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2011 Annual Report

Table of contents

  • Page 1
    2011 Annual Report

  • Page 2
    ...86 87 88 Chevron History Board of Directors Corporate Officers Stockholder and Investor Information On the Cover: Chevron's $37 billion Gorgon liquefied natural gas (LNG) project offshore Western Australia is one of our largest single investments to date. Shown here are the processing facilities...

  • Page 3
    ... are making long-term investments to develop and deliver the energy the world needs now and in the future, while creating sustained value for our stockholders, our employees and business partners, and the communities where we operate. The online version of this report contains additional information...

  • Page 4
    ...major capital projects to sustain long-term production growth and largely completed the global restructuring of our downstream business. And Chevron once again delivered superior returns for our stockholders. 2011 was a record year for our financial performance. Net income was $26.9 billion on sales...

  • Page 5
    ... our business, contributing to global economic expansion, building stronger communities and creating enduring value for our stockholders. Thank you for investing in Chevron. John S. Watson Chairman of the Board and Chief Executive Officer February 23, 2012 Chevron Corporation 2011 Annual Report 3

  • Page 6
    ... at year-end (Thousands) Per-share data Net income - diluted Cash dividends Chevron Corporation 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) *Includes equity in affiliates $ 26...

  • Page 7
    ... measurement points show the value of $100 invested on December 31, 2006, as of the end of each year between 2007 and 2011. 200 180 160 Dollars Five-Year Cumulative Total Returns (Calendar years ended December 31) 140 120 100 80 60 2006 2007 2008 2009 2010 2011 Chevron S&P 500 Peer Group* 2006...

  • Page 8
    .... We explore for, produce and transport crude oil and natural gas; refine, market and distribute transportation fuels and lubricants; manufacture and sell petrochemical products; generate power and produce geothermal energy; provide energy efficiency solutions; and develop the energy resources of...

  • Page 9
    ...and market transportation fuels and lubricants under the Chevron, Texaco and Caltex brands. Products are sold through a network of 17,830 retail stations, including those of affiliated companies. Our chemicals business includes Chevron Phillips Chemical Company LLC, a 50 percent-owned affiliate that...

  • Page 10
    .... Investors should refer to proved reserves disclosures in Chevron's Annual Report on Form 10-K for the year ended December 31, 2011. Resources Estimated quantities of oil and gas resources are recorded under Chevron's 6P system, which is modeled after the Society of Petroleum Engineers' Petroleum...

  • Page 11
    ... Assumptions 24 New Accounting Standards 27 Quarterly Results and Stock Market Data 28 36 Notes to the Consolidated Financial Statements Note 1 Summary of Significant Accounting Policies 36 Note 2 Acquisition of Atlas Energy, Inc. 38 Note 3 Noncontrolling Interests 39 Note 4 Information Relating to...

  • Page 12
    ...Key Financial Results Millions of dollars, except per-share amounts 2011 2010 2009 Net Income Attributable to Chevron Corporation Per Share Amounts: Net Income Attributable to Chevron Corporation - Basic - Diluted Dividends Sales and Other Operating Revenues Return on: Capital Employed Stockholders...

  • Page 13
    ... decreased 2 percent in 2011 mainly due to field declines in the United States, Denmark and the United Kingdom. Partially offsetting the declines were increases in Bangladesh, Nigeria and new Marcellus Shale production. * Includes equity in affiliates. Chevron Corporation 2011 Annual Report...

  • Page 14
    ...time lag between initial exploration and the beginning of production. Investments in upstream projects generally begin well in advance of the start of the associated crude oil and natural gas production. A significant majority of Chevron's upstream investment is made outside the United States. Refer...

  • Page 15
    ... insurance operations, real estate activities, energy services, alternative fuels, and technology companies. In first quarter 2010, employeereduction programs were announced for the corporate staffs. As of 2011 year-end, 400 employees from the corporate staffs were released under the programs. Refer...

