
|
|
0.88
|
|
2.38
|
|
|||||||||
Average production costs, per barrel
2
|
12.83
|
|
18.64
|
|
10.88
|
|
11.30
|
|
3.60
|
|
11.95
|
|
11.41
|
|
|
3.34
|
|
8.51
|
|
|||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
35.00
|
|
$
|
43.89
|
|
$
|
41.42
|
|
$
|
37.55
|
|
$
|
45.32
|
|
$
|
39.64
|
|
$
|
38.30
|
|
|
$
|
31.83
|
|
$
|
31.90
|
|
Natural gas, per thousand cubic feet
|
1.58
|
|
3.04
|
|
1.60
|
|
4.19
|
|
4.29
|
|
4.77
|
|
3.45
|
|
|
1.34
|
|
2.24
|
|
|||||||||
Average production costs, per barrel
2
|
14.56
|
|
18.79
|
|
13.80
|
|
11.34
|
|
5.97
|
|
12.84
|
|
13.15
|
|
|
3.67
|
|
15.01
|
|
|||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average sales prices
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Liquids, per barrel
|
$
|
42.70
|
|
$
|
49.66
|
|
$
|
49.88
|
|
$
|
46.19
|
|
$
|
49.96
|
|
$
|
48.53
|
|
$
|
46.26
|
|
|
$
|
38.71
|
|
$
|
34.92
|
|
Natural gas, per thousand cubic feet
|
1.89
|
|
3.24
|
|
1.84
|
|
4.94
|
|
6.17
|
|
5.28
|
|
3.96
|
|
|
1.57
|
|
2.51
|
|
|||||||||
Average production costs, per barrel
2
|
16.60
|
|
20.45
|
|
12.23
|
|
13.55
|
|
5.03
|
|
17.14
|
|
14.60
|
|
|
4.32
|
|
17.44
|
|
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.
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
||||||||||||
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.
|
1,031
|
|
—
|
|
2,096
|
|
|
992
|
|
—
|
|
2,102
|
|
|
933
|
|
—
|
|
2,683
|
|
Other Americas
|
101
|
|
543
|
|
398
|
|
|
92
|
|
601
|
|
533
|
|
|
109
|
|
594
|
|
597
|
|
Africa
|
664
|
|
—
|
|
1,276
|
|
|
640
|
|
—
|
|
1,039
|
|
|
702
|
|
—
|
|
1,100
|
|
Asia
|
529
|
|
—
|
|
4,463
|
|
|
621
|
|
—
|
|
4,962
|
|
|
660
|
|
—
|
|
4,933
|
|
Australia/Oceania
|
126
|
|
—
|
|
9,907
|
|
|
124
|
|
—
|
|
9,176
|
|
|
60
|
|
—
|
|
4,330
|
|
Europe
|
83
|
|
—
|
|
215
|
|
|
77
|
|
—
|
|
213
|
|
|
76
|
|
—
|
|
166
|
|
Total Consolidated
|
2,534
|
|
543
|
|
18,355
|
|
|
2,546
|
|
601
|
|
18,025
|
|
|
2,540
|
|
594
|
|
13,809
|
|
Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TCO
|
787
|
|
—
|
|
1,300
|
|
|
920
|
|
—
|
|
1,402
|
|
|
1,020
|
|
—
|
|
1,504
|
|
Other
|
84
|
|
66
|
|
270
|
|
|
92
|
|
62
|
|
319
|
|
|
91
|
|
58
|
|
288
|
|
Total Consolidated and Affiliated Companies
|
3,405
|
|
609
|
|
19,925
|
|
|
3,558
|
|
663
|
|
19,746
|
|
|
3,651
|
|
652
|
|
15,601
|
|
Proved Undeveloped
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S.
