DOCSLIB.ORG

Chevron 2006 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Chevron 2006 Annual Report 2006 Annual Report LETTER TO STOCKHOLDERS 2 EMERGING ENERGY 10 OPERATING HIGHLIGHTS 18 FIVE-YEAR OPERATING SUMMARY 85 THE ENERGY PORTFOLIO: EFFICIENT ENERGY 12 GLOSSARY OF ENERGY FIVE-YEAR FINANCIAL SUMMARY 86 CONVENTIONAL ENERGY 6 HUMAN ENERGY 14 AND FINANCIAL TERMS 24 BOARD OF DIRECTORS 1 0 1 UNCONVENTIONAL ENERGY 8 CHEVRON PERSPECTIVES 16 FINANCIAL REVIEW 25 CORPORATE OFFICERS 102 Demand for energy continues to rise, posing a clear challenge for our industry: how to develop new and better ways to produce, process, use and deliver all forms of energy — from conventional crude oil and natural gas to the emerging sources of the future. At Chevron, we recognize the world needs all the energy we can develop, in every potential form. We’re managing our energy portfolio to deliver that energy — and to create growth and value for our stockholders, our customers, our business partners and the communities where we do business. The energy portfolio CONVENTIONAL UNCONVENTIONAL EMERGING EFFICIENT HUMAN ENERGY ENERGY ENERGY ENERGY ENERGY 6 8 10 12 14 TO OUR STOCKHOLDERS 2006 was an exceptional year for our company. We continued to deliver value to our stockholders and to make strategic investments that will drive sustained, superior performance over the long term. We reported record net income of $17.1 billion on sales and other operating revenues of approximately $205 billion. For the year, total stockholder return was 33.8 percent, which was more than double the rate of return delivered by the S&P 500. Return on capital employed was a strong 22.6 percent. We continued to return cash to stock- holders through our stock buyback program, purchasing $5 billion worth of shares in the open market, and we increased our annual dividend for the 19th year in a row. We are committed to exercising the capital discipline necessary to balance current returns with investments for future profi table growth. DELIVERING RESULTS :: We completed the successful integration of Unocal after acquiring the company in 2005 and reached a number of milestones for our major capital projects, including fi rst production at fi elds in Angola, Azerbaijan, Trinidad and Tobago, and the United Kingdom. Overall, we increased year-over-year produc- tion volumes by nearly 6 percent. Our exploration program in 2006 was outstanding, refl ecting the discipline and effi ciency of our processes. We announced a number of discoveries, most notably in Australia, Nigeria and the U.S. Gulf of Mexico. We achieved our fi fth successful year of exploration results and added more than 1 billion barrels of potentially recoverable oil and gas resources. In the U.S. Gulf of Mexico, we completed the Jack well phases of many of these key projects. Our investments test, which set more than a half-dozen world records for are focused on creating new legacy positions in key pressure, depth and duration in the deep water. Jack conventional energy basins, expanding our assets and clearly demonstrates the power of advanced technology capabilities in unconventional resources, and investing to discover signifi cant new energy resources. Chevron is in emerging sources of energy such as gas-to-liquids one of the largest leaseholders in the deepwater Gulf and biofuels. This portfolio, with investments balanced of Mexico and is competitively positioned to benefi t as by location, by energy source and by time to fi rst pro- the long-term potential of this frontier area for crude oil duction, offers a strong foundation for sustained growth and natural gas exploration plays out. in even the most challenging of environments. In Australia, where we hold the leading natural gas HUMAN ENERGY :: At the center of our energy port- resource