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40 Chevron Corporation 2012 Annual Report
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
2012 2011 2010
Additions to properties, plant
and equipment* $ 29,526 $ 25,440 $ 18,474
Additions to investments 1,042 900 861
Current-year dry hole expenditures 475 332 414
Payments for other liabilities
and assets, net (105) (172) (137)
Capital expenditures 30,938 26,500 19,612
Expensed exploration expenditures 1,173 839 651
Assets acquired through capital
lease obligations and other
nancing obligations 1 32 104
Capital and exploratory expenditures,
excluding equity aliates 32,112 27,371 20,367
Company’s share of expenditures
by equity aliates 2,117 1,695 1,388
Capital and exploratory expenditures,
including equity aliates $ 34,229 $ 29,066 $ 21,755
*Excludes noncash additions of $4,569 in 2012, $945 in 2011 and $2,753 in 2010.
Note 4
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.
During 2012, Chevron implemented legal reorganiza-
tions in which certain Chevron subsidiaries transferred assets
to or under CUSA. e summarized nancial information
for CUSA and its consolidated subsidiaries presented in the
table below gives retroactive eect to the reorganizations as if
they had occurred on January 1, 2010. However, the nancial
information in the following table may not reect the nancial
position and operating results in the periods presented if the
reorganization had occurred on that date.
e summarized nancial information for CUSA and its
consolidated subsidiaries is as follows:
Year ended December 31
2012 2011 2010
Sales and other operating
revenues $ 183,215 $ 187,929 $ 143,352
Total costs and other deductions 175,009 178,510 137,964
Net income attributable to CUSA 6,216 6,898 4,154
At December 31
2012 2011
Current assets $ 18,983 $ 34,490
Other assets 52,082 47,556
Current liabilities 18,161 19,081
Other liabilities 26,472 26,160
Total CUSA net equity $ 26,432 $ 36,805
Memo: Total debt $ 14,482 $ 14,763
Note 5
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
2012 2011 2010
Sales and other operating revenues $ 606 $ 793 $ 885
Total costs and other deductions 745 974 1,008
Net loss attributable to CTC (135) (177) (116)
At December 31
2012 2011
Current assets $ 199 $ 290
Other assets 313 228
Current liabilities 154 114
Other liabilities 415 346
Total CTC net (decit) equity $ (57) $ 58
ere were no restrictions on CTC’s ability to pay divi-
dends or make loans or advances at December 31, 2012.
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
Note 3 Information Relating to the Consolidated Statement of Cash Flows – Continued