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Chevron Corporation 2013 Annual Report 17
Consolidated Statement of Income
Comparative amounts for certain income statement catego-
ries are shown below:
Millions of dollars 2013 2012 2011
Sales and other operating revenues $ 220,156 $ 230,590 $ 244,371
Sales and other operating revenues decreased in 2013
mainly due to lower rened product prices and lower crude
oil volumes and prices. e decrease between 2012 and 2011
was 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.
Millions of dollars 2013 2012 2011
Income from equity aliates $ 7,527 $ 6,889 $ 7,363
Income from equity aliates increased in 2013 from
2012 mainly due to higher upstream-related earnings from
Tengizchevroil in Kazakhstan and Petropiar in Venezuela,
and higher earnings from CPChem, partially oset by 2013
impairments of power-related aliates.
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.
Refer to Note 12, beginning on page 45, for a discussion
of Chevron’s investments in aliated companies.
Millions of dollars 2013 2012 2011
Other income $ 1,165 $ 4,430 $1,972
Other income of $1.2 billion in 2013 included net gains
from asset sales of $710 million before-tax. Other income in
2012 and 2011 included net gains from asset sales of $4.2
billion and $1.5 billion before-tax, respectively. Interest
income was $136 million in 2013, $166 million in 2012 and
$145 million in 2011. Foreign currency eects increased
other income by $103 million in 2013, while decreasing other
income by $207 million in 2012 and increasing other income
by $103 million in 2011.
Millions of dollars 2013 2012 2011
Purchased crude oil and products $ 134,696 $ 140,766 $ 149,923
Crude oil and product purchases of $134.7 billion were
down in 2013 mainly due to lower prices for rened products
and lower volumes for crude oil, partially oset by higher
rened product volumes. Crude oil and product purchases
in 2012 decreased by $9.2 billion from the prior year 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.
Millions of dollars 2013 2012 2011
Operating, selling, general and
administrative expenses $ 29,137 $ 27,294 $ 26,394
Operating, selling, general and administrative expenses
increased $1.8 billion between 2013 and 2012 due to higher
employee compensation and benets costs of $720 million,
construction and maintenance expenses of $590 million, and
professional services costs of $500 million.
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.
Millions of dollars 2013 2012 2011
Exploration expense $ 1,861 $ 1,728 $ 1,216
Exploration expenses in 2013 increased from 2012
mainly due to higher charges for well write-os.
Exploration expenses in 2012 increased from 2011
mainly due to higher geological and geophysical costs and
well write-os.
Millions of dollars 2013 2012 2011
Depreciation, depletion and
amortization $ 14,186 $ 13,413 $ 12,911
e increase in 2013 from 2012 was mainly due to higher
depreciation rates for certain oil and gas producing elds,
higher upstream impairments and higher accretion expense,
partially oset by lower production levels. e increase in 2012
from 2011 was mainly due to higher depreciation rates for cer-
tain oil and gas producing elds, partially oset by lower
production levels.
Millions of dollars 2013 2012 2011
Taxes other than on income $ 13,063 $ 12,376 $ 15,628
Taxes other than on income increased in 2013 from 2012
mainly due to the consolidation of the 64 percent-owned Star
Petroleum Rening Company, beginning June 2012, and
higher consumer excise taxes in the United States. 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 rening and marketing assets in the
United Kingdom and Ireland in 2011. Partially osetting the
decrease were excise taxes associated with consolidation of
Star Petroleum Rening Company beginning June 2012.