Chevron 2007 Annual Report Download

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Table of contents

  • Page 1
    energy Ingenuity 2007 annual Report

  • Page 2
    ... Highlights Upstream downstream 18 20 22 23 26 Renewable energy, Technology and Other businesses Glossary of energy and Financial Terms Financial Review 27 28 29 Five-year Operating Summary Five-year Financial Summary board of directors corporate Officers Stockholder and Investor Information 86...

  • Page 3
    ... overcome. This is how the people of Chevron approach their jobs every day. The world needs energy to power businesses, heat homes, light schools, transport people, deliver products, create jobs and improve the overall quality of life. Energy moves the world forward. Human energy makes it possible.

  • Page 4
    ...oil and natural gas resources. Major capital projects in the upstream reached several milestones. The Agbami floating production, storage and offloading vessel was completed and was positioned in the deep water off Nigeria in early 2008. In 2007, the Bibiyana gas field in Bangladesh began production...

  • Page 5
    ...addition, we created a number of strategic alliances with universities to conduct advanced research into new energy sources and processes. To build upon our organizational capability, in 2007 we restructured the upstream business into four operating companies - North America; AsiaPacific; Africa and...

  • Page 6
    ...provided by operating activities Common shares outstanding at year-end (Thousands) Per-share data Net income - diluted Cash dividends Stockholders' equity Common stock price at year-end Total debt to total debt-plus-equity ratio Return on average stockholders' equity Return on capital employed (ROCE...

  • Page 7
    ... equity in affiliates, except number of employees Includes "Other produced volumes" At the end of the year Excludes service station personnel Performance Graph The stock performance graph at right shows how an initial investment of $100 in Chevron stock would have compared with an equal investment...

  • Page 8
    ... of more than 24,000 feet (7,315 meters). Blind Faith is one of a number of deepwater projects that Chevron and partners are developing. Overall, we have approximately 40 crude oil and natural gas projects planned or in development, each representing a Chevron investment of $1 billion or more. 6

  • Page 9
    Blind Faith Platform, Kiewit Offshore Services fabrication yard, Ingleside, Texas. 7

  • Page 10
    8

  • Page 11
    ..., Kern River produced its 2 billionth barrel of oil in 2007, making it one of the largest and most prolific fields in the United States. We are exporting best practices learned in the San Joaquin Valley to heavy oil fields in other parts of the world, including Indonesia and the Partitioned Neutral...

  • Page 12
    ..., high-performing products that customers demand. In 2007, a major upgrade was completed here at our affiliate refinery in Yeosu, South Korea, to process greater quantities of heavy, lower-cost crude oils. Similar upgrades have been made at our refineries in El Segundo, California, and Pascagoula...

  • Page 13
    View from Mt. Youngchui of the Yeosu Refinery, located on the southern edge, Korean Peninsula. 11

  • Page 14
    ... gas from Australia to major markets in Asia? Chevron is Australia's largest holder of natural gas resources and is well positioned to supply three of Asia's leading markets - China, Japan and South Korea. We are transporting natural gas to these markets by cooling it to 260 degrees below zero...

  • Page 15
    Loading liquefied natural gas, North West Shelf Venture, Karratha, Western Australia: Angelito Levita, machinist/fitter. 13

  • Page 16
    ... that is clean, reliable and renewable? Chevron is the world's largest private producer of geothermal energy. Overall, we produce enough geothermal energy to meet the needs of 16 million people living in Indonesia and the Philippines, where our geothermal operations are located. The advantages of...

  • Page 17
    15

  • Page 18
    16

  • Page 19
    ... to Chevron's upstream, downstream and emerging energy businesses. ETC is creating a robust pathway inside our company to improve efficiency, increase productivity, lower costs and encourage innovation. Visualization Lab, Chevron Energy Technology Company, San Ramon, California: Seongsik...

  • Page 20
    ... the world's demand for energy while reducing emissions? At Chevron, we are responding on a number of fronts. In order to minimize greenhouse gas emissions, we have an aggressive effort under way to reduce flaring and venting in our operations. We support carbon sequestration research and technology...

  • Page 21
    St. Helens Tree Farm, Washington. 19

  • Page 22
    ... and academic institutions to help contribute to economic and social progress. One recent project is in Bangladesh, where we have established a number of clinics to provide health care to villagers living near the world-class Bibiyana natural gas field, which began production in 2007. 20

  • Page 23
    Smiling Sun Clinic, Bangladesh: Angura Begum and Marjana. 21

  • Page 24
    ... employees who operate across the energy spectrum. We explore for, produce and transport crude oil and natural gas; refine, market and distribute transportation fuels and other energy products; manufacture and sell petrochemical products; generate power and produce geothermal energy; provide energy...