position, signifi cant steps were made toward folio are the men and women of Chevron, our “human securing environmental regulatory approvals necessary energy.” They run our operations safely, reliably and for the development of the Greater Gorgon Area natural effi ciently, in even the toughest conditions. They develop gas project. We also delivered the fi rst commissioning cargo of Australian liquefi ed natural gas to China aboard The people of Chevron have the Chevron-operated Northwest Swan vessel. a pioneering and ingenious Our global refi ning operations delivered record earnings spirit that enables the company in 2006, due in part to high reliability and utilization. We completed a major expansion at our Mississippi refi nery to continue expanding the that increased gasoline production capacity by approxi- boundaries of energy. mately 10 percent, and we acquired an interest in a large new export refi nery under construction in India, enhanc- technology that improves our operations today and ing our presence in the fast-growing Asia-Pacifi c region. creates new business opportunities for tomorrow. They ensure we contribute to a better quality of life in every We set a new safety record in 2006, our fi fth consecu- community where we operate. tive year of improvement. However, we will never be satisfi ed until we reduce the number of safety-related The people of Chevron have a pioneering and ingenious incidents to zero. spirit that enables the company to continue expanding the boundaries of energy. They understand the impor- CHEVRON’S ENERGY PORTFOLIO :: We expect global tance of energy to global economic growth and human demand for energy to continue growing. At the same progress, and they are committed to securing the en- time, increased competition for resources and height- ergy the world needs in innovative and value-creating ened geopolitical risks are challenging customary ways. I am proud to be part of the team. supply growth options. In this kind of environment, energy portfolio diversifi cation is an increasingly important means for supplying consumers around the globe with affordable, reliable energy. Our current asset and investment portfolio is diverse. DAVE O’REILLY We have a strong queue of capital projects in progress, Chairman of the Board and and our capital and exploratory budget for 2007 of Chief Executive Officer $19.6 billion refl ects the concentrated development February 28, 2007 3 CHEVRON FINANCIAL HIGHLIGHTS Millions of dollars, except per-share amounts 2006 2005 % Change Net income $ 17,138 $ 14,099 22 % Sales and other operating revenues $ 204,892 $ 193,641 6 % Capital and exploratory expenditures* $ 16,611 $ 11,063 50 % Total assets at year-end $ 132,628 $ 125,833 5 % Total debt at year-end $ 9,838 $ 12,870 (24)% Stockholders’ equity at year-end $ 68,935 $ 62,676 10 % Cash provided by operating activities $ 24,323 $ 20,105 21 % Common shares outstanding at year-end (Thousands) 2,150,390 2,218,519 (3)% Per-share data Net income – diluted $ 7.80 $ 6.54 19 % Cash dividends $ 2.01 $ 1.75 15 % Stockholders’ equity $ 32.06 $ 28.25 13 % Common stock price at year-end $ 73.53 $ 56.77 30 % Total debt to total debt-plus-equity ratio 12.5% 17.0% Return on average stockholders’ equity 26.0% 26.1% Return on capital employed (ROCE) 22.6% 21.9% *Includes equity in affi liates CHEVRON YEAR-END I<KLIEFE:8G@K8C E<K@E:FD< 8EEL8C:8J?;@M@;<E;J COMMON STOCK PRICE* <DGCFP<; 9`cc`fejf][fccXij ;fccXijg\ij_Xi\ Dollars per share G\iZ\ek )'%' )%,' 80 *' $73.53 (.