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Chevron Corporation 2008 Annual Report 93
In accordance with FAS 69, Disclosures About Oil and Gas
Producing Activities, this section provides supplemental infor-
mation 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 develop-
ment; capitalized costs; and results of operations. Tables V
through VII present information on the company’s estimated
net proved reserve quantities, standardized measure of esti-
mated discounted future net cash fl ows related to proved
reserves, and changes in estimated discounted future net
cash fl ows. The Africa geographic area includes activities
principally in Nigeria, Angola, Chad, Republic of the Congo
and Democratic Republic of the Congo. The Asia-Pacifi c
Table I Costs Incurred in Exploration, Property Acquisitions and Development1
Consolidated Companies
United States International
Gulf of Total Asia- Total Affi liated Companies
Millions of dollars Calif. Mexico Other U.S. Africa Pacifi c Indonesia Other Int’l. Total TCO Other
Year Ended Dec. 31, 2008
Exploration
Wells $ – $ 477 $ 42 $ 519 $ 197 $ 312 $ 20 $ 67 $ 596 $ 1,115 $ – $ –
Geological and geophysical – 65 1 66 90 56 11 106 263 329 – –
Rentals and other – 140 3 143 60 148 37 97 342 485 – –
Total exploration – 682 46 728 347 516 68 270 1,201 1,929 – –
Property acquisitions2
Proved (1) 2 87 88 – 169 – – 169 257 – –
Unproved 1 576 2 579 – 280 – – 280 859 – –
Total property acquisitions – 578 89 667 – 449 – – 449 1,116 – –
Development3 928 1,923 1,497 4,348 3,723 4,484 753 1,879 10,839 15,187 643 120
Total Costs Incurred $ 928 $ 3,183 $ 1,632 $ 5,743 $ 4,070 $ 5,449 $ 821 $ 2,149 $ 12,489 $ 18,232 $ 643 $ 120
Year Ended Dec. 31, 2007
Exploration
Wells $ 4 $ 430 $ 18 $ 452 $ 202 $ 156 $ 3 $ 195 $ 556 $ 1,008 $ – $ 7
Geological and geophysical – 59 14 73 136 48 11 98 293 366 – –
Rentals and other – 128 5 133 70 120 50 79 319 452 – –
Total exploration 4 617 37 658 408 324 64 372 1,168 1,826 – 7
Property acquisitions2
Proved 10 220 13 243 5 92 – (2) 95 338 – –
Unproved 35 75 3 113 8 35 – 24 67 180 – –
Total property acquisitions 45 295 16 356 13 127 – 22 162 518 – –
Development3 1,198 2,237 1,775 5,210 4,176 1,897 620 1,504 8,197 13,407 832 64
Total Costs Incurred $ 1,247 $ 3,149 $ 1,828 $ 6,224 $ 4,597 $ 2,348 $ 684 $ 1,898 $ 9,527 $ 15,751 $ 832 $ 71
Year Ended Dec. 31, 2006
Exploration
Wells $ – $ 493 $ 22 $ 515 $ 151 $ 121 $ 20 $ 246 $ 538 $ 1,053 $ 25 $ –
Geological and geophysical – 96 8 104 180 53 12 92 337 441 – –
Rentals and other – 116 16 132 48 140 58 50 296 428 – –
Total exploration – 705 46 751 379 314 90 388 1,171 1,922 25 –
Property acquisitions2
Proved 6 152 – 158 1 10 – 15 26 184 – 581
Unproved 1 47 10 58 – 1 – 135 136 194 – –
Total property acquisitions 7 199 10 216 1 11 – 150 162 378 – 581
Development3 686 1,632 868 3,186 2,890 1,788 460 1,019 6,157 9,343 671 25
Total Costs Incurred $ 693 $ 2,536 $ 924 $ 4,153 $ 3,270 $ 2,113 $ 550 $ 1,557 $ 7,490 $ 11,643 $ 696 $ 606
1 Includes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement obligations.
See Note 24, “Asset Retirement Obligations,” beginning on page 89.
2 Includes wells, equipment and facilities associated with proved reserves. Does not include properties acquired in nonmonetary transactions.
3 Includes $224, $99 and $160 costs incurred prior to assignment of proved reserves in 2008, 2007 and 2006, respectively.
Supplemental Information on Oil and Gas Producing Activities
Unaudited