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Chevron 2007 Annual Report

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Chevron 2007 Annual Report Energy Ingenuity 2007 Annual Report Letter to Stockholders 2 Enhanced Oil Recovery 8 Carbon Management 18 Renewable Energy, Technology 27 Five-year Operating Summary 86 The Corporate Responsibility Report Legal notice Chevron Financial Highlights 4 Refining 10 Community Engagement 20 and Other businesses Five-year Financial Summary 87 :_\mife:figfiXk`fe -''(9fcc`e^\i:XepfeIfX[ is available in May on the company’s As used in this report,JXeIXdfe#:80+,/*$)*)+ the term Chevron Operating Highlights 5 Natural Gas 12 Operating Highlights 22 Glossary of Energy 28 board of directors 102 nnn%Z_\mife%Zfd energy > Ingenuity Geothermal Energy 14 Upstream 23 and Financial Terms Corporate Officers 103 Web site, www.chevron.com, or a copy “Chevron” and such terms as “the :?<MIFE:FIGFI8K@FE)''.8EEL8CI<GFIK deepwater Operations 6 Technology 16 downstream 26 Financial Review 29 Stockholder and Investor Information 104 may be requested by writing to: company,” “the corporation,” “our,” Policy, Government and Public Affairs “we” and “us” may refer to one or Chevron Corporation more of its consolidated subsidi- < e \ i ^ p @e^\el`kp 6001 bollinger Canyon Road, A2181 aries or to all of them taken as a )''.8eelXcI\gfik San Ramon, CA 94583-2324 whole. All of these terms are used for convenience only and are not details of the company’s political intended as a precise description of contributions for 2007 are avail- any of the separate companies, each able on the company’s Web site, of which manages its own affairs. www.chevron.com, or by writing to: Policy, Government and Public Affairs Corporate Headquarters Chevron Corporation 6001 bollinger CanyonI<:P:C<;&I<:P:C89C< Road 0()$'0+( 6001 bollinger Canyon Road, A2114 San Ramon, CA 94583-2324 Energy 2007 Annual Report San Ramon, CA 94583-2324 925 842 1000 demand for energy is growing. Information about charitable and educational contributions is available in the second half of the The world is undergoing an economic year on Chevron’s Web site, www.chevron.com. <e\i^p G\i]fidXeZ\ expansion that is raising the standard )''.Jlggc\d\ekkfk_\8eelXcI\gfik of living for millions of people around For additional information about the company and the energy the globe. Energy is the foundation for industry, visit Chevron’s Web site, this expansion. Access to reliable and www.chevron.com. It includes abundant energy is essential for human articles, news releases, speeches, quarterly earnings information, and economic progress. As the world’s the Proxy Statement and the com- population continues to grow, so does our plete text of this Annual Report. need for greater supplies of energy. How we 2007 Supplement to the Annual Report deliver that energy — in ways that sustain and protect our environment — is one of the great challenges of our time. <e\i^p GXike\ij_`g )''.:figfiXk\I\jgfej`Y`c`kpI\gfik This Annual Report contains forward-looking statements — identified by words such as “expects,” “intends,” “projects,” etc. — that reflect management’s current estimates and beliefs, but are not guarantees of future results. Please see “Cautionary Statement Relevant to Forward-Looking Information for the Purpose of ‘Safe Harbor’ Provisions of the Private Securities Litigation Reform Act of 1995” on Page 29 for a discussion of some of the factors that could cause actual results to differ materially. PHOTOGRAPHY Cover, Inside Front Cover-Page 1: Michael Goldwater; Pages 3, 22: Eric Myer; Pages 6–7: bob Gaspard; Pages 8–9: daniel Esgro; Pages 10–11, 20–21, 24–25 (middle): Richard Lord; Pages 12–13: Christian Sprogoe; Pages 14–15: Tantyo bangun; Pages 16–17, 26–27 (middle): Marilyn Hulbert; Pages 18–19: Gary darby, Weyerhaeuser Corporate Photography; Page 23: Chris Stowers/GEOmedia; Page 24 (left): Myriad Media Ltd.; Page 25 (right): Shell Canada Energy; Page 26 (left): John Sturrock; Page 27 (right): Filmsight Productions. PROduCed bY Policy, Government and Public Affairs and Comptroller’s departments, Chevron Corporation desIGn Sequel Studio, New york 2007 Corporate Responsibility Report PRInTInG Insync Marketing Solutions, Los Angeles Platong Processing Facilities, Platong Field, Gulf of Thailand. Ingenuity Human energy is rising to the challenge. Chevron is built on the idea that with commitment and ingenuity there is no problem that cannot be solved, no challenge that cannot be overcome. This is how the people of Chevron approach their jobs every day. The world needs energy to power businesses, heat homes, light schools, transport people, deliver products, create jobs and improve the overall quality of life. Energy moves the world forward. Human energy makes it possible. To Our Stockholders 2007 was a year of significant achievement for our company. We reported record earnings, led our peer group in total stockholder return and advanced our robust queue of major capital projects, which are creating a strong foundation for long-term growth. Most important, the people of Chevron performed superbly, demonstrating the values and ingenuity that distinguish our company. Net income of $18.7 billion