Chevron 2003 Annual Report Download

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Powering Performance
2003 Annual Report

Table of contents

  • Page 1
    Powering Performance 2003 Annual Report

  • Page 2
    ... energy company requires the ability to produce sustainable, long-term results. ChevronTexaco's drive to deliver results is reï¬,ected in 2003's strong financial and operating performance. It is also reï¬,ected in our commitment to deliver results the right way - by creating a work environment...

  • Page 3
    ...our businesses by finding solutions to problems, developing high-quality products and helping lower costs. Empowering People 18 ChevronTexaco is committed to being an excellent employer and a productive, collaborative and trustworthy partner. Exploring Solutions 20 Chairman and Chief Executive Of...

  • Page 4
    ... on a gas-to-liquids project in Nigeria. Our global downstream strategy is to improve future returns by focusing on areas of market and supply strength. Our core areas of operation include the U.S. West Coast, U.S. Gulf of Mexico, Asia and Latin America. In 2003, we initiated a major restructuring...

  • Page 5
    ... and delivered results - and did so the right way, by acting with integrity and high ethical standards. Many of our employees work in some of the world's most challenging regions. This year, our company was honored to receive the U.S. Department of State's 2003 Award for Corporate Excellence. The...

  • Page 6
    ... results from the downstream businesses in 2003. Special-item charges in 2002 reduced earnings more than $3 billion. Sales and other operating revenues increased 22 percent on higher prices for crude oil, natural gas and refined products. Higher earnings helped boost the company's operating cash...

  • Page 7
    ... equity in affiliates, except number of employees At the end of the year Excludes service station personnel CAPITAL & EXPLORATORY EXPENDITURES* Billions of dollars 12.0 10.0 8.0 6.0 $7.4 CHEVRONTEXACO YEAR-END COMMON STOCK PRICE* Dollars per share 90 $86.39 RETURN ON AVERAGE CAPITAL EMPLOYED...

  • Page 8
    ...STRONG RESULTS IN OUR MAIN BUSINESSES. IN GLOBAL UPSTREAM, 2003 WAS ONE OF OUR BEST YEARS FOR EXPLORATION, AND WE REACHED MILESTONES IN MAJOR CRUDE OIL AND NATURAL GAS PROJECTS. A GLOBAL GAS BUSINESS WAS LAUNCHED AND PROGRESS MADE IN COMMERCIALIZING OUR LARGE NATURAL GAS RESOURCES. GLOBAL DOWNSTREAM...

  • Page 9
    ... extension to move Karachaganak processed liquids to world markets. The company has a slate of other major crude oil and natural gas developments that will be moving forward in 2004. Production facilities are being constructed KEY RESULTS GLOBAL UPSTREAM > Deepwater U.S. Gulf of Mexico discoveries...

  • Page 10
    .... Sales have been announced or completed for properties in North America, Papua New Guinea, U.K. North Sea, Bangladesh and Kazakhstan. The company plans to continue to upgrade its upstream portfolio, while investing in large crude oil and natural gas developments that can deliver long-term value...

  • Page 11
    ... rights to the Texaco brand in the United States and will begin selling gasoline under both the Chevron and Texaco brands in U.S. markets. Global downstream is upgrading its asset portfolio to focus on strategic areas. As a result, our investments in about 1,500 company-owned or -leased service...

  • Page 12
    ...'s key operations in 2003. Here are just a few of our results. Angola TOP PRODUCER With production of more than 500,000 total barrels of crude oil per day, ChevronTexaco is Angola's largest producer. Two major developments are under way that are expected to reach a maximum production rate of...

  • Page 13
    ... million barrels of ultimately recoverable oil-equivalent reserves. Initial production is expected in 2007. Asia-Pacific BRAND STRENGTH Through our Caltex brand, we have a significant marketing presence in Australia, China, Thailand, South Korea, Philippines, Singapore, New Zealand, Malaysia and...

