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52 CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT
Consolidated Statement of Cash Flows
Millions฀of฀dollars
Year ended December 31
฀ ฀ ฀ ฀  2003 2002

Net income  $ 7,230 $ 1,132
Adjustments
Depreciation, depletion and amortization  5,326 5,169
Dry hole expense  256 288
Distributions (less) more than income from equity affiliates  (383) 510
Net before-tax gains on asset retirements and sales  (194) (33)
Net foreign currency effects  199 5
Deferred income tax provision  164 (81)
Net decrease in operating working capital  162 1,125
Minority interest in net income  80 57
Cumulative effect of changes in accounting principles 196 –
Gain from exchange of Dynegy preferred stock (365) –
Write-down of investments in Dynegy, before tax – 1,796
(Increase) decrease in long-term receivables  12 (39)
(Increase) decrease in other deferred charges  1,646 428
Cash contributions to employee pension plans   (1,417) (246)
Other  (597) (168)
  12,315 9,943

Capital expenditures  (5,625) (7,597)
Advances to equity affiliate   – –
Repayment of loans by equity affiliates  293 –
Proceeds from asset sales  1,107 2,341
Net (purchases) sales of marketable securities  153 209
  (4,072) (5,047)

Net borrowings (payments) of short-term obligations  (3,628) (1,810)
Proceeds from issuances of long-term debt 1,034 2,045
Repayments of long-term debt and other financing obligations  (1,347) (1,356)
Cash dividends – common stock  (3,033) (2,965)
Dividends paid to minority interests  (37) (26)
Net (purchases) sales of treasury shares  57 41
Redemption of preferred stock of subsidiaries  (75) –
  (7,029) (4,071)

   95 15
  1,309 840
  2,957 2,117
   $ 4,266 $ 2,957
See accompanying Notes to the Consolidated Financial Statements.