  • Page 16
    ... 13. 14 Chevron Corporation 2011 Annual Report 10.0 600 5.0 300 0.0 07 08 09 10 11 0 07 08 09 10 11 United States International Earnings increased in 2011 on higher average prices for crude oil. United States International Exploration expenses increased 6 percent from 2010 mainly due to...

  • Page 17
    ... earnings from CPChem. *Includes equity in affiliates. Gasoline Jet Fuel Gas Oils & Kerosene Residual Fuel Oil Other Refined-product sales volumes decreased about 7 percent from 2010 on lower sales of gasoline and lower sales of gas oils and kerosene. Chevron Corporation 2011 Annual Report 15

  • Page 18
    ...administrative functions, insurance operations, real estate activities, energy services, alternative fuels, and technology companies. Net charges in 2011 increased $351 million from 2010, mainly due to higher expenses for employee compensation and benefits, and higher net corporate tax expenses. Net...

  • Page 19
    ...asset sales in 2009. Also, a smaller portion of company income was earned in higher tax rate international upstream jurisdictions in 2010 than in 2009. Finally, foreign currency remeasurement impacts caused a reduction in the effective tax rate between periods. Chevron Corporation 2011 Annual Report...

  • Page 20
    ...proceeds and deposits related to asset sales of $3.5 billion in 2011, $2.0 billion in 2010, and $2.6 billion in 2009. Restricted cash of $1.2 billion and $855 million associated with various capital-investment projects, acquisitions pending tax deferred exchanges, and Upstream abandonment activities...

  • Page 21
    ... accounted for 14.0 about 68 percent of the worldwide upstream invest7.0 ment in 2011, about 82 percent in 2010 and 0.0 about 80 percent in 2009. 07 08 09 10 11 These amounts exclude the acquisition of Atlas Energy, United States International Inc. in 2011. Exploration and production The company...

  • Page 22
    ... to pay interest on outstanding debt. The company's interest coverage ratio in 2011 was higher than 2010 and 2009 due to higher before-tax income. Debt Ratio - total debt as a percentage of total debt plus Chevron Corporation Stockholders' Equity, which indicates the company's leverage. The decrease...

  • Page 23
    ...of the company's 2011 Annual Report on Form 10-K. Derivative Commodity Instruments Chevron is exposed to market risks related to the price volatility of crude oil, refined products, natural gas, natural gas liquids, liquefied natural gas and refinery feedstocks. The company uses derivative commodity...

  • Page 24
    ... 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 determinable due to such factors as the unknown 22 Chevron Corporation 2011 Annual Report...

  • Page 25
    Of the remaining year-end 2011 environmental reserves balance of $1,219 million, $675 million related to the company's U.S. downstream operations, including refineries and other plants, marketing locations (i.e., service stations and terminals), chemical facilities, and pipelines. The remaining $544...

  • Page 26
    ...critical 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 27
    ... reported on the Consolidated Statement of Income as "Operating expenses" or "Selling, general and administrative expenses" and applies to all business segments. The year-end 2011 and 2010 funded status, measured as the difference between plan assets and obligations, of each of the company's pension...

  • Page 28
    ... for global or regional market supply-and-demand conditions for crude oil, natural gas, commodity chemicals and refined products. However, the impairment reviews and calculations are based on assumptions that are consistent with the company's business plans and long-term investment decisions. Refer...

  • Page 29
    ... possible outcomes, both in terms of the probability of loss and the estimates of such loss. New Accounting Standards Refer to Note 18, on page 55 in the Notes to Consolidated Financial Statements, for information regarding new accounting standards. Chevron Corporation 2011 Annual Report 27

  • Page 30
    ... taxes: Intraday price. The company's common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 13, 2012, stockholders of record numbered approximately 178,000. There are no restrictions on the company's ability to pay dividends. 28 Chevron Corporation 2011 Annual...

