Chevron 2014 Annual Report Download - page 4

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Financially we had a solid year
as reflected in our net income of
$19.2 billion on sales and other
operating revenues of $200.5 billion.
We achieved a 10.9 percent return on
capital employed. 2014 represented
the 27th consecutive year of annual
dividend payout increases, underlining
that our commitment to the dividend
is our highest financial priority. In 2014
we launched our three-year $10 billion
divestment program, obtaining $5.7
billion in asset sales during the first
year. Finally, although market returns
were challenged in
2014
our annualized
total stockholder returns of 1 1.5 and
1 1.4 percent over the past five- and
10-year periods, respectively,
continued to lead our peer group.
In the upstream we ranked No. 1 in
earnings per barrel relative to our
peers for the fifth straight year. We
are targeting production of 3.1 million
barrels of oil-equivalent per day in
2017, a 20 percent increase from 2014,
which is a larger growth rate than that
projected for our large competitors.
In early December Jack/St. Malo, one
of our deepwater U.S. Gulf of Mexico
projects, delivered first oil on time
and within budget. In 2015 we’ll
For Chevron 2014 was a
year of moving forward our
strong queue of projects.
Even as we experienced a
50 percent drop in the price
of oil in the second half of the
year, we maintained our focus
on providing affordable and
reliable energy, safely and
responsibly, to the benefit
of our stakeholders.
To Our Stockholders