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2014 Annual Report

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2014 Annual Report 2014 Annual Report Contents 2 Letter to Stockholders 8 Glossary of Energy and Financial Terms 81 Chevron History 4 Chevron Financial Highlights 9 Financial Review 82 Board of Directors 5 Chevron Operating Highlights 68 Five-Year Financial Summary 83 Corporate Officers 6 Chevron at a Glance 69 Five-Year Operating Summary 84 Stockholder and Investor Information Chevron recognizes the world needs reliable and affordable energy to meet growing demand. We are committed to help meet that demand while delivering sustained value to our stockholders, employees, business partners and the communities where we operate. 2014 brought many global challenges, including a precipitous drop in crude oil prices. In response to volatile market conditions we continue to be guided by our strategic plan and by the rigorous processes we follow to remain a top competitor within any business environment. During the year we advanced our upstream major capital projects and remained on track to grow our crude oil and natural gas production. Our downstream operations continued to benefit from the large investments we have made to grow our position in additives, petrochemicals and lubricants, and enhance our refinery system. Our consistent capital discipline and focus on operating costs throughout the business cycle position us to deliver future growth and strong returns. The online version of this report contains additional information about our company, as well as videos of our various projects. We invite you to visit our website at Chevron.com/AnnualReport2014. On the cover: Chevron is undertaking the largest shipbuilding and fleet modernization program in our recent corporate history. During 2014 Chevron Shipping Company took delivery of seven new ships including the first two of six new liquefied natural gas (LNG) carriers to support our growing LNG operations. Here, Chevron Shipping employees Chris Kasey (left), site Health, Environment and Safety lead, and Ian Wolfarth, LNG construction manager, conduct an inspection of one of the four storage tanks of a new LNG carrier under construction in South Korea. Inside front cover: Chevron has a strong legacy position in the Permian Basin of West Texas and southeastern New Mexico, which is a key asset in our portfolio. The Permian is one of the largest, oldest and most important producing areas in the United States. It comprises several basins, including the liquids-rich Delaware Basin and Midland Basin, and offers both conventional and shale and tight resources opportunities. Chevron Corporation 2014 Annual Report 1 To Our Stockholders 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. 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 also see additional production from We enter 2015 with the financial taxes, we will continue strategic social ramp-ups at Tubular Bells in the Gulf strength to meet the challenges of a investments. Over the past nine years of Mexico, the Bibiyana expansion in volatile crude oil price environment. we have contributed approximately Bangladesh and our Escravos gas-to- We have significant efforts underway $1.7 billion in social investments, with liquids facility in Nigeria, all of which to manage to a lower cost structure a special focus on three core areas — started up in 2014. We also expect and capital spend rate. We announced health, education and economic the startup in 2015 of our Gorgon a 2015 capital and exploratory budget development — to develop skilled liquefied natural gas project offshore of $35 billion. The 2015 budget is 13 workers, improve access to health Western Australia, and we will ramp percent lower than total investments care, and boost local and regional up production from our Permian for 2014, reflecting our focus on being economies. More details about these Basin assets in the United States. more selective with our investments in investments are available in the 2014 the current lower-price environment. Corporate Responsibility Report. In exploration we’re positioning ourselves for growth. We had a We remain committed to delivering As always, The Chevron Way provides successful year in 2014, including world-class safety, operational and a roadmap for how we conduct our two significant Gulf of Mexico environmental performance in our business, setting our vision to be discoveries in the deep water — businesses. In 2014 we delivered our the global energy company most Guadalupe and Anchor — as well as best overall year in personal safety, admired for its people, partnership promising discoveries in Australia, as measured by recordable injuries and performance. It establishes Canada and the Permian Basin. and injuries requiring time away the values by which we deliver our results, including acting with integrity, promoting diversity, and protecting We enter 2015 with the financial strength to meet the people and the environment. By following The Chevron Way we will challenges of a volatile crude oil price environment. We have continue to create enduring value significant efforts underway to manage to a lower cost for the communities where we operate and for our stockholders. structure and capital spend rate. The progress we made this past year is due to the hard work and determination In downstream and chemicals we from work, and in process safety of our workforce. All of us at Chevron ranked No. 1 in earnings per barrel as measured by loss of containment are committed to excellence in relative to our peers. We are benefiting incidents. We also had record lows everything we do. The end result is from improved reliability and targeted in our process fires, petroleum spill the strong performance we delivered growth efforts. We made reliability volume and motor vehicle crash rate. in 2014. investments at several refineries, In the last decade our Days Away including in El Segundo, California, From Work Rate has declined by Thank you for investing in Chevron. and Salt Lake City, Utah. We started 83 percent, our Total Recordable up the Pascagoula, Mississippi, base Incident Rate has improved by 55 oil facility this year, making Chevron percent, and our Motor Vehicle Crash the world’s largest premium base Rate has declined by 50 percent. oil producer. Oronite completed a major expansion in Singapore, which, We are just as determined to maintain when combined with earlier growth our strong social performance, initiatives, doubled the plant’s original recognizing that healthy businesses John S.S Watson additives production capacity. Chevron require healthy communities. We Chairman of the Board and Phillips Chemical, our joint venture, will continue to invest in projects Chief Executive Officer started up a new 1-hexene plant in and local goods and services, create February 20, 2015 Texas, where it also broke ground jobs, and generate revenues for the on a new ethane cracker and two communities in which we work. Beyond polyethylene facilities. our direct business investments and Chevron Corporation 2014 Annual Report 3 Chevron Financial Highlights Millions of dollars, except per-share amounts 2014 2013 % Change Net income attributable to Chevron Corporation $ 19,241 $ 21,423 (10.2) % Sales and other operating revenues $ 200,494 $ 220,156 (8.9) % Noncontrolling interests income $ 69 $ 174 (60.3) % Interest expense (after tax) $ — $ — 0.0 % Capital and exploratory expenditures* $ 40,316 $ 41,877 (3.7) % Total assets at year-end $ 266,026 $ 253,753 4.8 % Total debt and capital lease obligations at year-end $ 27,818 $ 20,431 36.2 % Noncontrolling interests $ 1,163 $ 1,314 (11.5) % Chevron Corporation stockholders’ equity at year-end $ 155,028 $ 149,113 4.0 % Cash provided by operating activities $ 31,475 $ 35,002 (10.1) % Common shares outstanding at year-end (Thousands) 1,865,481 1,899,435 (1.8) % Per-share data Net income attributable to Chevron Corporation — diluted $ 10.14 $ 11.09 (8.6) % Cash dividends $ 4.21 $ 3.90 7.9 % Chevron Corporation stockholders’ equity $ 83.10 $ 78.50 5.9 % Common stock price at year-end $ 112.18 $ 124.91 (10.2) % Total debt to total debt-plus-equity ratio 15.2% 12.1% Return on average Chevron Corporation stockholders’ equity 12.7% 15.0% Return on capital employed (ROCE) 10.9% 13.5% *Includes equity in affiliates Net Income Attributable Chevron Year-End to Chevron Corporation Annual Cash Dividends Common Stock Price Return on Capital Employed Billions of dollars Dollars per share Dollars per share Percent 30.0 5.00 150 25 $4.21 25.0 4.00 120 $112.18 20 20.0 $19.2 3.00 90 15 15.0 10.9% 2.00 60 10 10.0 1.00 30 5 5.0 0.0 0.00 0 0 1011 12 13 14 10 11 12 13 14 1011 12 13 14 1011 12 13 14 The decrease in 2014 was due to The company’s annual dividend The company’s stock price Chevron’s return on capital lower earnings in upstream as a increased for the 27th declined 10.2 percent in 2014.
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