  • Page 31
    ...over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The company's management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company's internal control over financial reporting based on the Internal...

  • Page 32
    ... of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was...

  • Page 33
    ... interests Net Income Attributable to Chevron Corporation Per Share of Common Stock Net Income Attributable to Chevron Corporation - Basic - Diluted *Includes excise, value-added and similar taxes. See accompanying Notes to the Consolidated Financial Statements. $ 244,371 7,363 1,972 253...

  • Page 34
    ... by equity affiliates Income taxes on defined benefit plans Total Other Comprehensive Loss, Net of Tax Comprehensive Income Comprehensive income attributable to noncontrolling interests Comprehensive Income Attributable to Chevron Corporation See accompanying Notes to the Consolidated Financial...

  • Page 35
    ... compensation and benefit plan trust Treasury stock, at cost (2011 - 461,509,656 shares; 2010 - 435,195,799 shares) Total Chevron Corporation Stockholders' Equity Noncontrolling interests Total Equity Total Liabilities and Equity See accompanying Notes to the Consolidated Financial Statements. $ 15...

  • Page 36
    ... equity affiliates Net before-tax gains on asset retirements and sales Net foreign currency effects Deferred income tax provision Net decrease (increase) in operating working capital Increase in long-term receivables Decrease in other deferred charges Cash contributions to employee pension plans...

  • Page 37
    ...31 Treasury Stock at Cost Balance at January 1 Purchases Issuances - mainly employee benefit plans Balance at December 31 Total Chevron Corporation Stockholders' Equity at December 31 Noncontrolling Interests Total Equity See accompanying Notes to the Consolidated Financial Statements. - 2,442,677...

  • Page 38
    ... oil and refined products; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and additives for fuels and lubricant oils. The company's Consolidated Financial...

  • Page 39
    .... For crude oil, natural gas and mineral-producing properties, a liability for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to Note 25, on page 66, for a discussion of the company's AROs. Chevron Corporation 2011 Annual Report 37

  • Page 40
    ... Marcellus, LLC, funds 75 percent of Chevron's drilling costs, up to $1,300. The acquisition was accounted for as a business combination (ASC 805) which, among other things, requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Provisional fair value...

  • Page 41
    ... working capital" includes reductions of $121, $67 and $25 for excess income tax benefits associated with stock options exercised during 2011, 2010 and 2009, respectively. These amounts are offset by an equal amount in "Net (purchases) sales of treasury shares." The "Acquisition of Atlas Energy...

  • Page 42
    ... 2010, "Net sales (purchases) of other shortterm investments" consist of restricted cash associated with capital-investment projects at the company's Pascagoula and El Segundo refineries, acquisitions pending tax deferred exchanges, and Upstream abandonment activities that was invested in short-term...

  • Page 43
    ...039 $ 17,812 8,394 6,593 $ 12,013 6,044 4,178 At December 31 2011 2010 Note 6 Summarized Financial Data - Chevron Transport Corporation Ltd. Current assets Other assets Current liabilities Other liabilities Total TCO net equity $ 3,477 11,619 2,995 3,759 8,342 $ 3,376 11,813 2,402 4,130 8,657...

  • Page 44
    ...exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes...

  • Page 45
    ... 2011, these investments include restricted funds related to various capital-investment projects, acquisitions pending tax deferred exchanges, and Upstream abandonment activities which are reported in "Deferred charges and other assets" on the Consolidated Balance Sheet. Long-term debt of $4,101 and...

  • Page 46
    ... Total Liabilities at Fair Value $ 122 $ 131 40 $ 171 Consolidated Statement of Income: The Effect of Derivatives Not Designated as Hedging Instruments Type of Derivative Contract Statement of Income Classification 2011 Gain/(Loss) Year ended December 31 2010 2009 Foreign Exchange Commodity...

