Chevron 2015 Annual Report Download - page 59

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Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
Note 20
Long-Term Debt
Total long-term debt, excluding capital leases, at December 31, 2015, was $33,584. The company’s long-term debt
outstanding at year-end 2015 and 2014 was as follows:
At December 31
2015 2014
3.191% notes due 2023 $ 2,250 $ 2,250
Floating rate notes due 2017 (0.555%)12,050 650
1.104% notes due 2017 2,000 2,000
1.718% notes due 2018 2,000 2,000
2.355% notes due 2022 2,000 2,000
1.365% notes due 2018 1,750 —
1.961% notes due 2020 1,750 —
4.95% notes due 2019 1,500 1,500
1.790% notes due 2018 1,250 —
2.419% notes due 2020 1,250 —
1.345% notes due 2017 1,100 1,100
1.344% notes due 2017 1,000 —
2.427% notes due 2020 1,000 1,000
Floating rate notes due 2018 (0.676%)1800 —
0.889% notes due 2016 750 750
2.193% notes due 2019 750 750
3.326% notes due 2025 750 —
2.411% notes due 2022 700 —
Floating rate notes due 2016 (0.444%)2700 700
Floating rate notes due 2019 (0.772%)2400 400
Floating rate notes due 2021 (0.892%)2400 400
Floating rate notes due 2022 (0.952%)2350 —
8.625% debentures due 2032 147 147
Amortizing Bank Loan due 2018 (1.172%)2110 —
8.625% debentures due 2031 108 107
8.0% debentures due 2032 74 74
9.75% debentures due 2020 54 54
8.875% debentures due 2021 40 40
Medium-term notes, maturing from 2021 to 2038 (5.975%)138 38
Total including debt due within one year 27,071 15,960
Debt due within one year (1,487) —
Reclassified from short-term debt 8,000 8,000
Total long-term debt $ 33,584 $ 23,960
1Weighted-average interest rate at December 31, 2015.
2Interest rate at December 31, 2015.
Chevron has an automatic shelf registration statement that expires in August 2018. This registration statement is for an
unspecified amount of nonconvertible debt securities issued or guaranteed by the company.
Long-term debt of $27,071 matures as follows: 2016 – $1,487; 2017 – $6,187; 2018 – $5,836; 2019 – $2,650; 2020 – $4,054;
and after 2020 – $6,857.
The company completed bond issuances of $6,000 and $5,000 in March and November 2015, respectively.
See Note 9, beginning on page 42, for information concerning the fair value of the company’s long-term debt.
Note 21
Accounting for Suspended Exploratory Wells
The company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a
sufficient quantity of reserves to justify completion as a producing well, and (b) the business unit is making sufficient
progress assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the
company obtains information that raises substantial doubt about the economic or operational viability of the project, the
exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.
Chevron Corporation 2015 Annual Report 57