Chevron 2004 Annual Report Download - page 3

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 Letter to Stockholders 2
Chairman and CEO Dave O’Reilly
discusses 2004 performance and
the company’s long-term strategy to
deliver high stockholder value.
Sustained Results 6
Our strategic plan is aimed at pro-
ducing strong, sustainable results
for our stockholders.
World-Class Performance 14
Our operations are driven by “4+1,”
a set of priorities for achieving the
highest levels of performance.
Competitive Edge 16
We are deploying the industry’s
most sophisticated technologies
as we search for new petroleum
supplies and develop other energy
sources.
Progress 18
Through a combination of people
and partnerships, we are helping
to ensure that energy development
goes hand-in-hand with human and
economic progress.
A New Equation 20
Dave O’Reilly and other company
executives discuss how Chevron-
Texaco is responding to a new
energy equation.
ChevronTexaco at a Glance 22
Glossary of Energy and Financial Terms 24
Financial Review 25
Five-Year Operating Summary 80
Five-Year Financial Summary 81
Board of Directors 93
Corporate Officers 94
A New Equation
In 2004, it became clear that the world was witnessing a new energy
equation driven by a number of factors – growing global demand,
a more challenging frontier of energy supplies in areas such as the
deep water and oil sands, and a complex geopolitical environment.
Abundant, reliable energy is critical to healthy economies and healthy
communities. Addressing this new equation is one of the greatest
challenges facing energy producers and consumers.
ChevronTexaco has a 125-year history of rising to challenges and
creating opportunities. Today, we are responding to the new energy
equation by leveraging our strengths: a high-impact exploration
and development program; a commitment to safe, efficient and
environmentally sound operations; the application of technology
to maximize the value of our existing assets and develop promising
new energy sources; and the creation of partnerships that benefit
our company, our communities and, of course, our many customers
around the world.