Delaware | 001-00368 | 94-0890210 | ||
(State or other jurisdiction of incorporation ) |
(Commission File Number) | (I.R.S. Employer
Identification No.) |
6001 Bollinger Canyon Road, San Ramon, CA | 94583 | |
(Address of principal executive offices) | (Zip Code) |
CHEVRON CORPORATION |
||||
By | /s/ Matthew J. Foehr | |||
Matthew J. Foehr, Vice President and | ||||
Comptroller
(Principal Accounting Officer and Duly Authorized Officer) |
99.1 | Press release issued July 29, 2011. |
Policy, Government and Public Affairs Chevron Corporation P.O. Box 6078 San Ramon, CA 94583-0778 www.chevron.com |
FOR RELEASE AT 5:30 AM PDT |
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JULY 29, 2011 |
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| Upstream earnings of $6.9 billion increase $2.3 billion on higher prices for crude oil |
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
Millions of dollars | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Earnings by Business Segment |
||||||||||||||||
Upstream |
$ | 6,871 | $ | 4,542 | $ | 12,848 | $ | 9,266 | ||||||||
Downstream |
1,044 | 975 | 1,666 | 1,171 | ||||||||||||
All Other |
(183 | ) | (108 | ) | (571 | ) | (476 | ) | ||||||||
Total (1)(2) |
$ | 7,732 | $ | 5,409 | $ | 13,943 | $ | 9,961 | ||||||||
(1) Includes foreign currency effects |
$ | (81 | ) | $ | 241 | $ | (245 | ) | $ | 43 | ||||||
(2) Net income attributable to Chevron Corporation (See Attachment 1) |
| Kazakhstan/Russia Marked the start of the construction phase for expansion of the Caspian Pipeline Consortiums pipeline, which carries crude oil from western Kazakhstan to a dedicated terminal on the Black Sea. The design capacity of the pipeline will increase to 1.4 |
million barrels per day from its current capacity of 730,000 barrels per day. The project is planned to be implemented in three phases, with capacity increasing progressively from 2012 to 2015. | |||
| Australia Received recommendation of conditional environmental approval for the Wheatstone liquefied natural gas (LNG) project from Western Australias Environmental Protection Authority. The company will continue negotiations to finalize the permit conditions as it works toward a final investment decision on the project in the second half of this year. | ||
| Australia Signed binding Sales and Purchase Agreements with Tokyo Electric for Wheatstone LNG. | ||
| Bulgaria Awarded an exploration permit for a prospective shale gas block of more than 1 million acres in northeastern Bulgaria. | ||
| United States Returned to work in the Gulf of Mexico with three rigs active in the deepwater, drilling the Moccasin exploration well, the Buckskin appraisal well and the Tahiti 2 development program. The company is also drilling on the Gulf of Mexico Shelf to test the ultra-deep gas play. | ||
| United States Acquired additional acreage in the Marcellus Shale, including from Chief Oil and Gas LLC and Tug Hill, Inc., primarily in Pennsylvania. |
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
Millions of Dollars | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Earnings |
$ | 1,950 | $ | 1,090 | $ | 3,399 | $ | 2,246 | ||||||||
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
Millions of Dollars | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Earnings* |
$ | 4,921 | $ | 3,452 | $ | 9,449 | $ | 7,020 | ||||||||
*Includes foreign currency effects |
$ | 26 | $ | 107 | $ | (90 | ) | $ | 5 |
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
Millions of Dollars | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Earnings |
$ | 564 | $ | 433 | $ | 1,006 | $ | 515 | ||||||||
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
Millions of Dollars | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Earnings* |
