Chevron 2011 Annual Report Download - page 4

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peers. We began initial production of
the Platong II natural gas project in
Thailand. The Angola liquefi ed natural
gas (LNG) project and Usan deepwater
development offshore Nigeria are
expected to begin production in 2012.
Big Foot and Jack/St. Malo in the U.S.
Gulf of Mexico are on schedule to
come
online in 2014. We also advanced
our two world-class LNG projects in
Western Australia. Gorgon achieved
key construction milestones and is
on track for a 2014 startup, and we
broke ground on Wheatstone, with
a planned startup in 2016.
We expanded our strategic position
in natural gas in North America and
Europe. Notably in 2011, we closed
our acquisition of Atlas Energy in the
northeastern United States, drilled
our fi rst shale gas wells in Poland and
Canada, and completed an agreement
to assess shale opportunities in
southern China.
and we delivered a strongly competi-
tive 21.6 percent return on capital
employed. We raised our dividend
twice in 2011, marking the 24th
consecutive year of increases.
We generated a total stockholder
return of 20.3 percent, leading
our peer group in 2011 and
over
the past fi ve- and 10-year periods.
Our fi nancial performance refl ected
outstanding operating results. In
the upstream, we ranked No. 1 in
earnings per barrel relative to our
2011 was a record year for our
fi nancial
performance. Net income
was $26.9 billion on sales and other
operating revenues of $244.4 billion,
Chevron delivered outstanding fi nancial and operating results in 2011. Even during turbulent
economic times, we achieved record earnings, advanced our industry-leading queue of 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.
To Our Stockholders