Chevron 2011 Annual Report Download - page 43

Chevron Corporation 2011 Annual Report 41
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 47,
foradiscussion of TCO operations.
Summarized nancial information for 100 percent of
TCO is presented in the following table:
Year ended December 31
2011 2010 2009
Sales and other operating revenues $ 25,278 $ 17,812 $ 12,013
Costs and other deductions 10,941 8,394 6,044
Net income attributable to TCO 10,039 6,593 4,178
At December 31
2011 2010
Current assets $ 3,477 $ 3,376
Other assets 11,619 11,813
Current liabilities 2,995 2,402
Other liabilities 3,759 4,130
Total TCO net equity 8,342 8,657
Note 8
Lease Commitments
Certain noncancelable leases are classied as capital leases,
and the leased assets are included as part of “Properties, plant
and equipment, at cost” on the Consolidated Balance Sheet.
Such leasing arrangements involve crude oil production
and processing equipment, service stations, bareboat char-
ters, oce buildings, and other facilities. Other leases are
classied as operating leases and are not capitalized. e
payments on such leases are recorded as expense. Details of
the capitalized leased assets are as follows:
At December 31
2011 2010
Upstream $ 585 $ 561
Downstream 316 316
All Other – 169
Tot a l 901 1,046
Less: Accumulated amortization 568 573
Net capitalized leased assets $ 333 $ 473
Rental expenses incurred for operating leases during
2011, 2010 and 2009 were as follows:
Year ended December 31
2011 2010* 2009*
Minimum rentals $ 892 $ 931 $ 933
Contingent rentals 11 10 7
Tot a l 903 941 940
Less: Sublease rental income 39 41 41
Net rental expense $ 864 $ 900 $ 899
* Prior years have been adjusted to exclude cost of certain charters from rental expenses.
e summarized nancial information for CUSA and its
consolidated subsidiaries is as follows:
Year ended December 31
2011 2010 2009
Sales and other operating
revenues $ 187,917 $ 145,381 $ 121,553
Total costs and other deductions 178,498 139,984 120,053
Net income attributable to CUSA 6,899 4,159 1,141
At December 31
2011 2010
Current assets $ 34,478 $ 29,211
Other assets 47,556 35,294
Current liabilities 19,082 18,098
Other liabilities 26,153 16,785
Total CUSA net equity 36,799 29,622
Memo: Total debt $ 14,763 $ 8,284
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 eet and is engaged in the marine transportation
of crude oil and rened 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 nancial information for CTC and its
consolidated subsidiaries is as follows:
Year ended December 31
2011 2010 2009
Sales and other operating revenues $ 793 $ 885 $ 683
Total costs and other deductions 974 1,008 810
Net loss attributable to CTC (177) (116) (124)
At December 31
2011 2010*
Current assets $ 290 $ 309
Other assets 228 201
Current liabilities 114 101
Other liabilities 346 175
Total CTC net equity 58 234
*2010 current assets and other liabilities conformed with 2011 presentation.
ere were no restrictions on CTC’s ability to pay divi-
dends or make loans or advances at December 31, 2011.
Note 5 Summarized Financial Data – Chevron U.S.A. Inc. – Continued