  • Page 25
    ... Gulf of Thailand to 2022. The extension facilitates Chevron and co-concessionaires' long-term plans to boost production from the blocks from approximately 740 million cubic feet per day of natural gas to 1.2 billion cubic feet per day. Left: El Segundo, California, refinery: Edward Shelton, design...

  • Page 26
    ... Neutral Zone between Kuwait and Saudi Arabia, where we are the only international oil company producing under a concession from the Kingdom of Saudi Arabia. In 2007, approximately 30 Saudi Arabian and Kuwaiti employees began an extensive training program at our heavy oil operations in California...

  • Page 27
    ... oil. Chevron has vast natural gas resources and is well positioned to help meet growing demand (see Pages 12-13). We hold the largest natural gas resource position in Australia and have significant holdings in western Africa, Bangladesh, Indonesia, Kazakhstan, North America, South America, Thailand...

  • Page 28
    ... a focus on integrated value creation. Chevron's downstream operations include refining, fuels and lubricants, marketing, supply and trading, and transportation. Our refining operations are strategically located to serve the world's fastest-growing markets, in Asia and North America, and they are...

  • Page 29
    ... centers in Australia and Scotland to provide strategic research, development and technical services to our global businesses. We also have centers in California and Texas. Other Businesses Renewable Energy Strategy: Invest in renewable energy technologies and capture profitable positions. In 2007...

  • Page 30
    ... of a new accounting principle. Goodwill The excess of the purchase price of an acquired entity over the total fair value assigned to assets acquired and liabilities assumed. Margin The difference between the cost of purchasing, producing and/or marketing a product and its sales price. Net income...

  • Page 31
    ... Per Share 85 Five-Year Operating Summary 86 Five-Year Financial Summary 87 Supplemental Information on Oil and Gas Producing Activities 88 51 Consolidated Financial Statements Quarterly Results and Stock Market Data 51 Report of Management 52 Report of Independent Registered Public Accounting Firm...

  • Page 32
    ... and are carefully considered by management when evaluating the level of current and future activity in such countries. To sustain its long-term competitive position in the upstream business, the company must develop and replenish an inventory of projects that offer adequate financial returns for...

  • Page 33
    ... Oil Prices through 2006 - v3 manage risks in operating its facilities and business. Price levels for capital and exploratory costs and operating expenses associated with the efficient production of crude oil and natural gas can also be subject to external factors beyond the company's control...

  • Page 34
    ...net oil-equivalent production in 2007 occurred in the OPEC-member countries of Angola, Indonesia, Nigeria and Venezuela and in the Partitioned Neutral Zone between Saudi Arabia and Kuwait. OPEC quotas did not significantly affect Chevron's 32 chevron corporation 2007 annual Report production level...

  • Page 35
    ...for crude oil and product tankers. Other factors beyond the company's control include the general level of inï¬,ation and energy costs to operate the company's refinery and distribution network. The company's most significant marketing areas are the West Coast of North America, the U.S. Gulf Coast...

  • Page 36
    ... in operating, exploration and depreciation expenses. Included in the operating expense increases were costs associated with the carryover effects of hurricanes in the Gulf of Mexico in 2005. The company's average realization for crude oil and natural gas liquids in 2007 was $63.16 per barrel...

  • Page 37
    ... 1 percent. United States International downstream earnings decreased 12 percent, mainly due to lower margins and increased refinery downtime. Gains on asset sales in 2007 totaled 1.1 billion. Includes equity in affiliates chevron corporation 2007 annual Report 35 018 - U.S. Gas Other Refined

  • Page 38
    Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the accounting for purchase and sale contracts with the same counterparty. International Downstream - Refining, Marketing and Transportation Millions of dollars 2007 2006 2005 Chemicals ...

  • Page 39
    ... in the company's European downstream operations. Millions of dollars 2007 2006 2005 Crude oil and product purchases in 2007 increased from 2006 due to higher prices for crude oil, natural gas, natural gas liquids and refined products. Crude oil and product purchases in 2006 increased from 2005 on...