|
885
|
|
—
|
|
3,084
|
|
|
420
|
|
—
|
|
1,574
|
|
|
453
|
|
—
|
|
1,559
|
|
Other Americas
|
196
|
|
—
|
|
397
|
|
|
131
|
|
3
|
|
114
|
|
|
127
|
|
3
|
|
117
|
|
Africa
|
175
|
|
—
|
|
1,630
|
|
|
236
|
|
—
|
|
1,788
|
|
|
255
|
|
—
|
|
1,837
|
|
Asia
|
102
|
|
—
|
|
310
|
|
|
99
|
|
—
|
|
571
|
|
|
130
|
|
—
|
|
1,023
|
|
Australia/Oceania
|
33
|
|
—
|
|
3,652
|
|
|
34
|
|
—
|
|
3,339
|
|
|
93
|
|
—
|
|
7,543
|
|
Europe
|
62
|
|
—
|
|
86
|
|
|
61
|
|
—
|
|
21
|
|
|
67
|
|
—
|
|
58
|
|
Total Consolidated
|
1,453
|
|
—
|
|
9,159
|
|
|
981
|
|
3
|
|
7,407
|
|
|
1,125
|
|
3
|
|
12,137
|
|
Affiliated Companies
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TCO
|
962
|
|
—
|
|
883
|
|
|
989
|
|
—
|
|
840
|
|
|
656
|
|
—
|
|
764
|
|
Other
|
20
|
|
93
|
|
769
|
|
|
26
|
|
108
|
|
767
|
|
|
40
|
|
135
|
|
935
|
|
Total Consolidated and Affiliated Companies
|
2,435
|
|
93
|
|
10,811
|
|
|
1,996
|
|
111
|
|
9,014
|
|
|
1,821
|
|
138
|
|
13,836
|
|
Total Proved Reserves
|
5,840
|
|
702
|
|
30,736
|
|
|
5,554
|
|
774
|
|
28,760
|
|
|
5,472
|
|
790
|
|
29,437
|
|
|
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, 2015
|
1,432
|
|
238
|
|
1,021
|
|
752
|
|
142
|
|
166
|
|
534
|
|
4,285
|
|
|
1,615
|
|
204
|
|
145
|
|
|
6,249
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
(1
|
)
|
(9
|
)
|
60
|
|
164
|
|
14
|
|
(3
|
)
|
80
|
|
305
|
|
|
163
|
|
—
|
|
(4
|
)
|
|
464
|
|
Improved recovery
|
7
|
|
—
|
|
11
|
|
2
|
|
—
|
|
—
|
|
—
|
|
20
|
|
|
—
|
|
—
|
|
—
|
|
|
20
|
|
Extensions and discoveries
|
137
|
|
28
|
|
4
|
|
5
|
|
5
|
|
—
|
|
—
|
|
179
|
|
|
—
|
|
—
|
|
—
|
|
|
179
|
|
Purchases
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
Sales
|
(6
|
)
|
—
|
|
(7
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(13
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(13
|
)
|
Production
|
(183
|
)
|
(21
|
)
|
(132
|
)
|
(133
|
)
|
(8
|
)
|
(20
|
)
|
(17
|
)
|
(514
|
)
|
|
(102
|
)
|
(11
|
)
|
(10
|
)
|
|
(637
|
)
|
Reserves at December 31, 2015
4
|
1,386
|
|
236
|
|
957
|
|
790
|
|
153
|
|
143
|
|
597
|
|
4,262
|
|
|
1,676
|
|
193
|
|
131
|
|
|
6,262
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
109
|
|
(20
|
)
|
22
|
|
50
|
|
12
|
|
16
|
|
26
|
|
215
|
|
|
64
|
|
(12
|
)
|
(5
|
)
|
|
262
|
|
Improved recovery
|
5
|
|
—
|
|
11
|
|
2
|
|
—
|
|
—
|
|
—
|
|
18
|
|
|
273
|
|
—
|
|
2
|
|
|
293
|
|
Extensions and discoveries
|
131
|
|
23
|
|
9
|
|
1
|
|
—
|
|
—
|
|
—
|
|
164
|
|
|
—
|
|
—
|
|
—
|
|
|
164
|
|
Purchases
|
—
|
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
|
—
|
|
—
|
|
—
|
|
|
10
|
|
Sales
|
(34
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(34
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(34
|
)
|
Production
|
(185
|
)
|
(26
|
)
|
(123
|
)
|
(123
|
)
|
(7
|
)
|
(21
|
)
|
(19
|
)
|
(504
|
)
|
|
(104
|
)
|
(11
|
)
|
(10
|
)
|
|
(629
|
)
|
Reserves at December 31, 2016
4
|
1,412
|
|
223
|
|
876
|
|
720
|
|
158
|
|
138
|
|
604
|
|
4,131
|
|
|
1,909
|
|
170
|
|
118
|
|
|
6,328
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revisions
|
280
|
|
25
|
|
79
|
|
(17
|
)
|
11
|
|
30
|
|
(42
|
)
|
366
|
|
|
(53
|
)
|
—
|
|
(5
|
)
|
|
308
|
|
Improved recovery
|
9
|
|
—
|
|
7
|
|
1
|
|
—
|
|
—
|
|
—
|
|
17
|
|
|
—
|
|
—
|
|
3
|
|
|
20
|
|
Extensions and discoveries
|
458
|
|
74
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
536
|
|
|
—
|
|
—
|
|
—
|
|
|
536
|
|
Purchases
|
4
|
|
—
|
|
2
|
|
33
|
|
—
|
|
—
|
|
—
|
|
39
|
|
|
—
|
|
—
|
|
—
|
|
|
39
|
|
Sales
|
(57
|
)
|
(1
|
)
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(60
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(60
|
)
|
Production
|
(190
|
)
|
(24
|
)
|
(129
|
)
|
(104
|
)
|
(10
|
)
|
(23
|
)
|
(19
|
)
|
(499
|
)
|
|
(107
|
)
|
(11
|
)
|
(12
|
)
|
|
(629
|
)
|
Reserves at December 31, 2017
4
|
1,916
|
|
297
|
|
839
|
|
631
|
|
159
|
|
145
|
|
543
|
|
4,530
|
|
|
1,749
|
|
159
|
|
104
|
|
|
6,542
|
|
1
|
Ending reserve balances in North America were
234
,
169
and
155
and in South America were
63
,
54
and
81
in
2017
,
2016
and
2015
, respectively.