  • Page 14
    ... LNG carrier, to be operated by ChevronTexaco, will go into service in 2004. ChevronTexaco is Australia's largest holder of natural gas resources. Kazakhstan EXPANSION PROGRESS In 1993, ChevronTexaco signed an agreement with newly independent Kazakhstan to form Tengizchevroil (TCO), the country...

  • Page 15
    ...oil and natural gas on the U.S. Gulf of Mexico Shelf and we operate the second largest number of leased blocks in the deep water. In 2003, we made four deepwater discoveries and drilled four successful appraisal wells. We also moved forward with developing our 58 percent-owned Tahiti deepwater field...

  • Page 16
    ... our best year ever in safety. The total recordable incident rate (per 200,000 hours worked) for employees and contractors was 0.60, down 18 percent from 2002. Over the past two years, we have seen a 30 percent improvement in contractor safety. This was largely the result of special initiatives that...

  • Page 17
    ...minimize late changes. We also conduct peer reviews to share best practices. These reviews can help accelerate a project or lead to a new approach. An example is the deepwater Agbami Field, a major crude oil development offshore Nigeria. A project team, along with our technology and services company...

  • Page 18
    ... the control room shown below, enables hydrogen to be produced from natural gas for use in fuel cells. The company is involved in a full range of research to develop energy from hydrocarbons as well as to produce alternate fuels as future markets develop. At right, proprietary technology increases...

  • Page 19
    ... to lower El Segundo's operating costs. The company expects to deploy this technology to other reactors in its worldwide refinery system. A PARTNER OF CHOICE Partnerships are an important part of ChevronTexaco's approach to technology. Internally, our researchers work with business units to improve...

  • Page 20
    ... designed to prepare new employees for assignments across the world. Horizons is managed by ChevronTexaco Technical University, which provides training in upstream and downstream technologies as well as other business skills. DIVERSITY Our work force represents the global nature of our company...

  • Page 21
    .... The first ChevronTexaco Corporate Responsibility Report contains information about the actions we are taking on a wide range of topics including human rights, climate change, diversity, global work-force development and political activities. It also cites areas where the company is committed to...

  • Page 22
    ...on all of us working together in partnership - governments, multilateral organizations, nongovernmental organizations and business. There's a role for each. Governments must do the things only they can do - advocate and practice good governance, provide education and health care, and create a stable...

  • Page 23
    ... the quality of life where it operates. YOU HAVE SPOKEN OF THE NEED TO ENCOURAGE ENERGY CONSERVATION. WHY WOULD A COMPANY THAT IS IN THE BUSINESS OF SELLING ENERGY GLOBALLY WANT PEOPLE TO USE LESS OF IT? Many of our employees and contractors work under very trying and challenging circumstances...

  • Page 24
    ... in Nigeria and among the top in the deepwater Gulf of Mexico. In Australia, we are the largest leaseholder of undeveloped natural gas resources. EURASIA NORTH AMERICA EUROPE ASIA-PACIFIC LATIN AMERICA & CARIBBEAN MIDDLE EAST AFRICA GLOBAL PORTFOLIO WORLDWIDE UPSTREAM OPERATIONS CHEVRONTEXACO

  • Page 25
    .... Oronite operates two major global businesses - lubricating oil additives and fuel additives. In 2003, it achieved record sales volumes. ChevronTexaco's technology companies work together to deploy technologies that enhance our core businesses (Energy Technology Company and Information Technology...

  • Page 26
    ...certain oil and gas properties in sections of this document that are not filed with the SEC. FINANCIAL TERMS Cash flow from operating activities Cash generated from the company's businesses, an indicator of a company's ability to pay dividends and fund capital programs. Excludes cash flows related...

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  • Page 89
    ...stock exchanges. The symbol is "CVX." STOCKHOLDER INFORMATION Questions about stock ownership, changes of address, dividend payments or direct deposit of dividends should be directed to ChevronTexaco's transfer agent and registrar: Mellon Investor Services LLC 85 Challenger Road Ridgefield Park, NJ...

  • Page 90
    ChevronTexaco Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324 www.chevrontexaco.com 912-0917