$ | 480 | $ | 542 | $ | 660 | $ | 656 | ||||||||
*Includes foreign currency effects |
$ | (94 | ) | $ | 131 | $ | (132 | ) | $ | 35 |
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
Millions of Dollars | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net Charges* |
$ | (183 | ) | $ | (108 | ) | $ | (571 | ) | $ | (476 | ) | ||||
*Includes foreign currency effects |
$ | (13 | ) | $ | 3 | $ | (23 | ) | $ | 3 |
CONSOLIDATED STATEMENT OF INCOME | Three Months | Six Months | ||||||||||||||
(unaudited) | Ended June 30 | Ended June 30 | ||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES AND OTHER INCOME | ||||||||||||||||
Sales and other operating revenues * |
$ | 66,671 | $ | 51,051 | $ | 125,083 | $ | 97,792 | ||||||||
Income from equity affiliates |
1,882 | 1,650 | 3,569 | 2,885 | ||||||||||||
Other income |
395 | 303 | 637 | 506 | ||||||||||||
Total Revenues and Other Income |
68,948 | 53,004 | 129,289 | 101,183 | ||||||||||||
COSTS AND OTHER DEDUCTIONS |
||||||||||||||||
Purchased crude oil and products |
40,759 | 30,604 | 75,960 | 57,748 | ||||||||||||
Operating, selling, general and administrative expenses |
6,460 | 5,727 | 12,623 | 11,358 | ||||||||||||
Exploration expenses |
422 | 212 | 590 | 392 | ||||||||||||
Depreciation, depletion and amortization |
3,257 | 3,141 | 6,383 | 6,223 | ||||||||||||
Taxes other than on income * |
4,843 | 4,537 | 9,404 | 9,009 | ||||||||||||
Interest and debt expense |
| 17 | | 37 | ||||||||||||
Total Costs and Other Deductions |
55,741 | 44,238 | 104,960 | 84,767 | ||||||||||||
Income Before Income Tax Expense |
13,207 | 8,766 | 24,329 | 16,416 | ||||||||||||
Income tax expense |
5,447 | 3,322 | 10,330 | 6,392 | ||||||||||||
Net Income |
7,760 | 5,444 | 13,999 | 10,024 | ||||||||||||
Less: Net income attributable to noncontrolling interests |
28 | 35 | 56 | 63 | ||||||||||||
NET INCOME ATTRIBUTABLE TO
CHEVRON CORPORATION |
$ | 7,732 | $ | 5,409 | $ | 13,943 | $ | 9,961 | ||||||||
PER-SHARE OF COMMON STOCK |
||||||||||||||||
Net Income Attributable to Chevron Corporation |
||||||||||||||||
- Basic |
$ | 3.88 | $ | 2.71 | $ | 6.99 | $ | 4.99 | ||||||||
- Diluted |
$ | 3.85 | $ | 2.70 | $ | 6.94 | $ | 4.97 | ||||||||
Dividends |
$ | 0.78 | $ | 0.72 | $ | 1.50 | $ | 1.40 | ||||||||
Weighted Average Number of Shares Outstanding (000s) |
||||||||||||||||
- Basic |
1,994,007 | 1,996,393 | 1,994,369 | 1,995,692 | ||||||||||||
- Diluted |
2,008,995 | 2,006,000 | 2,008,791 | 2,005,114 | ||||||||||||
* Includes excise, value-added and similar taxes. |
$ | 2,264 | $ | 2,201 | $ | 4,398 | $ | 4,273 |
EARNINGS BY MAJOR OPERATING AREA | Three Months | Six Months | ||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Upstream |
||||||||||||||||
United States |
$ | 1,950 | $ | 1,090 | $ | 3,399 | $ | 2,246 | ||||||||
International |
4,921 | 3,452 | 9,449 | 7,020 | ||||||||||||
Total Upstream |
6,871 | 4,542 | 12,848 | 9,266 | ||||||||||||
Downstream |
||||||||||||||||
United States |
564 | 433 | 1,006 | 515 | ||||||||||||
International |
480 | 542 | 660 | 656 | ||||||||||||
Total Downstream |
1,044 | 975 | 1,666 | 1,171 | ||||||||||||
All Other (1) |
(183 | ) | (108 | ) | (571 | ) | (476 | ) | ||||||||
Total (2) |
$ | 7,732 | $ | 5,409 | $ | 13,943 | $ | 9,961 | ||||||||
SELECTED BALANCE SHEET ACCOUNT DATA | June 30, 2011 | Dec. 31, 2010 | ||||||
Cash and Cash Equivalents |
$ | 13,335 | $ | 14,060 | ||||
Time Deposits |
$ | 4,408 | $ | 2,855 | ||||
Marketable Securities |
$ | 221 | $ | 155 | ||||
Total Assets |
$ | 201,717 | $ | 184,769 | ||||
Total Debt |
$ | 11,520 | $ | 11,476 | ||||
Total Chevron Corporation Stockholders Equity |
$ | 115,653 | $ | 105,081 |
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
CAPITAL AND EXPLORATORY EXPENDITURES(3) | ||||||||||||||||