|
2
|
Reserves associated with Canada.
|
3
|
Ending reserve balances in Africa were
26
,
31
and
34
and in South America were
78
,
87
and
97
in
2017
,
2016
and
2015
, respectively.
|
4
|
Included are year-end reserve quantities related to production-sharing contracts (PSC) (refer to page E-8 for the definition of a PSC). PSC-related reserve quantities are
15
percent,
19
percent and
20
percent for consolidated companies for
2017
,
2016
and
2015
, 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, 2015
|
4,174
|
|
1,123
|
|
2,968
|
|
6,266
|
|
10,941
|
|
235
|
|
25,707
|
|
|
2,177
|
|
1,232
|
|
|
29,116
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
(66
|
)
|
(435
|
)
|
27
|
|
480
|
|
974
|
|
49
|
|
1,029
|
|
|
218
|
|
2
|
|
|
1,249
|
|
Improved recovery
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|
—
|
|
—
|
|
|
1
|
|
Extensions and discoveries
|
659
|
|
147
|
|
61
|
|
61
|
|
118
|
|
—
|
|
1,046
|
|
|
—
|
|
—
|
|
|
1,046
|
|
Purchases
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Sales
|
(48
|
)
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
—
|
|
(53
|
)
|
|
—
|
|
—
|
|
|
(53
|
)
|
Production
3
|
(478
|
)
|
(121
|
)
|
(114
|
)
|
(851
|
)
|
(160
|
)
|
(60
|
)
|
(1,784
|
)
|
|
(127
|
)
|
(11
|
)
|
|
(1,922
|
)
|
Reserves at December 31, 2015
4
|
4,242
|
|
714
|
|
2,937
|
|
5,956
|
|
11,873
|
|
224
|
|
25,946
|
|
|
2,268
|
|
1,223
|
|
|
29,437
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
(6
|
)
|
(24
|
)
|
(29
|
)
|
443
|
|
853
|
|
72
|
|
1,309
|
|
|
111
|
|
(107
|
)
|
|
1,313
|
|
Improved recovery
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
|
—
|
|
—
|
|
|
2
|
|
Extensions and discoveries
|
388
|
|
73
|
|
—
|
|
4
|
|
14
|
|
—
|
|
479
|
|
|
—
|
|
—
|
|
|
479
|
|
Purchases
|
4
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
|
—
|
|
—
|
|
|
7
|
|
Sales
|
(544
|
)
|
(10
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(554
|
)
|
|
—
|
|
—
|
|
|
(554
|
)
|
Production
3
|
(410
|
)
|
(109
|
)
|
(81
|
)
|
(870
|
)
|
(225
|
)
|
(62
|
)
|
(1,757
|
)
|
|
(137
|
)
|
(30
|
)
|
|
(1,924
|
)
|
Reserves at December 31, 2016
4
|
3,676
|
|
647
|
|
2,827
|
|
5,533
|
|
12,515
|
|
234
|
|
25,432
|
|
|
2,242
|
|
1,086
|
|
|
28,760
|
|
Changes attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revisions
|
670
|
|
39
|
|
184
|
|
65
|
|
1,545
|
|
143
|
|
2,646
|
|
|
87
|
|
48
|
|
|
2,781
|
|
Improved recovery
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
|
—
|
|
—
|
|
|
3
|
|
Extensions and discoveries
|
1,361
|
|
319
|
|
—
|
|
2
|
|
—
|
|
—
|
|
1,682
|
|
|
—
|
|
—
|
|
|
1,682
|
|
Purchases
|
1
|
|
—
|
|
2
|
|
46
|
|
—
|
|
—
|
|
49
|
|
|
—
|
|
—
|
|
|
49
|
|
Sales
|
(177
|
)
|
(129
|
)
|
—
|
|
(31
|
)
|
—
|
|
—
|
|
(337
|
)
|
|
—
|
|
—
|
|
|
(337
|
)
|
Production
3
|
(354
|
)
|
(81
|
)
|
(107
|
)
|
(842
|
)
|
(501
|
)
|
(76
|
)
|
(1,961
|
)
|
|
(146
|
)
|
(95
|
)
|
|
(2,202
|
)
|
Reserves at December 31, 2017
4
|
5,180
