Chevron 2005 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2005 Chevron annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

Year ended December 31
2005 2004 2003
REVENUES AND OTHER INCOME
Sales and other operating revenues1,2 $ 193,641 $ 150,865 $ 119,575
Income from equity affiliates 3,731 2,582 1,029
Other income 828 1,853 308
Gain from exchange of Dynegy preferred stock – – 365
TOTAL REVENUES AND OTHER INCOME 198,200 155,300 121,277
COSTS AND OTHER DEDUCTIONS
Purchased crude oil and products2 127,968 94,419 71,310
Operating expenses 12,191 9,832 8,500
Selling, general and administrative expenses 4,828 4,557 4,440
Exploration expenses 743 697 570
Depreciation, depletion and amortization 5,913 4,935 5,326
Taxes other than on income1 20,782 19,818 17,901
Interest and debt expense 482 406 474
Minority interests 96 85 80
TOTAL COSTS AND OTHER DEDUCTIONS 173,003 134,749 108,601
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE 25,197 20,551 12,676
INCOME TAX EXPENSE 11,098 7,517 5,294
INCOME FROM CONTINUING OPERATIONS 14,099 13,034 7,382
INCOME FROM DISCONTINUED OPERATIONS – 294 44
INCOME BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES $ 14,099 $ 13,328 $ 7,426
Cumulative effect of changes in accounting principles – – (196)
NET INCOME $ 14,099 $ 13,328 $ 7,230
PER-SHARE OF COMMON STOCK3
INCOME FROM CONTINUING OPERATIONS
– BASIC $ 6.58 $ 6.16 $ 3.55
– DILUTED $ 6.54 $ 6.14 $ 3.55
INCOME FROM DISCONTINUED OPERATIONS
– BASIC $ – $ 0.14 $ 0.02
– DILUTED $ – $ 0.14 $ 0.02
CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES
– BASIC $ – $ – $ (0.09)
– DILUTED $ – $ – $ (0.09)
NET INCOME
– BASIC $ 6.58 $ 6.30 $ 3.48
– DILUTED $ 6.54 $ 6.28 $ 3.48
1
Includes consumer excise taxes: $ 8,719 $ 7,968 $ 7,095
2 Includes amounts in revenues for buy/sell contracts associated costs are in “Purchased crude oil and products.”
See Note 15, on page 70: $ 23,822 $ 18,650 $ 14,246
3
All periods refl ect a two-for-one stock split effected as a 100 percent stock dividend in September 2004.
See accompanying Notes to the Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF INCOME
Millions of dollars, except per-share amounts
CHEVRON CORPORATION 2005 ANNUAL REPORT 53