%( )%'' )%'( )+ ))%- (,%' 60 (%,' (/ ('%' 40 (%'' () ,%' 20 '%,' - '%' '%'' 0 ' ')'* '+ ', '- ') '* '+ ', '- 0203 04 05 06 ')'* '+ ', '- )''-e\k`eZfd\ifj\fe`dgifm\[ K_\ZfdgXep`eZi\Xj\[`kjXeelXc The company’s stock price rose I\Zfi[e\k`eZfd\_\cg\[ i\jlckj`eXccfg\iXk`e^j\^d\ekjÇ [`m`[\e[gXpflk]fik_\(0k_ 30 percent in 2006, outpacing the Yffjk:_\mifeËji\kliefe lgjki\Xd#[fnejki\XdXe[Z_\d`$ Zfej\Zlk`m\p\Xi% broader market indexes. ZXg`kXc\dgcfp\[kf))%- ZXcj%Jg\Z`Xc$`k\dZ_Xi^\j`e)'') g\iZ\ek%K_\[\Zc`e\]ifd i\[lZ\[\Xie`e^jdfi\k_Xe *2002 and 2003 adjusted for stock )''+kf)'',i\]c\Zk\[X *Y`cc`fe% split in 2004 _`^_\iZXg`kXcYXj\i\jlck`e^ ]ifdk_\LefZXcXZhl`j`k`fe% 4 CHEVRON OPERATING HIGHLIGHTS1 2006 2005 % Change Net production of crude oil and natural gas liquids (Thousands of barrels per day) 1,732 1,669 4 % Net production of natural gas (Millions of cubic feet per day) 4,956 4,233 17 % Net oil-equivalent production (Thousands of oil-equivalent barrels per day) 2,667 2,517 6 % Refi nery input (Thousands of barrels per day) 1,989 1,883 6 % Sales of refi ned products (Thousands of barrels per day)2 3,621 3,725 (3)% Net proved reserves of crude oil, condensate and natural gas liquids3 (Millions of barrels) — Consolidated companies 5,294 5,626 (6)% — Affi liated companies 2,512 2,374 6 % Net proved reserves of natural gas3 (Billions of cubic feet) — Consolidated companies 19,910 20,466 (3)% — Affi liated companies 2,974 2,968 0 % Net proved oil-equivalent reserves3 (Millions of barrels) — Consolidated companies 8,612 9,037 (5)% — Affi liated companies 3,008 2,869 5 % Number of employees at year-end4 55,882 53,440 5 % 1 Includes equity in affiliates, except number of employees 2 2005 conformed to 2006 presentation 3 At the end of the year 4 Excludes service station personnel Performance Graph =`m\$P\Xi:ldlcXk`m\KfkXcI\kliej :Xc\e[Xip\Xij\e[\[;\Z\dY\i*( The stock performance graph at right shows )'' how an initial investment of $100 in Chevron stock would have compared with an equal invest- ment in the S&P 500 Index or the Competitor (,' Peer Group. The comparison covers a fi ve-year period beginning December 31, 2001, and ending fccXij December 31, 2006, and is weighted by market ; ('' capitalization as of the beginning of each year.
Load more

Recommended publications
  • Chevron Corporation 1995 Annual Report
    Chevron Corporation 1995 Annual Report New Prospects. New Perspectives. CHEVRON CORPORATION 1995 ANNUAL REPORT Table of Contents Chevron at a Glance 1 TO OUR STOCKHOLDERS BUSINESS AREAS OF OPERATION 3 FINANCIAL HIGHLIGHTS EXPLORATION AND PRODUCTION Explores for and produces crude oil and Major producing areas include the 4 OPERATING HIGHLIGHTS natural gas in the United States and 24 Gulf of Mexico, California, the Rocky 6 THE CHEVRON WAY other countries. Third-largest U.S. natu- Mountains, Texas, Canada, the North The company’s Mission and ral gas producer. Worldwide net produc- Sea, Australia, Indonesia, Angola, Vision statements tion was more than 1.4 million barrels a Nigeria and Kazakstan. Exploration day of oil and equivalent gas. areas include the above, as well as 7 NEW PROSPECTS. Competitive Advantage: Balanced U.S. frontiers such as Bolivia, Colombia, NEW PERSPECTIVES. and international short- and long-term Congo, Peru, Ireland and Namibia. STRATEGIES FOR THE FUTURE opportunities create high-value portfolio. 10 Build a committed team to accomplish the corporate mission. REFINING Converts crude oil into a variety of Principal U.S. locations are El Segundo 10 Continue exploration and pro- refined products, including motor gaso- and Richmond, Calif.; Pascagoula, duction growth in international line, diesel and aviation fuels, lubri- Miss.; Salt Lake City, Utah; El Paso, areas. cants, asphalt, chemicals and other Texas; and Honolulu, Hawaii. Also re- 14 Generate cash from North products. Chevron is one of the largest fines in Canada, Wales and (through its American exploration and pro- refiners in the United States. Caltex affiliate) Asia, Africa, the Mid- duction operations, while main- Competitive Advantage: Largest supplier dle East, Australia and New Zealand.