|
|
795
|
|
2,906
|
|
4,773
|
|
13,559
|
|
301
|
|
27,514
|
|
|
2,183
|
|
1,039
|
|
|
30,736
|
|
1
|
Ending reserve balances in North America and South America were
478
,
172
,
174
and
317
,
475
,
540
in
2017
,
2016
and
2015
, respectively.
|
2
|
Ending reserve balances in Africa and South America were
899
,
939
,
1,044
and
140
,
147
,
179
in
2017
,
2016
and
2015
, respectively.
|
3
|
Total “as sold” volumes are
1,995
,
1,744
and
1,742
for
2017
,
2016
and
2015
, respectively.
|
4
|
Includes reserve quantities related to production-sharing contracts (PSC) (refer to page E-8 for the definition of a PSC). PSC-related reserve quantities are
12
percent,
15
percent and
16
percent for consolidated companies for
2017
,
2016
and
2015
, 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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
94,086
|
|
$
|
43,175
|
|
$
|
47,828
|
|
$
|
47,809
|
|
$
|
77,557
|
|
$
|
8,800
|
|
$
|
319,255
|
|
|
$
|
80,090
|
|
$
|
13,632
|
|
|
$
|
412,977
|
|
Future production costs
|
(29,049
|
)
|
(20,044
|
)
|
(18,124
|
)
|
(18,640
|
)
|
(12,315
|
)
|
(6,345
|
)
|
(104,517
|
)
|
|
(22,050
|
)
|
(4,635
|
)
|
|
(131,202
|
)
|
||||||||||
Future development costs
|
(10,849
|
)
|
(5,102
|
)
|
(3,808
|
)
|
(4,755
|
)
|
(6,682
|
)
|
(1,114
|
)
|
(32,310
|
)
|
|
(17,564
|
)
|
(1,760
|
)
|
|
(51,634
|
)
|
||||||||||
Future income taxes
|
(10,803
|
)
|
(5,158
|
)
|
(17,845
|
)
|
(10,901
|
)
|
(17,568
|
)
|
(615
|
)
|
(62,890
|
)
|
|
(12,143
|
)
|
(3,250
|
)
|
|
(78,283
|
)
|
||||||||||
Undiscounted future net cash flows
|
43,385
|
|
12,871
|
|
8,051
|
|
13,513
|
|
40,992
|
|
726
|
|
119,538
|
|
|
28,333
|
|
3,987
|
|
|
151,858
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows
|
(19,781
|
)
|
(8,483
|
)
|
(2,058
|
)
|
(3,846
|
)
|
(19,730
|
)
|
207
|
|
(53,691
|
)
|
|
(16,310
|
)
|
(1,844
|
)
|
|
(71,845
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
23,604
|
|
$
|
4,388
|
|
$
|
5,993
|
|
$
|
9,667
|
|
$
|
21,262
|
|
$
|
933
|
|
$
|
65,847
|
|
|
$
|
12,023
|
|
$
|
2,143
|
|
|
$
|
80,013
|
|
At December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
53,777
|
|
$
|
33,520
|
|
$
|
39,072
|
|
$
|
44,526
|
|
$
|
63,781
|
|
$
|
6,338
|
|
$
|
241,014
|
|
|
$
|
66,506
|
|
$
|
11,244
|
|
|
$
|
318,764
|
|
Future production costs
|
(26,530
|
)
|
(20,413
|
)
|
(19,749
|
)
|
(19,815
|
)
|
(11,058
|
)
|
(5,500
|
)
|
(103,065
|
)
|
|
(13,610
|
)
|
(5,254
|
)
|
|
(121,929
|
)
|
||||||||||
Future development costs
|
(7,830
|
)
|
(4,277
|
)
|
(4,186
|
)
|
(4,603
|
)
|
(7,804
|
)
|
(977
|
)
|
(29,677
|
)
|
|
(20,855
|
)
|
(2,192
|
)
|
|
(52,724
|
)
|
||||||||||
Future income taxes
|
(3,454
|
)
|
(2,664
|
)
|
(9,684
|
)
|
(8,503
|
)
|
(13,476
|
)
|
69
|
|
(37,712
|
)
|
|
(9,613
|
)
|
(1,639
|
)
|
|
(48,964
|
)
|
||||||||||
Undiscounted future net cash flows
|
15,963
|
|
6,166
|
|
5,453
|
|
11,605
|
|
31,443
|
|
(70
|
)
|
70,560
|
|
|
22,428
|
|
2,159
|
|
