Chevron 2014 Annual Report Download - page 30

Management’s Discussion and Analysis of Financial Condition and Results of Operations
general and administrative expenses” on the Consolidated Statement of Income. An exception to this handling is for income
tax matters, for which benefits are recognized only if management determines the tax position is “more likely than not”
(i.e., likelihood greater than 50 percent) to be allowed by the tax jurisdiction. For additional discussion of income tax
uncertainties, refer to Note 23 beginning on page 65. Refer also to the business segment discussions elsewhere in this section
for the effect on earnings from losses associated with certain litigation, environmental remediation and tax matters for the
three years ended December 31, 2014.
An estimate as to the sensitivity to earnings for these periods if other assumptions had been used in recording these liabilities
is not practicable because of the number of contingencies that must be assessed, the number of underlying assumptions and
the wide range of reasonably possible outcomes, both in terms of the probability of loss and the estimates of such loss.
New Accounting Standards
Refer to Note 19, on page 57 in the Notes to Consolidated Financial Statements, for information regarding new accounting
standards.
Quarterly Results and Stock Market Data
Unaudited
2014 2013
Millions of dollars, except per-share amounts 4th Q 3rd Q 2nd Q 1st Q 4th Q 3rd Q 2nd Q 1st Q
Revenues and Other Income
Sales and other operating revenues1$42,111 $51,822 $55,583 $50,978 $53,950 $56,603 $55,307 $54,296
Income from equity affiliates 1,555 1,912 1,709 1,922 1,824 1,635 1,784 2,284
Other income 2,422 945 646 365 384 265 278 238
Total Revenues and Other Income 46,088 54,679 57,938 53,265 56,158 58,503 57,369 56,818
Costs and Other Deductions
Purchased crude oil and products 24,263 30,741 33,844 30,823 32,691 34,822 34,273 32,910
Operating expenses 6,572 6,403 6,287 6,023 6,521 6,066 6,278 5,762
Selling, general and administrative expenses 1,368 1,122 1,077 927 1,176 1,197 1,139 998
Exploration expenses 510 366 694 415 726 559 329 247
Depreciation, depletion and amortization 4,873 3,948 3,842 4,130 3,635 3,658 3,412 3,481
Taxes other than on income13,118 3,236 3,167 3,019 3,211 3,366 3,349 3,137
Total Costs and Other Deductions 40,704 45,816 48,911 45,337 47,960 49,668 48,780 46,535
Income Before Income Tax Expense 5,384 8,863 9,027 7,928 8,198 8,835 8,589 10,283
Income Tax Expense 1,912 3,236 3,337 3,407 3,240 3,839 3,185 4,044
Net Income $ 3,472 $ 5,627 $ 5,690 $ 4,521 $ 4,958 $ 4,996 $ 5,404 $ 6,239
Less: Net income attributable to noncontrolling interests 13425 928 46 39 61
Net Income Attributable to Chevron Corporation $ 3,471 $ 5,593 $ 5,665 $ 4,512 $ 4,930 $ 4,950 $ 5,365 $ 6,178
Per Share of Common Stock
Net Income Attributable to Chevron Corporation
– Basic $ 1.86 $ 2.97 $ 3.00 $ 2.38 $ 2.60 $ 2.58 $ 2.80 $ 3.20
– Diluted $ 1.85 $ 2.95 $ 2.98 $ 2.36 $ 2.57 $ 2.57 $ 2.77 $ 3.18
Dividends $ 1.07 $ 1.07 $ 1.07 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 0.90
Common Stock Price Range – High2$120.17 $135.10 $133.57 $125.32 $125.65 $127.83 $127.40 $121.56
– Low2$100.15 $118.66 $116.50 $109.27 $114.44 $117.22 $114.12 $108.74
1Includes excise, value-added and similar taxes: $ 2,004 $ 2,116 $ 2,120 $ 1,946 $ 2,128 $ 2,223 $ 2,108 $ 2,033
2Intraday price.
The company’s common stock is listed on the New York Stock Exchange (trading symbol: CVX). As of February 9, 2015, stockholders of record
numbered approximately 152,000. There are no restrictions on the company’s ability to pay dividends.
28 Chevron Corporation 2014 Annual Report