  • Page 40
    ... 27 32 Boscan Operating Service Agreement - 82 111 27 6 109 143 Includes branded and unbranded gasoline. 7 Includes volumes for buy/sell contracts (MBPD): United States International 8 Includes sales of affiliates (MBPD): - - 492 26 24 492 88 129 498 38 chevron corporation 2007 annual Report

  • Page 41
    ...securities. At December 31, 2007, the company had outstanding public bonds issued by Chevron Corporation Profit Sharing/ Savings Plan Trust Fund, Chevron Canada Funding Company (formerly ChevronTexaco Capital Company), Texaco Capital Inc. and Union Oil Company of California. All of these securities...

  • Page 42
    ... Technology investments International include projects related to exploration and production expenditures increased by 2.7 unconventional hydrocarbillion in 2007. Many significant projects were in their capitalbon technologies, oil and intensive phase. gas reservoir management Includes equity in...

  • Page 43
    ...contingent environmental liabilities associated with assets that were sold in 1997. Under the indemnification agreement, the company's liability is unlimited until April 2022, when the indemnification expires. The acquirer shares in certain environmental chevron corporation 2007 annual Report 41

  • Page 44
    ... and take-or-pay agreements, some of which relate to suppliers' financing arrangements. The agreements typically provide goods and services, such as pipeline and storage capacity, drilling rigs, utilities, and petroleum products, to be used or sold in the ordinary course of the company's business...

  • Page 45
    ...Gas Refined Products $ 29 3 23 Chevron enters into a number of business arrangements with related parties, principally its equity affiliates. These arrangements include long-term supply or offtake agreements. Long-term purchase agreements are in place with the 43 chevron corporation 2007 annual...

  • Page 46
    ... not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, Year-End Environmental Remediation Reserves land development areas, Millions of dollars and mining operations, (-'' (#,*0 whether operating, closed or divested...

  • Page 47
    ...with the retirement of long-lived assets and the liability can be reasonably estimated. The liability balance of approximately $8.3 billion for asset retirement obligations at year-end 2007 related primarily to upstream and mining properties. For the company's other ongoing operating assets, such as...

  • Page 48
    ...ll these obligations relate to facilities and sites where past operations followed practices and procedures that were considered acceptable at the time but now require investigative or remedial work or both to meet current standards. 46 chevron corporation 2007 annual Report Management makes many...

  • Page 49
    ... assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. For other postretirement benefit (OPEB) plans, which provide for certain health care and life insurance benefits for qualifying retired employees and which are not...

  • Page 50
    ... have caused an additional unknown number of other assets to become impaired. Investments in common stock of affiliates that are accounted for under the equity method, as well as investments in other securities of these equity investees, are reviewed for 48 chevron corporation 2007 annual Report

  • Page 51
    ... from the sale, less costs to sell, are less than the assets' associated carrying values. Business Combinations - Purchase-Price Allocation Accounting for business combinations requires the allocation of the company's purchase price to the various assets and liabilities of the acquired business at...

  • Page 52
    ...not have a material effect on the company's results of operations or consolidated financial position. FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities âˆ' Including an amendment of FASB Statement No. 115 (FAS 159) In February 2007, the FASB issued FAS 159...

  • Page 53
    ... of day price. The company's common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 22, 2008, stockholders of record numbered approximately 214,000. There are no restrictions on the company's ability to pay dividends. chevron corporation 2007 annual Report 51

  • Page 54
    ...'s Report on Internal Control Over Financial Reporting The company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The company's management, including the Chief Executive Of...

  • Page 55
    ...positions on January 1, 2007. As discussed in Note 20 to the Consolidated Financial Statements, the Company changed its method of accounting for defined benefit pension and other postretirement plans on December 31, 2006. A company's internal control over financial reporting is a process designed...

  • Page 56
    ... 31 2007 2006 2005 Revenues and Other Income Sales and other operating revenues1,2 Income from equity affiliates Other income Total Revenues and Other Income Costs and Other Deductions Purchased crude oil and products2 Operating expenses Selling, general and administrative expenses Exploration...

  • Page 57
    ... Total Defined benefit plans Minimum pension liability adjustment Actuarial loss Amortization to net income of net actuarial loss Actuarial gain arising during period Prior service cost Amortization to net income of net prior service credits Prior service cost arising during period Nonsponsored de...

  • Page 58
    ...: Crude oil and petroleum products Chemicals Materials, supplies and other Total inventories Prepaid expenses and other current assets Total Current Assets Long-term receivables, net Investments and advances Properties, plant and equipment, at cost Less: Accumulated depreciation, depletion...