|
95,147
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows *
|
(5,123
|
)
|
(3,646
|
)
|
(1,336
|
)
|
(3,137
|
)
|
(15,284
|
)
|
322
|
|
(28,204
|
)
|
|
(13,902
|
)
|
(972
|
)
|
|
(43,078
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
10,840
|
|
$
|
2,520
|
|
$
|
4,117
|
|
$
|
8,468
|
|
$
|
16,159
|
|
$
|
252
|
|
$
|
42,356
|
|
|
$
|
8,526
|
|
$
|
1,187
|
|
|
$
|
52,069
|
|
At December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Future cash inflows from production
|
$
|
67,536
|
|
$
|
39,363
|
|
$
|
52,128
|
|
$
|
58,645
|
|
$
|
93,550
|
|
$
|
8,561
|
|
$
|
319,783
|
|
|
$
|
75,378
|
|
$
|
17,519
|
|
|
$
|
412,680
|
|
Future production costs
|
(33,895
|
)
|
(26,477
|
)
|
(22,963
|
)
|
(27,499
|
)
|
(10,814
|
)
|
(6,994
|
)
|
(128,642
|
)
|
|
(17,959
|
)
|
(6,546
|
)
|
|
(153,147
|
)
|
||||||||||
Future development costs
|
(12,625
|
)
|
(5,485
|
)
|
(6,562
|
)
|
(8,924
|
)
|
(11,612
|
)
|
(1,751
|
)
|
(46,959
|
)
|
|
(17,232
|
)
|
(3,226
|
)
|
|
(67,417
|
)
|
||||||||||
Future income taxes
|
(4,161
|
)
|
(2,316
|
)
|
(14,681
|
)
|
(9,229
|
)
|
(21,337
|
)
|
70
|
|
(51,654
|
)
|
|
(12,056
|
)
|
(3,460
|
)
|
|
(67,170
|
)
|
||||||||||
Undiscounted future net cash flows
|
16,855
|
|
5,085
|
|
7,922
|
|
12,993
|
|
49,787
|
|
(114
|
)
|
92,528
|
|
|
28,131
|
|
4,287
|
|
|
124,946
|
|
||||||||||
10 percent midyear annual discount for timing of estimated cash flows *
|
(5,921
|
)
|
(2,833
|
)
|
(2,207
|
)
|
(3,673
|
)
|
(26,121
|
)
|
282
|
|
(40,473
|
)
|
|
(15,249
|
)
|
(2,242
|
)
|
|
(57,964
|
)
|
||||||||||
Standardized Measure
Net Cash Flows
|
$
|
10,934
|
|
$
|
2,252
|
|
$
|
5,715
|
|
$
|
9,320
|
|
$
|
23,666
|
|
$
|
168
|
|
$
|
52,055
|
|
|
$
|
12,882
|
|
$
|
2,045
|
|
|
$
|
66,982
|
|
|
|
|
|
|
|
|
Total Consolidated and
|
|
||||||
Millions of dollars
|
Consolidated Companies
|
|
|
Affiliated Companies
|
|
|
Affiliated Companies
|
|
||||||
Present Value at January 1, 2015
|
|
$
|
109,521
|
|
|
|
$
|
35,831
|
|
|
|
$
|
145,352
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(17,145
|
)
|
|
|
(3,637
|
)
|
|
|
(20,782
|
)
|
|||
Development costs incurred
|
|
21,703
|
|
|
|
1,863
|
|
|
|
23,566
|
|
|||
Purchases of reserves
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|||
Sales of reserves
|
|
(109
|
)
|
|
|
—
|
|
|
|
(109
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
1,415
|
|
|
|
—
|
|
|
|
1,415
|
|
|||
Revisions of previous quantity estimates
|
|
9,171
|
|
|
|
3,607
|
|
|
|
12,778
|
|
|||
Net changes in prices, development and production costs
|
|
(143,055
|
)
|
|
|
(37,056
|
)
|
|
|
(180,111
|
)
|
|||
Accretion of discount
|
|
18,179
|
|
|
|
4,965
|
|
|
|
23,144
|
|
|||
Net change in income tax *
|
|
52,373
|
|
|
|
9,354
|
|
|
|
61,727
|
|
|||
Net change for 2015
|
|
(57,466
|
)
|
|
|
(20,904
|
)
|
|
|
(78,370
|
)
|
|||
Present Value at December 31, 2015
|
|
$
|
52,055
|
|
|
|
$
|
14,927
|
|
|
|
$
|
66,982
