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58 Chevron Corporation 2008 Annual Report
Consolidated Statement of Income
Millions of dollars, except per share amounts
Year ended December 31
2008 2007 2006
Revenues and Other Income
Sales and other operating revenues1 2 $ 264,958 $ 214,091 $ 204,892
Income from equity affiliates 5,366 4,144 4,255
Other income 2,681 2,669 971
Total Revenues and Other Income 273,005 220,904 210,118
Costs and Other Deductions
Purchased crude oil and products2 171,397 133,309 128,151
Operating expenses 20,795 16,932 14,624
Selling, general and administrative expenses 5,756 5,926 5,093
Exploration expenses 1,169 1,323 1,364
Depreciation, depletion and amortization 9,528 8,708 7,506
Taxes other than on income1 21,303 22,266 20,883
Interest and debt expense – 166 451
Minority interests 100 107 70
Total Costs and Other Deductions 230,048 188,737 178,142
Income Before Income Tax Expense 42,957 32,167 31,976
Income Tax Expense 19,026 13,479 14,838
Net Income $ 23,931 $ 18,688 $ 17,138
Per-Share of Common Stock
Net Income
– Basic $ 11.74 $ 8.83 $ 7.84
– Diluted $ 11.67 $ 8.77 $ 7.80
1 Includes excise, value-added and similar taxes. $ 9,846 $ 10,121 $ 9,551
2 Includes amounts in revenues for buy/sell contracts; associated costs are in “Purchased crude oil and products.”
Refer also to Note 14, on page 74. $ – $ – $ 6,725
See accompanying Notes to the Consolidated Financial Statements.