  • Page 59
    ... plans Other Net Cash Provided by Operating Activities Investing Activities Cash portion of Unocal acquisition, net of Unocal cash received Capital expenditures Repayment of loans by equity affiliates Proceeds from asset sales Net sales of marketable securities Net purchases of other short-term...

  • Page 60
    ... at January 1 Shares issued for Unocal acquisition Treasury stock transactions Balance at December 31 Retained Earnings Balance at January 1 Net income Cash dividends on common stock Adoption of EITF 04-6, "Accounting for Stripping Costs Incurred during Production in the Mining Industry" Adoption of...

  • Page 61
    ...Financial Statements Millions of dollars, except per-share amounts note 1 Summary of Significant accounting Policies General Exploration and production (upstream) operations consist of exploring for, developing and producing crude oil and natural gas and marketing natural gas. Refining, marketing...

  • Page 62
    ... efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of...

  • Page 63
    ... 2 acquisition of Unocal corporation In August 2005, the company acquired Unocal Corporation (Unocal), an independent oil and gas exploration and production company. The aggregate purchase price of Unocal was $17,288. The final purchase-price allocation to the assets and liabilities acquired was...

  • Page 64
    ... a long-term deferred asset on the Consolidated Balance Sheet. In December 2007, the company issued a $650 tax exempt Mississippi Gulf Opportunity Zone Bond as a source of funds for the Pascagoula Refinery project. The "Net purchases of treasury shares" represents the cost of common shares acquired...

  • Page 65
    ...as "Accounts and notes receivable," "Accounts payable," "Long-term receivables - net" and "Deferred credits and other noncurrent obligations." Gains and losses on the company's risk management activities are reported as either "Sales and other operating revenues" or "Purchased crude oil and products...

  • Page 66
    ... investments are grouped as follows: upstream - exploration and production; downstream - refining, marketing and transportation; chemicals; and all other. The first three of these groupings represent the company's "reportable segments" and "operating segments" as defined in Financial Accounting...

  • Page 67
    ... and marketable securities, real estate, information systems, the company's investment in Dynegy prior to its disposition in 2007, mining operations, power generation businesses, technology companies, and assets of the corporate administrative functions. Segment Sales and Other Operating Revenues...

  • Page 68
    ...'s accounting for buy/sell contracts. Rental expenses incurred for operating leases during 2007, 2006 and 2005 were as follows: Year ended December 31 2007 2006 2005 Minimum rentals Contingent rentals Total Less: Sublease rental income Net rental expense 66 chevron corporation 2007 annual Report...

  • Page 69
    ...net assets. Hamaca Chevron's 30 percent interest in the Hamaca heavy oil production and upgrading project located in Venezuela's Orinoco Belt was converted to a 30 percent share-holding in a joint stock company in January 2008, with a 25-year contract term. chevron corporation 2007 annual Report 67

  • Page 70
    ... natural gas produced from Chevron's Nigerian operations into liquid products for sale in international markets. At December 31, 2007, the company's carrying value of its investment in EGTL was about $25 lower than the amount of underlying equity in EGTL net assets. Caltex Australia Ltd Chevron has...

  • Page 71
    ...Depreciation expense includes accretion expense of $399, $275 and $187 in 2007, 2006 and 2005, respectively. Primarily mining operations, power generation businesses, real estate assets and management information systems. note 13 accounting for buy/Sell contracts The company adopted the accounting...

  • Page 72
    ...to the company's results of operations, liquidity or financial position. The terms of this agreement are confidential, and subject to further negotiation and approval, including by the courts. note 15 Taxes Income Taxes Year ended December 31 2007 2006 2005 Taxes on income U.S. Federal Current...

  • Page 73
    ... of the position. The term "tax position" in FIN 48 refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reï¬,ected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The accounting...

  • Page 74
    ... had $4,950 of committed credit facilities with banks worldwide, which permit the company to refinance short-term obligations on a longterm basis. The facilities support the company's commercial paper borrowings. Interest on borrowings under the terms of 72 chevron corporation 2007 annual Report

  • Page 75
    ... rate. No amounts were outstanding under these credit agreements during 2007 or at year-end. At December 31, 2007 and 2006, the company classified $4,382 and $4,450, respectively, of short-term debt as long-term. Settlement of these obligations is not expected to require the use of working capital...

  • Page 76
    ... FASB Statement No. 19, Financial and Reporting by Oil and Gas Producing Companies (FAS 19), as amended by FASB Staff Position (FSP) FAS 19-1, Accounting for Suspended Well Costs, which provides that exploratory well costs continue to be capitalized after the completion of drilling when (a) the well...