    [Show full text]
  • Doe V. Unocal Decision
    Volume 1 of 2 FOR PUBLICATION UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT JOHN DOE I, individually & as Administrator of the Estate of his deceased child Baby Doe I, & on behalf of all others similarly situated; JANE DOE I, on behalf of herself, as Adminstratrix of the Estate of her deceased child Baby Doe I, & on behalf of all others similarly situated; JOHN DOE II; JOHN DOE III; JOHN DOE IV; JOHN DOE V; JANE DOE II; JANE DOE III; JOHN DOE VI; JOHN DOE VII; JOHN Nos. 00-56603 DOE VIII; JOHN DOE IX; JOHN DOE 00-57197 X; JOHN DOE XI, on behalf of D.C. No. themselves & all others similarly CV-96-06959- situated & Louisa Benson on RSWL behalf of herself & the general public, Plaintiffs-Appellants, v. UNOCAL CORPORATION, a California Corporation; TOTAL S.A., a Foreign Corporation; JOHN IMLE, an individual; ROGER C. BEACH, an individual, Defendants-Appellees. 14187 14188 DOE I v. UNOCAL CORP. JOHN ROE III; JOHN ROE VII; JOHN Nos. 00-56628 ROE VIII; JOHN ROE X, 00-57195 Plaintiffs-Appellants, D.C. No. v. CV-96-06112- UNOCAL CORPORATION; UNION OIL RSWL COMPANY OF CALIFORNIA, OPINION Defendants-Appellees. Appeal from the United States District Court for the Central District of California Richard A. Paez and Ronald S.W. Lew, District Judges, Presiding1 Argued and Submitted December 3, 2001—Pasadena, California Filed September 18, 2002 Before: Harry Pregerson, Stephen Reinhardt, and A. Wallace Tashima, Circuit Judges. Opinion by Judge Harry Pregerson; Concurrence by Judge Reinhardt 1Judge Paez initially authored the orders granting in part and denying in part Defendants’ Motions to Dismiss.
    [Show full text]
  • CNOOC's Failed Bid to Purchase Unocal Michael Petrusic
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University of North Carolina School of Law NORTH CAROLINA LAW REVIEW Volume 84 | Number 4 Article 9 5-1-2006 Oil and National Security: CNOOC's Failed Bid to Purchase Unocal Michael Petrusic Follow this and additional works at: http://scholarship.law.unc.edu/nclr Part of the Law Commons Recommended Citation Michael Petrusic, Oil and National Security: CNOOC's Failed Bid to Purchase Unocal, 84 N.C. L. Rev. 1373 (2006). Available at: http://scholarship.law.unc.edu/nclr/vol84/iss4/9 This Note is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North Carolina Law Review by an authorized editor of Carolina Law Scholarship Repository. For more information, please contact [email protected]. Oil and the National Security: CNOOC's Failed Bid To Purchase Unocal On August 2, 2005, the China National Offshore Oil Company ("CNOOC") withdrew its bid to purchase U.S. oil company Unocal in response to significant political opposition.! CNOOC's bid aroused intense opposition from Members of Congress and outside observers. Within weeks of the bid's announcement, the House of Representatives urged the Bush administration to review the bid on national security grounds.2 The House based its arguments on the Exon-Florio Amendment to the Omnibus Trade and Competitiveness Act of 1988 (the "Amendment"),3 legislation designed to provide for the review and restriction of foreign direct investment in
    [Show full text]
  • University Capture
    THE AUSTRALIA INSTITUTE University Capture Australian universities and the fossil fuel industries Clive Hamilton and Christian Downie The Australia Institute Discussion Paper Number 95 June 2007 ISSN 1322-5421 ii © The Australia Institute This work is copyright. It may be reproduced in whole or in part for study or training purposes only with the written permission of the Australia Institute. Such use must not be for the purposes of sale or commercial exploitation. Subject to the Copyright Act 1968, reproduction, storage in a retrieval system or transmission in any form by any means of any part of the work other than for the purposes above is not permitted without written permission. Requests and inquiries should be directed to The Australia Institute. The Australia Institute iii Table of Contents Table of Contents iii Tables and Figures iv Acknowledgments v Summary vii 1. Introduction 2 1.1 Commercialisation of universities 2 1.2 Academic freedom 3 1.3 University capture 4 2. Involvement of fossil fuel companies in Australian universities 8 2.1 Fossil fuel industry associations 8 2.2 Fossil fuel companies 10 3. Three case studies 16 3.1 Introduction 16 3.2 The University of Queensland 16 3.3 The University of Western Australia 20 3.4 Curtin University of Technology 23 4. Conclusions 28 References 30 The Australia Institute iv Tables and Figures Table 1 Some examples of the revolving door between the fossil fuel 11 industries and university governance Table 2 Some fossil fuel sponsored academic positions at Australia 13 universities Figure 1 ACARP funding for research, in millions, 2000-2006 9 The Australia Institute v Acknowledgments The authors would like to thank Professor Stuart Macintyre and Professor Simon Marginson for refereeing this paper.