  • Page 47
    ..." (CODM) (terms as defined in ASC 280). The CODM is the company's Executive Committee (EXCOM), a committee of senior officers that includes the Chief Executive Officer, and EXCOM reports to the Board of Directors of Chevron Corporation. The operating segments represent components of the company, as...

  • Page 48
    ..., real estate activities, energy services, alternative fuels and technology companies. Other than the United States, no single country accounted for 10 percent or more of the company's total sales and other operating revenues in 2011, 2010 and 2009. Year ended December 31 2011 2010 2009* Segment...

  • Page 49
    ... certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as "Income tax expense." Investments and Advances At December 31 2011 2010 Equity in...

  • Page 50
    ... of Chevron's share of CAL common stock was approximately $1,600. Other Information "Sales and other operating revenues" on the Consolidated Statement of Income includes $20,164, $13,672 and $10,391 with affiliated companies for 2011, 2010 and 2009, respectively. "Purchased crude oil and products...

  • Page 51
    ...463 in 2011, 2010 and 2009, respectively. 5 Primarily mining operations, power generation businesses, real estate assets and management information systems. Note 14 Litigation MTBE Chevron and many other companies in the petroleum industry have used methyl tertiary butyl ether (MTBE) as a gasoline...

  • Page 52
    ... mining engineer's independent and impartial work and showing further evidence of misconduct. In August 2010, the judge issued an order stating that he was not bound by the mining engineer's report and requiring the parties to provide their positions on damages within 45 days. Chevron subsequently...

  • Page 53
    ... loss (or a range of loss). Note 15 Taxes Income Taxes Year ended December 31 2011 2010 2009 Taxes on income U.S. Federal Current Deferred State and local Current Deferred Total United States International Current Deferred Total International Total taxes on income $ 1,893 877 596 41 3,407...

  • Page 54
    ... income tax rate and the company's effective income tax rate is detailed in the following table: Year ended December 31 2011 2010 2009 U.S. statutory federal income tax rate Effect of income taxes from international operations at rates different from the U.S. statutory rate State and local taxes on...

  • Page 55
    ... income tax assets and liabilities for interim or annual periods. The following table indicates the changes to the company's unrecognized tax benefits for the years ended December 31, 2011, 2010 and 2009. The term "unrecognized tax benefits" in the accounting standards for income taxes refers to...

  • Page 56
    ... the Consolidated Financial Statements Millions of dollars, except per-share amounts Note 16 Short-Term Debt At December 31 2011 2010 Note 17 Long-Term Debt Commercial paper* Notes payable to banks and others with originating terms of one year or less Current maturities of long-term debt Current...

  • Page 57
    ...$283 (five projects) - development concept under review by government; (c) $208 (seven projects) - undergoing front-end engineering and design with final investment decision expected within three years; (d) $111 (one project) - project sanction approved and 55 Chevron Corporation 2011 Annual Report

  • Page 58
    ..., $140 and $89 for 2011, 2010 and 2009, respectively. Chevron Long-Term Incentive Plan (LTIP) Awards under the LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and nonstock grants. From April 2004...

  • Page 59
    ... other investment alternatives. The company also sponsors other postretirement (OPEB) plans that provide medical and dental benefits, as 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...

  • Page 60
    ... Consolidated Financial Statements Millions of dollars, except per-share amounts Note 21 Employee Benefit Plans - Continued The funded status of the company's pension and other postretirement benefit plans for 2011 and 2010 follows: Pension Benefits 2011 U.S. Int'l. U.S. 2010 Int'l. Other Benefits...

  • Page 61
    ... international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2011 and 2010, was: Pension Benefits 2011 U.S. Int'l. U.S. 2010 Int'l. Projected benefit obligations $ 12,157 $ 4,207 $ 10,265 Accumulated benefit obligations 11,191 3,586 9,528 Fair value...

