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54 CHEVRON CORPORATION 2006 ANNUAL REPORT54 CHEVRON CORPORATION 2006 ANNUAL REPORT
Year ended December 31
2006 2005 2004
OPERATING ACTIVITIES
Net income $ 17,138 $ 14,099 $ 13,328
Adjustments
Depreciation, depletion and amortization 7,506 5,913 4,935
Dry hole expense 520 226 286
Distributions less than income from equity affiliates (979) (1,304) (1,422)
Net before-tax gains on asset retirements and sales (229) (134) (1,882)
Net foreign currency effects 259 62 60
Deferred income tax provision 614 1,393 (224)
Net decrease (increase) in operating working capital 1,044 (54) 430
Minority interest in net income 70 96 85
Increase in long-term receivables (900) (191) (60)
Decrease (increase) in other deferred charges 232 668 (69)
Cash contributions to employee pension plans (449) (1,022) (1,643)
Other (503) 353 866
NET CASH PROVIDED BY OPERATING ACTIVITIES 24,323 20,105 14,690
INVESTING ACTIVITIES
Cash portion of Unocal acquisition, net of Unocal cash received – (5,934) –
Capital expenditures (13,813) (8,701) (6,310)
Repayment of loans by equity affi liates 463 57 1,790
Proceeds from asset sales 989 2,681 3,671
Net sales (purchases) of marketable securities 142 336 (450)
Advances to equity affi liate – – (2,200)
NET CASH USED FOR INVESTING ACTIVITIES (12,219) (11,561) (3,499)
FINANCING ACTIVITIES
Net (payments) borrowings of short-term obligations (677) (109) 114
Repayments of long-term debt and other financing obligations (2,224) (966) (1,398)
Cash dividends – common stock (4,396) (3,778) (3,236)
Dividends paid to minority interests (60) (98) (41)
Net purchases of treasury shares (4,491) (2,597) (1,645)
Redemption of preferred stock of subsidiaries – (140) (18)
Proceeds from issuances of long-term debt – 20 –
NET CASH USED FOR FINANCING ACTIVITIES (11,848) (7,668) (6,224)
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS 194 (124) 58
NET CHANGE IN CASH AND CASH EQUIVALENTS 450 752 5,025
CASH AND CASH EQUIVALENTS AT JANUARY 1 10,043 9,291 4,266
CASH AND CASH EQUIVALENTS AT DECEMBER 31 $ 10,493 $ 10,043 $ 9,291
See accompanying Notes to the Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
Millions of dollars