  • Page 77
    ... well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. Medical coverage for Medicare-eligible retirees in the company's main U.S. medical plan is secondary to Medicare (including Part D), and the increase to the...

  • Page 78
    ... 1 Service cost Interest cost Plan participants' contributions Plan amendments Curtailments Actuarial (gain) loss Foreign currency exchange rate changes Benefits paid Benefit obligation at December 31 Change in Plan Assets Fair value of plan assets at January 1 Actual return on plan assets Foreign...

  • Page 79
    ...fit plans. During 2008, the company estimates prior service (credits) costs of $(7), $25 and $(81) will be amortized from "Accumulated other comprehensive loss" for U.S. pension, international pension and other postretirement benefit plans, respectively. chevron corporation 2007 annual Report 77

  • Page 80
    ... health care cost-trend rates would have the following effects: 1 Percent Increase 1 Percent Decrease Effect on total service and interest cost components Effect on postretirement benefit obligation $ 9 $ 86 $ (8) $ (75) Plan Assets and Investment Strategy The company's pension plan weighted...

  • Page 81
    ...assess the plans' investment performance, longterm asset allocation policy benchmarks have been established. For the primary U.S. pension plan, the Chevron Board of Directors has approved the following percentage asset-allocation ranges: equities 40-70, fixed income/cash 20-60, real estate 0-15 and...

  • Page 82
    ... accounts. Employee Incentive Plans Chevron has two incentive plans, the Management Incentive Plan (MIP) and the Long-Term Incentive Plan (LTIP), for officers and other regular salaried employees of the company and its subsidiaries who hold positions of significant responsibility. MIP is an annual...

  • Page 83
    ... competitors over the period, and payments are indexed to the company's stock price. Texaco Stock Incentive Plan (Texaco SIP) On the closing of the acquisition of Texaco in October 2001, outstanding options granted under the Texaco SIP were converted to Chevron options. These options, which have...

  • Page 84
    ...LTIP and former Texaco and Unocal programs totaled approximately 1 million equivalent shares as of December 31, 2007. A liability of $38 was recorded for these awards. Broad-Based Employee Stock Options In addition to the plans described above, Chevron granted all eligible employees stock options or...

  • Page 85
    ... exist for various sites, including, but not limited to, federal Superfund sites and analogous sites under state laws, refineries, crude oil fields, service stations, terminals, land development areas, and mining operations, whether operating, closed or divested. These future costs are not fully...

  • Page 86
    ... retirement of these assets require recognition in certain circumstances: (1) the present value of a liability and offsetting asset for an ARO, (2) the subsequent accretion of that liability 84 chevron corporation 2007 annual Report Balance at January 1 Liabilities assumed in the Unocal acquisition...

  • Page 87
    ... $1,100 related to downstream assets and $680 related to the sale of the company's investment in Dynegy Inc. Other financial information is as follows: Year ended December 31 2007 2006 2005 note 25 earnings Per Share Total financing interest and debt costs Less: Capitalized interest Interest...

  • Page 88
    ... 433 419 356 293 268 498 - - 475 26 24 404 88 129 343 84 96 333 90 104 Total Includes volumes for buy/sell contracts (MBPD): United States International 4 Net wells include wholly owned and the sum of fractional interests in partially owned wells. 3 86 chevron corporation 2007 annual Report

  • Page 89
    ... in 2003 includes a benefit of $0.08 for the company's share of a capital stock transaction of its Dynegy affiliate, which, under the applicable accounting rules, was recorded directly to retained earnings and not included in net income for the period. chevron corporation 2007 annual Report 87

  • Page 90
    ... information on oil and gas exploration and producing activities of the company in seven separate tables. Tables I through IV provide historical cost information pertaining to costs incurred in exploration, property acquisitions and development; capitalized costs; and results of operations...

  • Page 91
    ... Calif. Gulf of Mexico Other Total U.S. At Dec. 31, 2007 Unproved properties Proved properties and related producing assets Support equipment Deferred exploratory wells Other uncompleted projects Gross Cap. Costs Unproved properties valuation Proved producing properties - Depreciation and...

  • Page 92
    ... II capitalized costs Related to Oil and Gas Producing activities - continued Consolidated Companies United States International Africa AsiaPacific Indonesia Other Total Int'l. Af filiated Companies Total TCO Other Millions of dollars Calif. Gulf of Mexico Other Total U.S. At Dec. 31, 2005...