United States |
||||||||||||||||
Upstream |
$ | 3,298 | $ | 679 | $ | 4,281 | $ | 1,532 | ||||||||
Downstream |
301 | 331 | 532 | 603 | ||||||||||||
Other |
310 | 68 | 346 | 102 | ||||||||||||
Total United States |
3,909 | 1,078 | 5,159 | 2,237 | ||||||||||||
International |
||||||||||||||||
Upstream |
4,187 | 3,743 | 7,861 | 6,772 | ||||||||||||
Downstream |
245 | 218 | 366 | 412 | ||||||||||||
Other |
2 | 4 | 3 | 4 | ||||||||||||
Total International |
4,434 | 3,965 | 8,230 | 7,188 | ||||||||||||
Worldwide |
$ | 8,343 | $ | 5,043 | $ | 13,389 | $ | 9,425 | ||||||||
(1) Includes mining operations, power generation businesses, worldwide cash
management and debt financing activities, corporate administrative functions,
insurance operations, real estate activities, alternative fuels and technology
companies. |
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(2) Net Income Attributable to Chevron Corporation (See Attachment 1) |
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(3) Includes interest in affiliates: |
||||||||||||||||
United States |
$ | 74 | $ | 71 | $ | 139 | $ | 154 | ||||||||
International |
276 | 240 | 445 | 455 | ||||||||||||
Total |
$ | 350 | $ | 311 | $ | 584 | $ | 609 | ||||||||
Three Months | Six Months | |||||||||||||||
Ended June 30 | Ended June 30 | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
OPERATING STATISTICS (1) |
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NET LIQUIDS PRODUCTION (MB/D): (2) |
||||||||||||||||
United States |
478 | 488 | 480 | 496 | ||||||||||||
International |
1,388 | 1,422 | 1,408 | 1,425 | ||||||||||||
Worldwide |
1,866 | 1,910 | 1,888 | 1,921 | ||||||||||||
NET NATURAL GAS PRODUCTION (MMCF/D): (3) |
||||||||||||||||
United States |
1,299 | 1,317 | 1,284 | 1,347 | ||||||||||||
International |
3,670 | 3,699 | 3,748 | 3,711 | ||||||||||||
Worldwide |
4,969 | 5,016 | 5,032 | 5,058 | ||||||||||||
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4) |
||||||||||||||||
United States |
694 | 708 | 694 | 721 | ||||||||||||
International |
2,000 | 2,038 | 2,033 | 2,043 | ||||||||||||
Worldwide |
2,694 | 2,746 | 2,727 | 2,764 | ||||||||||||
SALES OF NATURAL GAS (MMCF/D): |
||||||||||||||||
United States |
5,724 | 5,770 | 5,744 | 5,888 | ||||||||||||
International |
4,386 | 4,740 | 4,412 | 4,430 | ||||||||||||
Worldwide |
10,110 | 10,510 | 10,156 | 10,318 | ||||||||||||
SALES OF NATURAL GAS LIQUIDS (MB/D): |
||||||||||||||||
United States |
162 | 171 | 160 | 165 | ||||||||||||
International |
91 | 103 | 91 | 103 | ||||||||||||
Worldwide |
253 | 274 | 251 | 268 | ||||||||||||
SALES OF REFINED PRODUCTS (MB/D): |
||||||||||||||||
United States |
1,269 | 1,407 | 1,275 | 1,378 | ||||||||||||
International (5) |
1,828 | 1,775 | 1,806 | 1,751 | ||||||||||||
Worldwide |
3,097 | 3,182 | 3,081 | 3,129 | ||||||||||||
REFINERY INPUT (MB/D): |
||||||||||||||||
United States |
875 | 917 | 877 | 903 | ||||||||||||
International |
1,017 | 954 | 1,024 | 973 | ||||||||||||
Worldwide |
1,892 | 1,871 | 1,901 | 1,876 | ||||||||||||
(1) Includes interest in affiliates. |
||||||||||||||||
(2) Includes: Canada Synthetic Oil |
41 | 16 | 38 | 20 | ||||||||||||
Venezuela Affiliate Synthetic Oil |
31 | 29 | 31 | 29 | ||||||||||||
(3) Includes natural gas consumed in operations (MMCF/D): |
||||||||||||||||
United States |
76 | 63 | 71 | 65 | ||||||||||||
International |
475 | 431 | 487 | 460 | ||||||||||||
(4) Oil-equivalent production is the sum of net liquids production and net
gas production. The oil-equivalent gas conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of crude oil. |
||||||||||||||||
(5) Includes share of affiliate sales (MB/D): |
572 | 541 | 574 | 542 |
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