    [Show full text]
  • How to Improve U.S.-China Relations in the Wake of CNOOC
    63 How to Improve U.S.-China Relations in the Wake of CNOOC James A. Dorn Abstract The increasingly confrontational approach the U.S. Congress is taking toward China, as witnessed by the surge of anti-China legislation and by the excessive politicization of the proposed merger between CNOOC Ltd., a subsidiary of state-owned China National Offshore Oil Company, and Unocal is leading to “creeping protectionism,” often in the guise of protecting U.S. national security. Although it is proper to criticize China for its human rights violations and its lack of a transparent legal system, we should not ignore the substantial progress China has made since it embarked on economic liberalization in 1978. A policy of engagement—or what Hu Jintao, president of the People’s Republic of China, calls “peaceful development”—is a necessary condition for constructive U.S.-China relations. Although China’s competitiveness does pose a threat to certain U.S. economic interests, it also benefits American consumers and exporters. Protectionism would harm both the United States and China and would increase the likelihood of conflict. Hardliners would gain at the expense of more reasonable voices. To avert the risk of conflict, the United States needs to treat China as a normal great power, not as an adversary, and ensure that only those commercial transactions that genuinely threaten national security are blocked. The Korean Journal of Defense Analysis, Vol. XVII, No. 3, Winter 2005 64 How to Improve U.S.-China Relations in the Wake of CNOOC James A. Dorn 65 Introduction Such fears are evident in the flurry of anti-China resolutions and bills introduced by members of Congress around the time of the In its 2005 Annual Report to Congress on the Military Power of the CNOOC-Unocal bid.
    [Show full text]
  • Senate Inquiry Into Corporate Tax Avoidance and Minimisation
    Shell Australia Pty Ltd Committee Chair ABN 14 009 663 576 Senate Economics References Committee 2 Victoria Avenue PO Box 6100 Perth WA 6000 Parliament House Australia CANBERRA ACT 2600 Tel +61 8 9338 6000 Internet www.shell.com.au Correspondence 29 July 2015 PO BOX A47 CDC Perth WA 6837 Senate Inquiry into corporate tax avoidance and minimisation Shell Australia1 welcomes the opportunity to make this submission in response to your letter of 14th July 2015. 1. Background – About Shell Shell2 is a global group of energy and petrochemical companies, with its headquarters in The Hague, the Netherlands. Shell operates in over 70 countries around the world and employs around 94,000 people. In April 2015, the Boards of Royal Dutch Shell plc and BG Group plc agreed the terms of a proposed merger. The parties are targeting completion of the transaction in early 2016 and are currently seeking regulatory approvals in a number of jurisdictions. Subject to obtaining these approvals, the companies’ shareholders will then be asked to support the proposal. Shell in Australia Shell has been in Australia since 1901 and the Australian business forms an important part of Shell’s global natural gas business. Historically, our significant investments in Australia spanned across both the downstream and upstream sectors. In 2014 Shell sold its downstream refining, marketing and retail distribution operations to Vitol, and our business is now largely focused within the upstream sector – although Shell continues to supply aviation fuels and lubricants. 1 “Shell Australia” refers to Shell Australia Pty Ltd or any of the members of the Australian tax consolidated group of which Shell Energy Holdings Australia Ltd (SEHAL) is the head company.
