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Chevron Corporation 2012 Annual Report 17
Consolidated Statement of Income
Comparative amounts for certain income statement catego-
ries are shown below:
Millions of dollars 2012 2011 2010
Sales and other operating revenues $ 230,590 $ 244,371 $ 198,198
Sales and other operating revenues decreased in 2012
mainly due to the 2011 sale of the company’s rening and
marketing assets in the United Kingdom and Ireland, and
lower crude oil volumes. Higher 2011 prices for crude oil and
rened products resulted in increased sales and other operat-
ing revenues compared with 2010.
Millions of dollars 2012 2011 2010
Income from equity aliates $ 6,889 $ 7,363 $ 5,637
Income from equity aliates decreased in 2012 from
2011 mainly due to lower upstream-related earnings from
Tengizchevroil in Kazakhstan as a result of lower crude oil
production, and higher operating expenses at Angola LNG
Limited and Petropiar in Venezuela. Downstream-related
earnings were higher between comparative periods, primarily
due to higher margins at CPChem.
Income from equity aliates increased in 2011 from
2010 mainly due to higher upstream-related earnings from
Tengizchevroil as a result of higher prices for crude oil.
Downstream-related earnings were also higher between the
comparative periods, primarily due to higher earnings from
CPChem as a result of higher margins on sales of commodity
chemicals.
Refer to Note 11, beginning on page 46, for a discussion
of Chevron’s investments in aliated companies.
Millions of dollars 2012 2011 2010
Other income $ 4,430 $ 1,972 $ 1,093
Other income of $4.4 billion in 2012 included net gains
from asset sales of approximately $4.2 billion. Other income
in 2011 and 2010 included net gains from asset sales of $1.5
billion and $1.1 billion, respectively. Interest income was
approximately $166 million in 2012, $145 million in 2011
and $120 million in 2010. Foreign currency eects decreased
other income by $207 million in 2012, while increasing other
income by $103 million in 2011 and decreasing other income
by $251 million in 2010.
Millions of dollars 2012 2011 2010
Purchased crude oil and products $ 140,766 $ 149,923 $ 116,467
Crude oil and product purchases of $140.8 billion were
down in 2012 mainly due to the 2011 sale of the company’s
rening and marketing assets in the United Kingdom and
Ireland and lower natural gas prices. Crude oil and prod-
uct purchases in 2011 increased by $33.5 billion from the
prior year due to higher prices for crude oil, natural gas and
rened products.
Millions of dollars 2012 2011 2010
Operating, selling, general and
administrative expenses $ 27,294 $ 26,394 $ 23,955
Operating, selling, general and administrative expenses
increased $900 million between 2012 and 2011 mainly due
to higher contract labor and professional services of $590
million, and higher employee compensation and benets of
$280 million.
Operating, selling, general and administrative expenses
increased $2.4 billion between 2011 and 2010. is increase
was primarily related to higher fuel expenses of $1.5 billion
and higher employee compensation and benets of $700
million. In part, increased fuel purchases in 2011 reected a
new commercial arrangement that replaced a prior product
exchange agreement for upstream operations in Indonesia.
Millions of dollars 2012 2011 2010
Exploration expense $ 1,728 $ 1,216 $ 1,147
Exploration expenses in 2012 increased from 2011
mainly due to higher geological and geophysical costs and
well write-os.
Exploration expenses in 2011 increased from 2010
mainly due to higher geological and geophysical costs, partly
oset by lower well write-os.
Millions of dollars 2012 2011 2010
Depreciation, depletion and
amortization $ 13,413 $ 12,911 $ 13,063
e increase in 2012 from 2011 was mainly due to higher
depreciation rates for certain oil and gas producing elds, par-
tially oset by lower production levels. e decrease in 2011
from 2010 mainly reected lower production levels and the
2011 sale of the Pembroke Renery, partially oset by higher
depreciation rates for certain oil and gas producing elds.
Millions of dollars 2012 2011 2010
Taxes other than on income $ 12,376 $ 15,628 $ 18,191
Taxes other than on income decreased in 2012 from 2011
primarily due to lower import duties in the United Kingdom
reecting the sale of the company’s rening and marketing
assets in the United Kingdom and Ireland in 2011. Partially
osetting the decrease were excise taxes associated with con-
solidation of Star Petroleum Rening Company beginning
June 2012. Taxes other than on income decreased in 2011
from 2010 primarily due to lower import duties in the United
Kingdom reecting the 2011 sale of the Pembroke Renery
and other downstream assets, partly oset by higher excise
taxes in the company’s South Africa downstream operations.
Millions of dollars 2012 2011 2010
Interest and debt expense $ — $ — $ 50
Total interest and debt expenses were fully capitalized in
2012 and 2011.