  • Page 93
    ... accretion of ARO liability. Refer to Note 23, "Asset Retirement Obligations," beginning on page 84. 4 Includes foreign currency gains and losses, gains and losses on property dispositions, and income from operating and technical service agreements. chevron corporation 2007 annual Report 91

  • Page 94
    ... accretion of ARO liability. Refer to Note 23, "Asset Retirement Obligations," beginning on page 84. 3 Includes foreign currency gains and losses, gains and losses on property dispositions, and income from operating and technical service agreements. 92 chevron corporation 2007 annual Report

  • Page 95
    ...calculating the unit average sales price and production cost. This has no effect on the results of producing operations. 2 Natural gas converted to oil-equivalent gas (OEG) barrels at a rate of 6 MCF = 1 OEG barrel. Table V - Reserve Quantity Information Reserves Governance The company has adopted...

  • Page 96
    ... changes in oil and gas prices, OPEC constraints, geopolitical uncertainties, and civil unrest. The company's estimated net proved oil and natural gas reserves and changes thereto for the years 2005, 2006 and 2007 are shown in the tables on pages 95 and 97. 94 chevron corporation 2007 annual Report

  • Page 97
    ... with the Athabasca project. For internal management purposes, Chevron views these reserves and their development as an integral part of total upstream operations. However, SEC regulations define these reserves as mining-related and not a part of conventional oil and gas reserves. Net proved...

  • Page 98
    ...Boscan and LL-652 operations to joint stock companies in Venezuela. In 2007, acquisitions of 316 million barrels for equity affiliates related to the formation of a new Hamaca equity affiliate in Venezuela. Sales In 2005, sales of 58 million barrels in the "Other" international area related to the...

  • Page 99
    ... 9 BCF, as nominal increases in the San Joaquin Valley were more than offset by decreases in the Gulf of Mexico and "Other" region. For the TCO affiliate in Kazakhstan, a reduction of 547 BCF reï¬,ects the updated forecast of future royalties payable and year-end price effects, partially offset by...

  • Page 100
    ... an operating service agreement to a joint stock company in Venezuela. In 2007, purchases of natural gas reserves were 141 BCF for consolidated companies, which include the acquisition of an additional interest in the Bibiyana Field in Bangladesh. Affiliated company purchases of 211 BCF related to...

  • Page 101
    ... and should not be relied upon as an indication of the company's future cash ï¬,ows or value of its oil and gas reserves. In the following table, "Standardized Measure Net Cash Flows" refers to the standardized measure of discounted future net cash ï¬,ows. chevron corporation 2007 annual Report 99

  • Page 102
    ...discounted Future Net cash Flows Related to Proved Oil and Gas Reserves - continued Consolidated Companies United States International Africa AsiaPacific Indonesia Other Total Int'l. Af filiated Companies Total TCO Other Gulf of Mexico... $ 22,820 $ 3,949 100 chevron corporation 2007 annual Report

  • Page 103
    ... 2005 Present Value at January 1 Sales and transfers of oil and gas produced net of production costs Development costs incurred Purchases of reserves Sales of reserves Extensions, discoveries and improved recovery less related costs Revisions of previous quantity estimates Net changes in prices...

  • Page 104
    ... of the Board since 2002. In addition to a broad sharing of the CEO's responsibilities, he is directly responsible for Policy, Government and Public Affairs; Human Resources; Security; and Compliance. Previously he was responsible for worldwide upstream and gas operations. He is a Director of the...

  • Page 105
    ... Previously Corporate Vice President, Strategic Planning; President and Managing Director, Chevron Upstream Europe, Chevron Overseas Petroleum Inc.; and Vice President, Gulf of Mexico Offshore Division, Texaco Exploration and Production. Joined the company in 1975. John E. Bethancourt, 56 Executive...

  • Page 106
    ... managers and representatives of financial institutions may contact: Investor Relations Chevron Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324 925 842 5690 Email: [email protected] Publications and Other News Sources The Annual Report, published in March, summarizes the company...

  • Page 107
    ... Road, a2181 San Ramon, ca 94583-2324 details of the company's political contributions for 2007 are available on the company's Web site, www.chevron.com, or by writing to: Policy, Government and Public affairs chevron corporation 6001 bollinger canyon Road, a2114 San Ramon, ca 94583-2324 Information...

  • Page 108
    Chevron Corporation 6001 bollinger canyon Road San Ramon, ca 94583-2324 www.chevron.com Recycled/Recyclable 912-0941