    [Show full text]
  • Toward an Expanded Use of Rule 10B-5
    SECURITIES LAWS AND CORPORATE SOCIAL RESPONSIBILITY: TOWARD AN EXPANDED USE OF RULE 1OB-5 RACHEL CHERINGTON* 1. INTRODUCTION As U.S. companies expand overseas, in search of a larger cus- tomer base and the cheaper labor available in developing coun- tries, there has been concomitant concern that such transnational corporations ("TNCs") are subordinating human rights and other social responsibilities to the pursuit of higher corporate profit. Numerous corporations have been accused of violations of la- bor rights, such as the use of forced and child labor.' More egre- gious human rights violations include those alleged against Royal Dutch Petroleum ("Royal Dutch Shell") and Unocal Corporation. Royal Dutch Shell has been accused of complicity in the execution of Nigerian dissidents who protested the company's environ- mental policies. 2 Unocal Corporation has been sued in California for hiring the military of Myanmar (formerly Burma) to provide security for its pipeline project there, despite allegedly knowing that the military had tortured Burmese citizens in order to compel 3 their labor on the Unocal pipeline project. *J.D. Candidate, 2005, University of Pennsylvania Law School. I would like to thank Adam Bochenek for his insightful comments, Laura Leitner for her support during the writing of this Comment, and the editors of the University of Pennsyl- vania Journal of International Economic Law. Finally, I would like to thank my family for their love and support. 1See Beth Stephens, The Amorality of Profit: TransnationalCorporations and Hu- man Rights, 20 BERKELEY J.INT'L L. 45, 51-2 (2002) (giving examples of corporations, including Enron Corporation, Royal Dutch Shell, and Unocal, who participate in human rights abuses in pursuit of profits).
    [Show full text]
  • Complaint Filed Against Different Companies of The
    April 29, 2003 VIA FACSIMILE and U.S. MAIL Mr. Wesley Scholz Director, Office of Investment Affairs and National Contact Point for the OECD Guidelines for Multinational Enterprises Department of State 2201 C Street NW Washington, DC 20520 Dear Mr. Scholz: Friends of the Earth-United States is raising a specific instance against Unocal Corporation, ConocoPhillips, and Amerada Hess Corporation (the “U.S. Companies”) for breaching the OECD Guidelines for Multinational Enterprises (the “Guidelines”) with respect to the Baku-T’bilisi- Ceyhan oil pipeline1 (the “BTC”). The specific areas of concern we raise here relate to the BTC Consortium, of which the U.S. Companies are a part. It is held that the Consortium: y exerted undue influence on the regulatory framework; y sought or accepted exemptions related to social, labor, tax and environmental laws; y failed to operate in a manner contributing to the wider goals of sustainable development; y failed to adequately consult with project-affected communities on pertinent matters; and y undermined the host governments’ ability to mitigate serious threats to the environment, human health and safety. Applicability of the Guidelines to the U.S. Companies As a signatory to the Guidelines, the U.S. government has committed itself to encouraging multinational companies operating on its territory to observe the Guidelines wherever they operate. The U.S. companies’ operations in Azerbaijan, Georgia and Turkey are therefore subject to the Guidelines by virtue of the fact that each enterprise is incorporated and headquartered in the United States and has its primary securities’ listing on the New York Stock Exchange.
    [Show full text]
  • Chevron Unocal Analysis
    ANALYSIS OF PROPOSED CONSENT ORDER TO AID PUBLIC COMMENT IN THE MATTER OF CHEVRON CORPORATION AND UNOCAL CORPORATION, FILE NO. 051-0125 I. Introduction The Federal Trade Commission (“Commission” or “FTC”) has issued a complaint (“Complaint”) alleging that the proposed merger of Chevron Corporation (“Chevron,” formerly ChevronTexaco Corporation) and Unocal Corporation (“Unocal”) (collectively “Respondents”) would violate Section 7 of the Clayton Act, as amended, 15 U.S.C. § 18, and Section 5 of the Federal Trade Commission Act, as amended, 15 U.S.C. § 45, and has entered into an agreement containing consent order (“Agreement Containing Consent Order”) pursuant to which Respondents agree to be bound by a proposed consent order (“Proposed Consent Order”). The Proposed Consent Order remedies the likely anticompetitive effects arising from Respondents’ proposed merger, as alleged in the Complaint. II. Description of the Parties and the Transaction A. Chevron Chevron is a major international energy firm with operations in North America and about 180 foreign countries in Europe, Africa, South America, Central America, Indonesia, and the Asia-Pacific region. Its petroleum operations consist of exploring for, developing and producing crude oil and natural gas; refining crude oil into finished petroleum products; marketing crude oil, natural gas, and various finished products derived from petroleum; and transporting crude oil, natural gas, and finished petroleum products by pipeline, marine vessels, and other means. The company operates light petroleum refineries for products such as gasoline, jet fuel, kerosene and fuel oil at Pascagoula, Mississippi; El Segundo, California; Richmond, California; Salt Lake City, Utah; and Kapolei, Hawaii. Chevron is a major refiner and marketer of gasoline that meets the requirements of the California Air Resources Board (“CARB”).
