Chevron 2005 Annual Report Download - page 58

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Year ended December 31
2005 2004 2003
OPERATING ACTIVITIES
Net income $ 14,099 $ 13,328 $ 7,230
Adjustments
Depreciation, depletion and amortization 5,913 4,935 5,326
Dry hole expense 226 286 256
Distributions less than income from equity affiliates (1,304) (1,422) (383)
Net before-tax gains on asset retirements and sales (134) (1,882) (194)
Net foreign currency effects 62 60 199
Deferred income tax provision 1,393 (224) 164
Net (increase) decrease in operating working capital (54) 430 162
Minority interest in net income 96 85 80
(Increase) decrease in long-term receivables (191) (60) 12
Decrease (increase) in other deferred charges 668 (69) 1,646
Cumulative effect of changes in accounting principles – – 196
Gain from exchange of Dynegy preferred stock – – (365)
Cash contributions to employee pension plans (1,022) (1,643) (1,417)
Other 353 866 (597)
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,105 14,690 12,315
INVESTING ACTIVITIES
Cash portion of Unocal acquisition, net of Unocal cash received (5,934) – –
Capital expenditures (8,701) (6,310) (5,625)
Advances to equity affi liate – (2,200) –
Repayment of loans by equity affi liates 57 1,790 293
Proceeds from asset sales 2,681 3,671 1,107
Net sales (purchases) of marketable securities 336 (450) 153
NET CASH USED FOR INVESTING ACTIVITIES (11,561) (3,499) (4,072)
FINANCING ACTIVITIES
Net (payments) borrowings of short-term obligations (109) 114 (3,628)
Proceeds from issuances of long-term debt 20 – 1,034
Repayments of long-term debt and other financing obligations (966) (1,398) (1,347)
Cash dividends – common stock (3,778) (3,236) (3,033)
Dividends paid to minority interests (98) (41) (37)
Net (purchases) sales of treasury shares (2,597) (1,645) 57
Redemption of preferred stock of subsidiaries (140) (18) (75)
NET CASH USED FOR FINANCING ACTIVITIES (7,668) (6,224) (7,029)
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS (124) 58 95
NET CHANGE IN CASH AND CASH EQUIVALENTS 752 5,025 1,309
CASH AND CASH EQUIVALENTS AT JANUARY 1 9,291 4,266 2,957
CASH AND CASH EQUIVALENTS AT DECEMBER 31 $ 10,043 $ 9,291 $ 4,266
See accompanying Notes to the Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
Millions of dollars
56 CHEVRON CORPORATION 2005 ANNUAL REPORT