  • Page 62
    ... means. If the asset has a contractual term, the Level 2 input is observable for substantially the full term of the asset. The fair values for Level 2 assets are generally obtained from third-party broker quotes, independent pricing services and exchanges. 60 Chevron Corporation 2011 Annual Report

  • Page 63
    .... 5 The "Other" asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts and investments in private-equity limited partnerships (Level 3). Chevron Corporation 2011 Annual Report 61

  • Page 64
    ...to the Consolidated Financial Statements Millions of dollars, except per-share amounts Note 21 Employee Benefit Plans - Continued The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets for the period are outlined below: Fixed Income Corporate...

  • Page 65
    ... supplemental retirement plans. At December 31, 2011 and 2010, trust assets of $51 and $57, respectively, were invested primarily in interest-earning accounts. Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links awards to corporate, unit...

  • Page 66
    ... relating to contingent environmental liabilities of assets originally contributed by Texaco to the Equilon and Motiva joint ventures and environmental conditions that existed prior to the formation of Equilon and Motiva, or that occurred during the 64 Chevron Corporation 2011 Annual Report...

  • Page 67
    ...-end 2011 environmental reserves balance of $1,219, $675 related to the company's U.S. downstream operations, including refineries and other plants, marketing locations (i.e., service stations and terminals), chemical facilities, and pipelines. The remaining $544 was associated with various sites...

  • Page 68
    ... the ARO liability estimates and discount rates. AROs are primarily recorded for the company's crude oil and natural gas producing assets. No significant AROs associated with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates for the...

  • Page 69
    ... diluted EPS: Year ended December 31 2011 2010 2009 Basic EPS Calculation Earnings available to common stockholders - Basic* Weighted-average number of common shares outstanding Add: Deferred awards held as stock units Total weighted-average number of common shares outstanding Earnings per share of...

  • Page 70
    ... Dividends Per Share Balance Sheet Data (at December 31) Current assets Noncurrent assets Total Assets Short-term debt Other current liabilities Long-term debt and capital lease obligations Other noncurrent liabilities Total Liabilities Total Chevron Corporation Stockholders' Equity Noncontrolling...

  • Page 71
    ...-Year Operating Summary Unaudited Worldwide - Includes Equity in Affiliates Thousands of barrels per day, except natural gas data, which is millions of cubic feet per day 2011 2010 2009 2008 2007 United States Net production of crude oil and natural gas liquids Net production of natural gas1 Net...

  • Page 72
    ... reserves for consolidated companies in 2011, 2010 and 2009, respectively. 4 Reconciliation of consolidated and affiliated companies total cost incurred to Upstream capital and exploratory (C&E) expenditures - $ billions. Total cost incurred for 2011 $27.4 Non oil and gas activities 5.4 (Includes...

  • Page 73
    ... of the company's major equity affiliates. Table II - Capitalized Costs Related to Oil and Gas Producing Activities Consolidated Companies A ffiliated Companies TCO Other Millions of dollars U.S. Other Americas Africa Asia Australia Europe Total At December 31, 2011 Unproved properties...

  • Page 74
    ... II Capitalized Costs Related to Oil and Gas Producing Activities - Continued Consolidated Companies A ffiliated Companies TCO Other Millions of dollars U.S. Other Americas Africa Asia Australia Europe Total At December 31, 2009 Unproved properties Proved properties and related producing...

  • Page 75
    ... The company's results of operations from oil and gas producing activities for the years 2011, 2010 and 2009 are shown in the following table. Net income from exploration and production activities as reported on page 46 reflects income taxes computed on an effective rate basis. Income taxes in...

  • Page 76
    ...Gas Producing Activities1 - Continued Consolidated Companies A ffiliated Companies TCO Other Millions of dollars U.S. Other Americas Africa Asia Australia Europe Total Year Ended December 31, 2009 Revenues from net production Sales Transfers Total Production expenses excluding taxes Taxes...

  • Page 77
    ... for Oil and Gas Producing Activities - Unit Prices and Costs1 Consolidated Companies U.S. Other Americas Africa Asia Australia Europe Total Affiliated Companies TCO Other Year Ended December 31, 2011 Average sales prices Liquids, per barrel Natural gas, per thousand cubic feet Average production...

