Chevron 2004 Annual Report Download - page 6

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4
44
Millions฀of฀dollars,฀except฀per-share฀amounts  2003 % Change
Net income1  $ 7,230 84 %
Sales and other operating revenues1 $ 120,032 26 %
Capital and exploratory expenditures2  $ 7,363 13 %
Total assets at year-end   $ 81,470 14 %
Total debt at year-end   $ 12,597 (11)%
Stockholders’ equity at year-end   $ 36,295 25 %
Cash provided by operating activities   $ 12,315 19 %
Common shares outstanding at year-end3(Thousands)  2,138,295 (1) %
Per-share data3
Net income – diluted1,4   $ 3.48 81 %
Cash dividends   $ 1.43 7 %
Stockholders’ equity   $ 16.97 27 %
Common stock price at year-end   $ 43.19 22 %
Total debt to total debt-plus-equity ratio 25.8%
Return on average stockholders’ equity  21.3%
Return on capital employed (ROCE)  15.7%
1 Includes discontinued operations
2 Includes equity in affi liates
3 2003 adjusted for stock split in 2004
4 2003 includes $0.08 for a capital stock transaction as described
in Note 26 to the Consolidated Financial Statements
CHEVRONTEXACO FINANCIAL HIGHLIGHTS
0.0
160.0
120.0
80.0
40.0
0100 02 03 



Billions of dollars

Sales฀and฀other฀operating฀revenues฀
increased฀26฀percent฀on฀higher฀prices฀
for฀crude฀oil,฀natural฀gas฀and฀refined฀
products.฀
�Includes฀discontinued฀operations
Chemicals & Other
Crude Oil & Condensate, Natural
Gas & Natural Gas Liquids
Petroleum Products
0.0
12.0
10.0
8.0
6.0
4.0
2.0
0100 02 03 



Billions of dollars
Capital฀and฀exploratory฀expendi-
tures฀increased฀about฀13฀percent฀
from฀the฀2003฀level.฀Years฀2000฀
through฀2002฀were฀higher฀due฀to฀
additional฀investments฀in฀equity฀
affiliates฀Tengizchevroil฀and฀
Dynegy฀Inc.
�Includes฀equity฀in฀affiliates
Chemicals & Other
Refining, Marketing & Transportation
Exploration & Production

0.0
15.0
12.0
9.0
6.0
3.0
0100 02 03 



Billions of dollars
Higher฀earnings฀helped฀boost฀the฀
company’s฀operating฀cash฀flow฀by฀
19฀percent.

0.0
15.0
12.0
9.0
3.0
6.0
0100 02 03 


Billions of dollars
Net฀income฀rose฀sharply฀on฀the฀
strength฀of฀upstream฀operations฀
and฀much-improved฀results฀from฀
the฀downstream฀businesses฀in฀2004.฀
Special-item฀charges฀in฀2002฀reduced฀
earnings฀more฀than฀$3฀billion.