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(14,415
|
)
|
|
|
(2,788
|
)
|
|
|
(17,203
|
)
|
|||
Development costs incurred
|
|
12,732
|
|
|
|
2,473
|
|
|
|
15,205
|
|
|||
Purchases of reserves
|
|
(41
|
)
|
|
|
—
|
|
|
|
(41
|
)
|
|||
Sales of reserves
|
|
528
|
|
|
|
—
|
|
|
|
528
|
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
1,231
|
|
|
|
(917
|
)
|
|
|
314
|
|
|||
Revisions of previous quantity estimates
|
|
12,851
|
|
|
|
946
|
|
|
|
13,797
|
|
|||
Net changes in prices, development and production costs
|
|
(37,198
|
)
|
|
|
(9,798
|
)
|
|
|
(46,996
|
)
|
|||
Accretion of discount
|
|
7,888
|
|
|
|
2,113
|
|
|
|
10,001
|
|
|||
Net change in income tax *
|
|
6,724
|
|
|
|
2,758
|
|
|
|
9,482
|
|
|||
Net change for 2016
|
|
(9,700
|
)
|
|
|
(5,213
|
)
|
|
|
(14,913
|
)
|
|||
Present Value at December 31, 2016
|
|
$
|
42,355
|
|
|
|
$
|
9,714
|
|
|
|
$
|
52,069
|
|
Sales and transfers of oil and gas produced net of production costs
|
|
(21,505
|
)
|
|
|
(5,234
|
)
|
|
|
(26,739
|
)
|
|||
Development costs incurred
|
|
9,417
|
|
|
|
3,721
|
|
|
|
13,138
|
|
|||
Purchases of reserves
|
|
105
|
|
|
|
—
|
|
|
|
105
|
|
|||
Sales of reserves
|
|
(1,148
|
)
|
|
|
—
|
|
|
|
(1,148
|
)
|
|||
Extensions, discoveries and improved recovery less related costs
|
|
3,716
|
|
|
|
—
|
|
|
|
3,716
|
|
|||
Revisions of previous quantity estimates
|
|
11,132
|
|
|
|
(1,085
|
)
|
|
|
10,047
|
|
|||
Net changes in prices, development and production costs
|
|
28,754
|
|
|
|
8,013
|
|
|
|
36,767
|
|
|||
Accretion of discount
|
|
6,116
|
|
|
|
1,398
|
|
|
|
7,514
|
|
|||
Net change in income tax
|
|
(13,095
|
)
|
|
|
(2,361
|
)
|
|
|
(15,456
|
)
|
|||
Net change for 2017
|
|
23,492
|
|
|
|
4,452
|
|
|
|
27,944
|
|
|||
Present Value at December 31, 2017
|
|
$
|
65,847
|
|
|
|
$
|
14,166
|
|
|
|
$
|
80,013
|
|
(a)
|
The following documents are filed as part of this report:
|
|
Page(s)
|
57 to 89
|
|
Year ended December 31
|
|
|||||||
Millions of Dollars
|
2017
|
|
2016
|
|
2015
|
|
|||
Employee Termination Benefits
|
|
|
|
||||||
Balance at January 1
|
$
|
111
|
|
$
|
308
|
|
$
|
49
|
|
Additions (reductions) charged to expense
|
20
|
|
160
|
|
342
|
|
|||
Payments
|
(69
|
)
|
(357
|
)
|
(83
|
)
|
|||
Balance at December 31
|
$
|
62
|
|
$
|
111
|
|
$
|
308
|
|
Allowance for Doubtful Accounts
|
|
|
|
||||||
Balance at January 1
|
$
|
487
|
|
$
|
429
|
|
$
|
194
|
|
Additions to expense
|
128
|
|
76
|
|
251
|
|
|||
Bad debt write-offs
|
(9
|
)
|
(18
|
)
|
(16
|
)
|
|||
Balance at December 31
|
$
|
606
|
|
$
|
487
|
|
$
|
429
|
|
Deferred Income Tax Valuation Allowance
*
|
|
|
|
||||||
Balance at January 1
|
$
|
16,069
|
|
$
|
15,412
|
|
$
|
16,292
|
|
Additions to deferred income tax expense
|
2,681
|
|
1,810
|
|
1,440
|
|
|||
Reduction of deferred income tax expense
|
(2,176
|
)
|
(1,153
|
)
|
(2,320
|
)
|
|||
Balance at December 31
|
$
|
16,574
|
|
$
|
16,069
|
|
$
|
15,412
|
|
Exhibit No.
