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Chevron Corporation 2013 Annual Report 71
Table III Results of Operations for Oil and
Gas Producing Activities1
e company’s results of operations from oil and gas
producing activities for the years 2013, 2012 and 2011 are
shown in the following table. Net income from exploration
and production activities as reported on page 44 reects
income taxes computed on an eective rate basis.
Income taxes in Table III are based on statutory tax rates,
reecting allowable deductions and tax credits. Interest
income and expense are excluded from the results reported in
Table III and from the net income amounts on page 44.
Table III – Results of Operations for Oil and Gas Producing Activities1
Consolidated Companies Aliated Companies
Other
Millions of dollars U.S. Americas Africa Asia Australia Europe Total
TCO Other
Year Ended December 31, 2013
Revenues from net production
Sales $ 2,303 $ 1,351 $ 702 $ 9,220 $ 1,431 $ 1,345 $ 16,352 $ 8,522 $ 2,100
Transfers 14,471 1,973 14,804 9,521 984 1,701 43,454 – –
Total 16,774 3,324 15,506 18,741 2,415 3,046 59,806 8,522 2,100
Production expenses excluding taxes (4,606) (1,218) (2,099) (4,429) (193) (759) (13,304) (401) (444)
Taxes other than on income (648) (90) (149) (140) (378) (3) (1,408) (439) (704)
Proved producing properties:
Depreciation and depletion (4,039) (440) (2,747) (3,602) (342) (416) (11,586) (518) (179)
Accretion expense2
(223) (22) (125) (114) (28) (79) (591) (9) (14)
Exploration expenses (555) (372) (203) (272) (161) (258) (1,821) – –
Unproved properties valuation (129) (84) (13) (141) (4) (5) (376) – (10)
Other income (expense)3 242 (5) 145 (275) 89 13 209 (81) 462
Results before income taxes 6,816 1,093 10,315 9,768 1,398 1,539 30,929 7,074 1,211
Income tax expense (2,471) (289) (6,545) (4,824) (411) (1,058) (15,598) (2,122) (624)
Results of Producing Operations $ 4,345 $ 804 $ 3,770 $ 4,944 $ 987 $ 481 $ 15,331 $ 4,952 $ 587
Year Ended December 31, 2012
Revenues from net production
Sales $ 1,832 $ 1,561 $ 1,480 $ 10,485 $ 1,539 $ 1,618 $ 18,515 $ 7,869 $ 1,951
Transfers 15,122 1,997 15,033 9,071 1,073 2,148 44,444 – –
Total 16,954 3,558 16,513 19,556 2,612 3,766 62,959 7,869 1,951
Production expenses excluding taxes (4,009) (1,073) (1,918) (4,545) (164) (637) (12,346) (463) (442)
Taxes other than on income (654) (123) (161) (191) (390) (3) (1,522) (439) (767)
Proved producing properties:
Depreciation and depletion (3,462) (508) (2,475) (3,399) (315) (541) (10,700) (427) (147)
Accretion expense2
(226) (33) (66) (92) (23) (46) (486) (8) (6)
Exploration expenses (244) (145) (427) (489) (133) (272) (1,710) – –
Unproved properties valuation (127) (138) (16) (133) – (15) (429) – –
Other income (expense)3 167 (169) (199) 245 2,495 13 2,552 27 31
Results before income taxes 8,399 1,369 11,251 10,952 4,082 2,265 38,318 6,559 620
Income tax expense (3,043) (310) (7,558) (5,739) (1,226) (1,511) (19,387) (1,972) (299)
Results of Producing Operations $ 5,356 $ 1,059 $ 3,693 $ 5,213 $ 2,856 $ 754 $ 18,931 $ 4,587 $ 321
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 eect on the results of producing operations.
2 Represents accretion of ARO liability. Refer to Note 24, “Asset Retirement Obligations,” on page 64.
3 Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.