  • Page 78
    ... by the various asset teams. Major changes are also reviewed with the company's Strategy and Planning Committee, whose members include the Chief Executive Officer and the Chief Financial Officer. The company's annual reserve activity is also reviewed with the Board of Directors. If major changes...

  • Page 79
    ... and the United States. Synthetic oil accounted for the balance of the proved undeveloped reserves and was located in Canada in the Other Americas region. Proved undeveloped reserves of equity affiliates amounted to 1.3 billion BOE. At year-end, crude oil, condensate and NGLs represented 61 percent...

  • Page 80
    ...the aggregate accounted for 47 percent of the company's total oil-equivalent proved reserves. These properties were geographically dispersed, located in the United States, Canada, South America, Africa, Asia and Australia. In the United States, total proved reserves at year-end 2011 were 1.9 billion...

  • Page 81
    ... of Oil and Gas Reporting. 3 Reserves associated with Canada. 4 Ending reserve balances in Africa were 38, 36 and 31 and in South America were 119, 121 and 120 in 2011, 2010 and 2009, respectively. 5 Included are year-end reserve quantities related to production-sharing contracts (PSC) (refer to...

  • Page 82
    ... was partially offset by the price effect on royalty determination at TCO. Continued development drilling increased reserves in Venezuela. Improved Recovery In 2009, improved recovery increased liquids volumes by 86 million barrels worldwide. Consolidated companies accounted for 50 million barrels...

  • Page 83
    ... For equity affiliates, a downward revision of 324 BCF at TCO was due to the price effect on royalty determination and a change in the variable-royalty calculation. This decline was partially offset by the recognition of additional reserves related to the Angola LNG project. Chevron Corporation 2011...

  • Page 84
    ...sales decreased consolidated companies' reserves 174 BCF worldwide. In Australia, the Wheatstone Project unitization and equity sales agreements reduced reserves 77 BCF. In the United States, sales in Alaska and other smaller fields reduced reserves 95 BCF. 82 Chevron Corporation 2011 Annual Report

  • Page 85
    ... TCO Other Companies Millions of dollars U.S. Africa Asia Australia Europe Total At December 31, 2011 Future cash inflows from production1 Future production costs Future development costs Future income taxes Undiscounted future net cash flows 10 percent midyear annual discount for timing of...

  • Page 86
    ... less related costs Revisions of previous quantity estimates Net changes in prices, development and production costs Accretion of discount Net change in income tax Net change for 2009 Present Value at December 31, 2009 Sales and transfers of oil and gas produced net of production costs Development...

  • Page 87
    ...'s exploration and production interests in the Middle East and Indonesia and provide an outlet for crude oil through The Texas Company's marketing network in Africa and Asia. 2011 Acquired Atlas Energy, Inc., an independent U.S. developer and producer of shale gas resources. The acquired assets...

  • Page 88
    ... Development; Corporate Vice President and President, Chevron International Exploration and Production Company; Vice President and Chief Financial Officer; and Corporate Vice President, Strategic Planning. He is Chairman of the Board of Directors and the Executive Committee of the American Petroleum...

  • Page 89
    ...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. Jay R. Pryor, 54 Vice President, Business Development, since...

  • Page 90
    ... 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] Notice As used in this report, the term "Chevron" and such terms as "the company," "the corporation," "our...

  • Page 91
    ... 6101 Bollinger Canyon Road BR1X3170 San Ramon, CA 94583-5177 Details of the company's political contributions for 20 1 1 are available on the company's website, Chevron.com, or by writing to: Policy, Government and Public Affairs Chevron Corporation 6101 Bollinger Canyon Road BR1X3400 San Ramon, CA...

  • Page 92
    Chevron Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324 USA www.chevron.com 10% Recycled 100% Recyclable 912-0961