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74 Chevron Corporation 2011 Annual Report
Consolidated Companies Aliated Companies
Other
Millions of dollars U.S. Americas Africa Asia Australia Europe Total TCO Other
Year Ended December 31, 2009
Revenues from net production
Sales $ 2,278 $ 918 $ 1,767 $ 5,648 $ 543 $ 1,712 $ 12,866 $ 4,043 $ 938
Transfers 9,133 1,555 7,304 4,926 765 1,546 25,229 – –
Total 11,411 2,473 9,071 10,574 1,308 3,258 38,095 4,043 938
Production expenses excluding taxes (3,281) (731) (1,345) (2,208) (94) (565) (8,224) (363) (240)
Taxes other than on income (367) (90) (132) (53) (190) (4) (836) (50) (96)
Proved producing properties:
Depreciation and depletion (3,493) (486) (2,175) (2,279) (214) (898) (9,545) (381) (88)
Accretion expense2
(194) (27) (66) (70) (2) (50) (409) (7) (3)
Exploration expenses (451) (203) (236) (113) (224) (115) (1,342) – –
Unproved properties valuation (228) (28) (11) (44) – – (311) – –
Other income (expense)3 156 (508) 98 (327) 350 (182) (413) (131) 9
Results before income taxes 3,553 400 5,204 5,480 934 1,444 17,015 3,111 520
Income tax expense (1,258) (203) (3,214) (2,921) (256) (901) (8,753) (935) (258)
Results of Producing Operations $ 2,295 $ 197 $ 1,990 $ 2,559 $ 678 $ 543 $ 8,262 $ 2,176 $ 262
1 e value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted from net
production in calculating the unit average sales price and production cost. is has no eect on the results of producing operations.
2 Represents accretion of ARO liability. Refer to Note 25, “Asset Retirement Obligations,” on page 66.
3 Includes foreign currency gains and losses, gains and losses on property dispositions, and income from operating and technical service agreements.
Table III Results of Operations for Oil and
Gas Producing Activities1 – Continued