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Management’s Discussion and Analysis of Financial Condition and Results of Operations
the tax effects related to the 2014 sale of interests in Chad and Cameroon, partially offset by other one-time and ongoing tax
charges.
The rate decreased between 2013 and 2012 primarily due to a lower effective tax rate in international upstream operations.
The lower international upstream effective 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.
Selected Operating Data1,2
2014 2013 2012
U.S. Upstream
Net Crude Oil and Natural Gas Liquids Production (MBPD) 456 449 455
Net Natural Gas Production (MMCFPD)31,250 1,246 1,203
Net Oil-Equivalent Production (MBOEPD) 664 657 655
Sales of Natural Gas (MMCFPD) 3,995 5,483 5,470
Sales of Natural Gas Liquids (MBPD) 20 17 16
Revenues From Net Production
Liquids ($/Bbl) $ 84.13 $ 93.46 $ 95.21
Natural Gas ($/MCF) $ 3.90 $ 3.37 $ 2.64
International Upstream
Net Crude Oil and Natural Gas Liquids Production (MBPD)41,253 1,282 1,309
Net Natural Gas Production (MMCFPD)33,917 3,946 3,871
Net Oil-Equivalent Production (MBOEPD)41,907 1,940 1,955
Sales of Natural Gas (MMCFPD) 4,304 4,251 4,315
Sales of Natural Gas Liquids (MBPD) 28 26 24
Revenues From Liftings
Liquids ($/Bbl) $ 90.42 $ 100.26 $ 101.88
Natural Gas ($/MCF) $ 5.78 $ 5.91 $ 5.99
Worldwide Upstream
Net Oil-Equivalent Production (MBOEPD)4
United States 664 657 655
International 1,907 1,940 1,955
Total 2,571 2,597 2,610
U.S. Downstream
Gasoline Sales (MBPD)5615 613 624
Other Refined Product Sales (MBPD) 595 569 587
Total Refined Product Sales (MBPD) 1,210 1,182 1,211
Sales of Natural Gas Liquids (MBPD) 121 125 141
Refinery Input (MBPD) 871 774 833
International Downstream
Gasoline Sales (MBPD)5403 398 412
Other Refined Product Sales (MBPD) 1,098 1,131 1,142
Total Refined Product Sales (MBPD)61,501 1,529 1,554
Sales of Natural Gas Liquids (MBPD) 58 62 64
Refinery Input (MBPD)7819 864 869
1Includes company share of equity affiliates.
2MBPD – thousands of barrels per day; MMCFPD – millions of cubic feet per day; MBOEPD – thousands of barrels of oil-equivalents per day; Bbl – Barrel; MCF – Thousands
of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of oil.
3Includes natural gas consumed in operations (MMCFPD):
United States 71 72 65
International8452 458 457
4Includes net production of synthetic oil:
Canada 43 43 43
Venezuela affiliate 31 25 17
5Includes branded and unbranded gasoline.
6Includes sales of affiliates (MBPD): 475 471 522
7As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a 100 percent consolidated basis. Prior to June 2012, crude-input volumes reflect a 64
percent equity interest. In fourth quarter 2014, Caltex Australia Ltd. completed the conversion of the 68,000-barrel-per-day Kurnell refinery into an import terminal.
82013 conforms to 2014 presentation.
Chevron Corporation 2014 Annual Report 19