|
Description
|
3.1
|
|
3.2
|
|
4.1
|
Indenture, dated as of June 15, 1995, filed as Exhibit 4.1 to Chevron Corporation's Amendment Number 1 to Registration Statement on Form S-3 filed June 14, 1995, and incorporated herein by reference.
|
4.2
|
|
10.1+
|
|
10.2+
|
|
10.3+
|
|
10.4+
|
|
10.5+
|
|
10.6+*
|
|
10.7+*
|
|
10.8+
|
|
10.9+
|
|
10.10+
|
|
10.11+
|
|
10.12+
|
|
10.13+
|
|
10.14+
|
|
10.15+
|
Exhibit No.
|
Description
|
10.16+
|
|
10.17+
|
|
10.18+
|
|
10.19+
|
|
10.20+
|
|
10.21+
|
|
10.22+
|
|
10.23+*
|
|
10.24+
|
|
10.25+
|
|
12.1*
|
|
21.1*
|
|
23.1*
|
|
24.1 to 24.10*
|
|
31.1*
|
|
31.2*
|
|
32.1*
|
|
32.2*
|
|
99.1*
|
|
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.
|
|
Chevron Corporation
|
By
|
/s/ MICHAEL K. WIRTH
|
|
Michael K. Wirth, Chairman of the Board
and Chief Executive Officer |
Principal Executive Officer
|
(and Director)
|
|
/s/ MICHAEL K. WIRTH
Michael K. Wirth, Chairman of the Board and Chief Executive Officer |
|
|
Principal Financial Officer
|
|
/s/ PATRICIA E. YARRINGTON
Patricia E. Yarrington, Vice President and Chief Financial Officer |
|
Principal Accounting Officer
|
|
/s/ JEANETTE L. OURADA
Jeanette L. Ourada, Vice President and Comptroller |
|
*
By:
/s/ MARY A. FRANCIS
Mary A. Francis, Attorney-in-Fact |
Directors
|
|
WANDA M. AUSTIN
*
Wanda M. Austin |
|
LINNET F. DEILY
*
Linnet F. Deily |
|
ROBERT E. DENHAM
*
Robert E. Denham |
|
JOHN B. FRANK
*
John B. Frank |
|
ALICE P. GAST
*
Alice P. Gast |
|
ENRIQUE HERNANDEZ, JR.
*
Enrique Hernandez, Jr. |
|
CHARLES W. MOORMAN IV
*
Charles W. Moorman IV |
|
DAMBISA F. MOYO
*
Dambisa F. Moyo
|
|
RONALD D. SUGAR
*
Ronald D. Sugar
|
|
INGE G. THULIN
*
Inge G. Thulin |
|
|
Base Salary
|
X
|
CIP Award Target
|
X
|
Corporate Performance
Rating
|
X
|
Individual Performance Modifier
|
1.
|
Effective January 1, 2017, Section II (a) of the RRP is hereby deleted and replaced in its entirety as follows:
|
2.
|
Effective June 1, 2017, the following shall be added to the end of Section VII(e) of the RRP:
|
3.
|
Except as provided herein, the terms of the RRP are affirmed in all other respects.
|
MANAGEMENT COMPENSATION COMMITTEE
|
|
/s/ E. Hernandez, Jr.
