Chevron 2011 Annual Report Download - page 42

Download and view the complete annual report

Please find page 42 of the 2011 Chevron annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

40 Chevron Corporation 2011 Annual Report
e “Repayments of long-term debt and other nancing
obligations” includes $761 for repayment of Atlas debt and $271
for payo of the Atlas revolving credit facility.
e “Net (purchases) sales of treasury shares” represents the
cost of common shares acquired less the cost of shares issued for
share-based compensation plans. Purchases totaled $4,262, $775
and $6 in 2011, 2010 and 2009, respectively. In 2011 and 2010,
the company purchased 42.3 million and 8.8 million common
shares for $4,250 and $750 under its ongoing share repurchase
program, respectively.
In 2011 and 2010, “Net sales (purchases) of other short-
term investments” consist of restricted cash associated with
capital-investment projects at the company’s Pascagoula and El
Segundo reneries, acquisitions pending tax deferred exchanges,
and Upstream abandonment activities that was invested in
short-term securities and reclassied from “Cash and cash
equivalents” to “Deferred charges and other assets” on the
Consolidated Balance Sheet. e company issued $374, $1,250
and $350 in 2011, 2010 and 2009, respectively, of tax exempt
bonds as a source of funds for U.S. renery projects, which is
included in “Proceeds from issuance of long-term debt.”
e Consolidated Statement of Cash Flows excludes
changes to the Consolidated Balance Sheet that did not aect
cash. In 2009, payments related to “Accrued liabilities” were
excluded from “Net decrease (increase) in operating working
capital” and were reported as “Capital expenditures.” e
“Accrued liabilities” were related to upstream operating agree-
ments outside the United States recorded in 2008. Refer also
to Note 25, on page 66, for a discussion of revisions to the
company’s AROs that also did not involve cash receipts or pay-
ments for the three years ending December 31, 2011.
e major components of “Capital expenditures” and
the reconciliation of this amount to the reported capital and
exploratory expenditures, including equity affiliates, are
presented in the following table:
Year ended December 31
2011 2010 2009
Additions to properties, plant
and equipment1 $ 25,440 $ 18,474 $ 16,107
Additions to investments 900 861 942
Current year dry hole expenditures 332 414 468
Payments for other liabilities
and assets, net2 (172) (137) 2,326
Capital expenditures 26,500 19,612 19,843
Expensed exploration expenditures 839 651 790
Assets acquired through capital
lease obligations and other
nancing obligations 32 104 19
Capital and exploratory expenditures,
excluding equity aliates 27,371 20,367 20,652
Company’s share of expenditures
by equity aliates 1,695 1,388 1,585
Capital and exploratory expenditures,
including equity aliates $29,066 $ 21,755 $ 22,237
1
Excludes noncash additions of $945 in 2011, $2,753 in 2010 and $985 in 2009.
2
2009 includes payments of $2,450 for accruals recorded in 2008.
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 rening, 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.
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
Note 4 Information Relating to the Consolidated Statement
of Cash Flows – Continued