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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
18 Chevron Corporation 2013 Annual Report
Millions of dollars 2013 2012 2011
Income tax expense $ 14,308 $ 19,996 $ 20,626
Eective income tax rates were 40 percent in 2013,
43 percent in 2012 and 43percent in 2011. e decrease in
the eective tax rate between 2013 and 2012 was primarily
due to a lower eective tax rate in international upstream
operations. e lower international upstream eective tax
rate was driven by a greater portion of equity income in 2013
than in 2012 (equity income is included as part of before-tax
income and is generally recorded net of income taxes) and
foreign currency remeasurement impacts.
e rate was unchanged between 2012 and 2011. e
impact of lower eective tax rates in international upstream
operations was oset by foreign currency remeasurement
impacts between periods. For international upstream, the
lower eective tax rates in the 2012 period were driven pri-
marily by the eects of asset sales, one-time tax benets and
reduced withholding taxes, which were partially oset by a
lower utilization of tax credits during the year.
Selected Operating Data1,2
2013 2012 2011
U.S. Upstream
Net Crude Oil and Natural Gas
Liquids Production (MBPD) 449 455 465
Net Natural Gas Production (MMCFPD)3 1,246 1,203 1,279
Net Oil-Equivalent Production (MBOEPD) 657 655 678
Sales of Natural Gas (MMCFPD) 5,483 5,470 5,836
Sales of Natural Gas Liquids (MBPD) 17 16 15
Revenues From Net Production
Liquids ($/Bbl) $ 93.46 $ 95.21 $ 97.51
Natural Gas ($/MCF) $ 3.37 $ 2.64 $ 4.04
International Upstream
Net Crude Oil and Natural Gas
Liquids Production (MBPD)4 1,282 1,309 1,384
Net Natural Gas Production (MMCFPD)3 3,946 3,871 3,662
Net Oil-Equivalent Production
(MBOEPD)4 1,940 1,955 1,995
Sales of Natural Gas (MMCFPD) 4,251 4,315 4,361
Sales of Natural Gas Liquids (MBPD) 26 24 24
Revenues From Liftings
Liquids ($/Bbl) $ 100.26 $ 101.88 $ 101.53
Natural Gas ($/MCF) $ 5.91 $ 5.99 $ 5.39
Worldwide Upstream
Net Oil-Equivalent Production
(MBOEPD)4
United States 657 655 678
International 1,940 1,955 1,995
Total 2,597 2,610 2,673
U.S. Downstream
Gasoline Sales (MBPD)5 613 624 649
Other Refined Product Sales (MBPD) 569 587 608
Total Rened Product Sales (MBPD) 1,182 1,211 1,257
Sales of Natural Gas Liquids (MBPD) 125 141 146
Refinery Input (MBPD) 774 833 854
International Downstream
Gasoline Sales (MBPD)5 398 412 447
Other Refined Product Sales (MBPD) 1,131 1,142 1,245
Total Rened Product Sales (MBPD)6 1,529 1,554 1,692
Sales of Natural Gas Liquids (MBPD) 62 64 63
Renery Input (MBPD)7 864 869 933
1 Includes company share of equity aliates.
2 MBPD – thousands of barrels per day; MMCFPD – millions of cubic feet per day;
MBOEPD – thousands of barrels of oil-equivalents per day; Bbl – Barrel; MCF –
ousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic
feet of natural gas = 1 barrel of oil.
3 Includes natural gas consumed in operations (MMCFPD):
United States
8 72 65 69
International
8 452 457 447
4 Includes: Canada – synthetic oil 43 43 40
Venezuela aliate – synthetic oil 25 17 32
5 Includes branded and unbranded gasoline.
6 Includes sales of aliates (MBPD): 471 522 556
7 As of June 2012, Star Petroleum Rening Company crude-input volumes are
reported on a 100 percent consolidated basis. Prior to June 2012, crude-input vol-
umes reect a 64 percent equity interest.
8 2012 and 2011 conform to 2013 presentation.