|
By: E. Hernandez, Jr., Chairman
|
|
|
DATE:
12/6/16
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended December 31
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
||||||||||||||||||
Net Income (Loss) Attributable to Chevron Corporation
|
$
|
9,195
|
|
|
$
|
(497
|
)
|
|
$
|
4,587
|
|
|
$
|
19,241
|
|
|
$
|
21,423
|
|
Income Tax Expense (Benefit)
|
(48
|
)
|
|
(1,729
|
)
|
|
132
|
|
|
11,892
|
|
|
14,308
|
|
|||||
Distributions Less Than Equity in Earnings of Affiliates
|
(2,214
|
)
|
|
(1,227
|
)
|
|
(760
|
)
|
|
(2,202
|
)
|
|
(1,178
|
)
|
|||||
Noncontrolling Interests
|
74
|
|
|
66
|
|
|
123
|
|
|
69
|
|
|
174
|
|
|||||
Previously Capitalized Interest Charged to Earnings During Period
|
197
|
|
|
89
|
|
|
120
|
|
|
100
|
|
|
96
|
|
|||||
Interest and Debt Expense
|
307
|
|
|
201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest Portion of Rentals
1
|
240
|
|
|
313
|
|
|
345
|
|
|
356
|
|
|
342
|
|
|||||
Earnings Before Provision for Taxes and Fixed Charges
|
$
|
7,751
|
|
|
$
|
(2,784
|
)
|
|
$
|
4,547
|
|
|
$
|
29,456
|
|
|
$
|
35,165
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and Debt Expense
|
307
|
|
|
201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest Portion of Rentals
1
|
240
|
|
|
313
|
|
|
345
|
|
|
356
|
|
|
342
|
|
|||||
Preferred Stock Dividends of Subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capitalized Interest
|
595
|
|
|
552
|
|
|
495
|
|
|
358
|
|
|
284
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Fixed Charges
|
$
|
1,142
|
|
|
$
|
1,066
|
|
|
$
|
840
|
|
|
$
|
714
|
|
|
$
|
626
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
2
|
6.79
|
|
|
—
|
|
|
5.41
|
|
|
41.25
|
|
|
56.17
|
|
|||||
___________________
|
|
|
|
|
|
|
|
|
|
||||||||||
1
Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
|
|||||||||||||||||||
2
The ratio coverage for the year ended December 31, 2016 was less than 1. Additional earnings of $3.9 billion would have been required to achieve a coverage of 1.
|
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 Brasil Petróleo Ltda.
|
Brazil
|
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 Overseas Company
|
Delaware
|
Chevron (Overseas) Holdings Limited
|
Delaware
|
Chevron Overseas Petroleum Limited
|
Bahamas
|
Chevron Petroleum Company
|
New Jersey
|
Chevron Petroleum Limited
|
Bermuda
|
Chevron Petroleum Nigeria Limited
|
Nigeria
|
Chevron Philippines Inc.
|
Philippines
|
Chevron Thailand Exploration and Production, Ltd.
|
Bermuda
|
Chevron (Thailand) Limited
|
Bahamas
|
Chevron Thailand LLC
|
Delaware
|
Chevron U.S.A. Holdings Inc.
|
Delaware
|
Chevron U.S.A. Inc.
|
Pennsylvania
|
Chevron Venezuela Holdings LLC
|
Delaware
|
PT Chevron Pacific Indonesia
|
Indonesia
|
Saudi Arabian Chevron Inc.
|
Delaware
|
Star Petroleum Refining Public Company Limited
|
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,
2017
.
|
|
/s/ Wanda M. Austin
|
|
/s/ Linnet F. Deily
|
|
/s/ Robert E. Denham
|
|
/s/ Alice P. Gast
|
|
/s/ Enrique Hernandez, Jr.
|
|
/s/ John B. Frank
|
|
/s/ Charles W. Moorman IV
|
|
/s/ Dambisa F. Moyo
|
|
/s/ Ronald D. Sugar
|
|
/s/ Inge G. Thulin
|
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
/ M
ICHAEL
K. W
IRTH
|
Michael K. Wirth
Chairman of the Board and
Chief Executive Officer
|
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
/ P
ATRICIA
E. Y
ARRINGTON
|
Patricia E. Yarrington
Vice President and
Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/
S
/ M
ICHAEL
K. W
IRTH
|
Michael K. Wirth
Chairman of the Board and
Chief Executive Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/
S
/ P
ATRICIA
E. Y
ARRINGTON
|
Patricia E. Yarrington
Vice President and
Chief Financial Officer
|