represented a fourth Major capital projects in the upstream reached consecutive year of record earnings. Capital several milestones. The Agbami floating production, and exploratory expenditures for the year were storage and offloading vessel was completed and $20 billion, and return on capital employed was was positioned in the deep water off Nigeria in early 23.1 percent. We increased the annual dividend for 2008. In 2007, the Bibiyana gas field in Bangladesh the 20th consecutive year and achieved a total began production, and we launched commercial stockholder return of 30.5 percent, approximately production from the 110-megawatt Darajat III geo- 25 percentage points higher than the return thermal plant in Indonesia. delivered by the S&P 500. We continued to return Chevron’s track record as a successful partner cash to our stockholders through stock buyback helped us achieve a 10-year extension for produc- programs, purchasing $7 billion of our common ing natural gas in the Gulf of Thailand, which will shares during 2007. In September, we initiated a help realize our goal of increasing production new program to acquire up to $15 billion of our from this area to more than 1 billion cubic feet per common shares over a period of up to three day. Our expertise in producing sour gas at the years. We are committed to the capital discipline Tengizchevroil project in Kazakhstan was a key necessary to create sustainable, long-term value factor in our selection as a partner by the China for our stockholders. National Petroleum Corporation for the develop- ment of the Chuandongbei natural gas area in Achieving Milestones central China. In the upstream, we executed our strategy of man- Our global downstream operations continue to aging our base business profitably while advancing focus on increasing refinery flexibility, improving new projects for future growth and returns. Our reliability and creating new business opportunities. base business, which is our daily crude oil and We completed projects to increase the flexibil- natural gas production activities around the world, ity and capacity of two major refineries — in El generates the cash to fund our long-term growth. Segundo, California, and at our 50 percent-owned We manage these assets with a strong focus on Yeosu refinery complex in South Korea. The world-class reservoir management, improved downstream business also enhanced its focus on recovery rates and continual innovation. Nowhere profitable growth through the divestiture of sev- is this more evident than in California’s San Joaquin eral nonstrategic assets. Valley, where the Kern River Field celebrated its Our 2007 safety performance showed signifi- 2 billionth barrel of production in late 2007. Kern cant improvement, but we will never be satisfied River began production in 1899 and through the until we have reduced the number of safety-related consistent application of innovative technology incidents to zero. We are absolutely committed to continues to be a world-class asset. achieving this goal. Our exploration program, which is centered on high-impact prospects in key basins, had a highly Enhancing Technology and Capability successful year. We posted a 41 percent success In the current business environment, companies rate, adding approximately 1 billion barrels of poten- with superior ability to source and deploy technol- tially recoverable oil and natural gas resources. ogy will build a sustainable competitive advantage. 2 Our technology strategies are centered on deliver- ing superior performance in our core businesses and establishing leading positions in emerging and transformational technologies. To that end, we opened two new Global Technology Centers — in Aberdeen, Scotland, and Perth, Australia — to expand our research and development capability. In addition, we created a number of strategic alliances with universities to conduct advanced research into new energy sources and processes. To build upon our organizational capability, in 2007 we restructured the upstream business into four operating companies — North America; Asia- Pacific; Africa and Latin America; and Eurasia, Europe and Middle East. This new structure will strengthen our focus on long-term growth, enhance business partnerships, and drive more efficiency, standardization and collaboration across the organization. Human Energy and Ingenuity In 2007, we launched a new global advertising campaign, “The Power of Human Energy.” It focuses on the realities of energy today — the challenge of meeting rising demand as the global economy expands, together with the imperative to manage the impact of energy consumption on the envi- ronment. These are huge challenges. But as the campaign makes clear, human ingenuity will discover solutions as it has throughout history. The people of Chevron are working every day to apply the kind of ingenuity that will create responsible, practical and sustainable solutions to these challenges. Thank you for investing in our company. We look forward to another year of achievement as we continue to create value for our stockholders while working to meet the world’s growing demand for safe, reliable energy.
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