Chevron 2014 Annual Report Download - page 75

Supplemental Information on Oil and Gas Producing Activities - Unaudited
Table III - Results of Operations for Oil and Gas Producing Activities1, continued
Consolidated Companies Affiliated Companies
Millions of dollars U.S.
Other
Americas Africa Asia
Australia/
Oceania Europe Total TCO Other
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)3167 (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
1The 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. This has no effect on the results of producing operations.
2Represents accretion of ARO liability. Refer to Note 24, “Asset Retirement Obligations,” on page 67.
3Includes foreign currency gains and losses, gains and losses on property dispositions, and other miscellaneous income and expenses.
Table IV - Results of Operations for Oil and Gas Producing Activities - Unit Prices and Costs1
Consolidated Companies Affiliated Companies
U.S.
Other
Americas Africa Asia
Australia/
Oceania Europe Total TCO Other
Year Ended December 31, 2014
Average sales prices
Liquids, per barrel $ 84.13 $ 83.57 $ 96.43 $ 89.44 $ 95.17 $ 95.05 $ 89.44 $ 81.07 $ 76.07
Natural gas, per thousand cubic feet 3.90 2.84 1.53 5.86 10.42 9.29 5.44 1.53 6.38
Average production costs, per barrel220.09 22.77 13.77 17.21 5.53 27.14 17.69 4.47 29.30
Year Ended December 31, 2013
Average sales prices
Liquids, per barrel $ 93.46 $ 88.32 $ 107.22 $ 98.37 $ 103.28 $ 105.78 $ 99.05 $ 88.06 $ 78.87
Natural gas, per thousand cubic feet 3.38 2.68 1.76 6.02 10.61 11.04 5.45 1.50 4.00
Average production costs, per barrel219.57 21.29 13.93 16.49 5.90 22.87 17.10 4.37 22.69
Year Ended December 31, 2012
Average sales prices
Liquids, per barrel $ 95.21 $ 87.87 $ 109.64 $ 102.46 $ 103.06 $ 108.77 $ 101.61 $ 89.34 $ 83.97
Natural gas, per thousand cubic feet 2.65 3.59 1.22 6.03 10.99 10.10 5.42 1.36 5.39
Average production costs, per barrel216.99 18.38 12.14 16.71 4.86 15.72 15.46 4.42 18.73
1The 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. This has no effect on the results of producing operations.
2Natural gas converted to oil-equivalent gas (OEG) barrels at a rate of 6 MCF = 1 OEG barrel.
Chevron Corporation 2014 Annual Report 73