Chevron 2014 Annual Report Download - page 42

Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash. The
2012 period excludes the effects of $800 of proceeds to be received in future periods for the sale of an equity interest in the
Wheatstone Project, of which $164 has been received as of December 31, 2014. “Capital expenditures” in the 2012 period
excludes a $1,850 increase in “Properties, plant and equipment” related to an upstream asset exchange in Australia. Refer
also to Note 24, on page 67, for a discussion of revisions to the company’s AROs that also did not involve cash receipts or
payments for the three years ending December 31, 2014.
The major components of “Capital expenditures” and the reconciliation of this amount to the reported capital and exploratory
expenditures, including equity affiliates, are presented in the following table:
Year ended December 31
2014 2013 2012
Additions to properties, plant and equipment *$ 34,393 $ 36,550 $ 29,526
Additions to investments 526 934 1,042
Current-year dry hole expenditures 504 594 475
Payments for other liabilities and assets, net (16) (93) (105)
Capital expenditures 35,407 37,985 30,938
Expensed exploration expenditures 1,110 1,178 1,173
Assets acquired through capital lease obligations and other financing obligations 332 16 1
Capital and exploratory expenditures, excluding equity affiliates 36,849 39,179 32,112
Company’s share of expenditures by equity affiliates 3,467 2,698 2,117
Capital and exploratory expenditures, including equity affiliates $ 40,316 $ 41,877 $ 34,229
*Excludes noncash additions of $2,310 in 2014, $1,661 in 2013 and $4,569 in 2012.
Note 5
Equity
Retained earnings at December 31, 2014 and 2013, included approximately $14,512 and $11,395, respectively, for the
company’s share of undistributed earnings of equity affiliates.
At December 31, 2014, about 133 million shares of Chevron’s common stock remained available for issuance from the
260 million shares that were reserved for issuance under the Chevron LTIP. In addition, approximately 174,510 shares
remain available for issuance from the 800,000 shares of the company’s common stock that were reserved for awards under
the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan.
Note 6
Lease Commitments
Certain noncancelable leases are classified as capital leases, and the leased assets are included as part of “Properties, plant
and equipment, at cost” on the Consolidated Balance Sheet. Such leasing arrangements involve crude oil production and
processing equipment, service stations, bareboat charters, office buildings, and other facilities. Other leases are classified as
operating leases and are not capitalized. The payments on operating leases are recorded as expense. Details of the capitalized
leased assets are as follows:
At December 31
2014 2013
Upstream $ 765 $ 445
Downstream 97 316
All Other ——
Total 862 761
Less: Accumulated amortization 381 523
Net capitalized leased assets $ 481 $ 238
40 Chevron Corporation 2014 Annual Report