    [Show full text]
  • Chevron 2007 Annual Report Supplement
    Energy Performance 2007 Supplement to the Annual Report Table of Contents Overview 1 2007 at a Glance 2 Financial Information Upstream 11 Highlights 14 United States 18 Africa 23 Asia-Pacific 30 Indonesia 32 Other International 38 Gas 39 Operating Data Downstream 49 Highlights 50 Refining 51 Marketing 52 Lubricants 52 Supply & Trading 53 Transportation 54 Operating Data Chemicals 60 Chevron Phillips Chemical Company LLC 61 Chevron Oronite Company Other Businesses 63 Technology 64 Power Generation 64 Chevron Energy Solutions 65 Mining Reference 66 Glossary of Energy and Financial Terms 68 Organizations Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 This 2007 Supplement to the Annual Report of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
    [Show full text]
  • Royal Dutch Shell 2007 Annual Review
    Delivery and growth Royal Dutch Shell plc Annual Review and Summary Financial Statements 2007 Delivery and growth are the basis for our success. We aim to SELECTED FINANCIAL DATA deliver major new energy projects, top-quality operational e selected financial data set out below is derived, in part, from performance and competitive returns while investing in new the Consolidated Financial Statements. e selected data should developments to secure the growth of our business . be read in conjunction with the Summary Consolidated Financial Delivery is doing what we say. Growth is our future . Statements and related Notes, as well as the Summary Operating and Financial Review in this Review. With effect from 2007, wind and solar activities, which were previously reported withi n Other industry segments, are reported within the Gas & Power segment and Oil Sands activities, which were previously reported within the Exploration & Production segment, are reported as a separate segment. During 2007, the hydrogen and CO 2 coordination activities were moved from Other industry segments to the Oil Products segment and all other activities within Other industry segments are now reported within the Corporate segment. CONSOLIDATED STATEMENT OF INCOME DATA $ million 2007 2006 2005 Revenue 355,782 318,845 306,731 Income from continuing operations 31,926 26,311 26,568 Income/(loss) from discontinued operations ––(307) Income for the period 31,926 26,311 26,261 Income attributable to minority interest 595 869 950 Income attributable to shareholders of Royal Dutch
    [Show full text]
  • Annual Report 2016 Www
    Chevron Lubricants Lanka PLC Annual Report 2016 www. chevron.lk Keeping our Chevron Lubricants Lanka PLC Annual Report 2016 1 Chevron Lubricants Lanka PLC Annual Report 2016 www. chevron.lk 2 Annual Report 2016 Keeping our FOCUS Chevron Lanka has delivered yet another year of outstanding results. Your company stood strong, engaging with the issues, working on intelligent solutions and increasing our focus on stakeholder value creation. We have always counted on our strong local and global synergies and the unmatched expertise in technology and industry innovation we own. Over the years we have shared this knowledge, continuing our vision to bring a positive impact to the people and communities we serve, while significantly contributing to the economy of Sri Lanka. Contents 4 Our Vision 5 Financial Highlights 6 Chairman’s Review 8 Managing Director’s Review 12 Board of Directors 16 Management Team 18 Management Discussion & Analysis 27 Financial Review 31 Corporate Social Responsibility 33 Corporate Governance 39 Risk Management 42 Financial Calender 43 Annual Report of the Directors 46 Statement of Directors’ Responsibilities 47 Audit Committee Report 48 Related Party Transactions Review Committee Report 49 Certificate of the Director on Transfer Pricing 50 Remuneration Committee Report 51 Independent Auditor’s Report 52 Income Statement 53 Statement of Comprehensive Income 54 Statement of Financial Position 55 Statement of Changes in Equity 56 Cash Flow Statement 57 Notes to the Financial Statements 84 Ten Year Financial Summary 85 Statement of Value Added 86 Shareholder Information 89 Notice of Annual General Meeting 90 Corporate Information 91 Form of Proxy Annual Report Online www.chevron.lk/reports 2 Our Family of Brands Chevron Lubricants Lanka PLC engages in blending, manufacturing, importing, distributing and marketing lubricants oils, greases, brake fluids and specialty products in Sri Lanka.
    [Show full text]