Chevron 2009 Annual Report Download - page 45

Chevron Corporation 2009 Annual Report 43
FS-PB
Note 2 Information Relating to the Consolidated Statement of
Cash Flows – Continued
Note 5
Summarized Financial Data — Chevron U.S.A. Inc.
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of
Chevron Corporation. CUSA and its subsidiaries manage
and operate most of Chevron’s U.S. businesses. Assets include
those related to the exploration and production of crude oil,
natural gas and natural gas liquids and those associated with
the refining, marketing, supply and distribution of products
derived from petroleum, excluding most of the regulated
pipeline operations of Chevron. CUSA also holds the
company’s investment in the Chevron Phillips Chemical
Company LLC joint venture, which is accounted for using
the equity method.
During 2008, Chevron implemented legal reorganiza-
tions in which certain Chevron subsidiaries transferred assets
to or under CUSA. The summarized financial information
for CUSA and its consolidated subsidiaries presented in the
table below gives retroactive effect to the reorganizations as if
they had occurred on January 1, 2007. However, the financial
information in the following table may not reflect the financial
position and operating results in the future or the historical
results in the periods presented if the reorganization actually
had occurred on that date. The summarized financial informa-
tion for CUSA and its consolidated subsidiaries is as follows:
Year ended December 31
2009 2008 2007
Sales and other operating
revenues $ 121,553 $ 195,593 $ 153,574
Total costs and other deductions 120,053 185,788 147,509
Net income attributable to CUSA 1,141 7,318 5,191
At December 31
2009 2008
Current assets $ 23,286 $ 32,760
Other assets 32,827 31,806
Current liabilities 16,098 14,322
Other liabilities 14,625 14,049
Total CUSA net equity 25,390 36,195
Memo: Total debt $ 6,999 $ 6,813
The amount for the years ended December 31, 2008, and
December 31, 2007, for “Net income attributable to CUSA”
and the balances at December 31, 2008, for “Other liabilities”
and “Total CUSA net equity” have been adjusted by imma-
terial amounts associated with the allocation of income-tax
liabilities among Chevron Corporation subsidiaries.
Note 6
Summarized Financial Data — Chevron Transport Corporation Ltd.
Chevron Transport Corporation Ltd. (CTC), incorporated in
Bermuda, is an indirect, wholly owned subsidiary of Chevron
Corporation. CTC is the principal operator of Chevron’s inter-
national tanker fleet and is engaged in the marine transportation
of crude oil and refined petroleum products. Most of CTC’s
shipping revenue is derived from providing transportation serv-
ices to other Chevron companies. Chevron Corporation has
fully and unconditionally guaranteed this subsidiary’s obliga-
tions in connection with certain debt securities issued by a third
party. Summarized financial information for CTC and its
consolidated subsidiaries is as follows:
Year ended December 31
2009 2008 2007
Sales and other operating revenues $ 683 $1,022 $ 667
Total costs and other deductions 810 947 713
Net income attributable to CTC (124) 120 (39)
At December 31
2009 2008
Current assets $ 377 $ 482
Other assets 173 172
Current liabilities 115 98
Other liabilities 90 88
Total CTC net equity 345 468
There were no restrictions on CTC’s ability to pay divi-
dends or make loans or advances at December 31, 2009.
Note 7
Summarized Financial Data — Tengizchevroil LLP
Chevron has a 50 percent equity ownership interest in
Tengizchevroil LLP (TCO). Refer to Note 12, on page 50,
for a discussion of TCO operations.
Summarized financial information for 100 percent of
TCO is presented in the following table:
Year ended December 31
2009 2008 2007
Sales and other operating revenues $ 12,013 $14,329 $ 8,919
Costs and other deductions 6,044 5,621 3,387
Net income attributable to TCO 4,178 6,134 3,952
At December 31
2009 2008
Current assets $ 3,190 $ 2,740
Other assets 12,022 12,240
Current liabilities 2,426 1,867
Other liabilities 4,484 4,759
Total TCO net equity 8,302 8,354