Chevron Reports Fourth Quarter Loss of $588 Million and 2015 Earnings of $4.6 Billion
-
Fourth quarter earnings include impairments and other charges of
$1.1 billion
-
107 percent oil and gas reserves replacement
Chevron Corporation (NYSE:CVX) today reported a loss of $588 million
($0.31 per share – diluted) for fourth quarter 2015, compared with
earnings of $3.5 billion ($1.85 per share – diluted) in the 2014 fourth
quarter. Foreign currency effects increased earnings in the 2015 quarter
by $46 million, compared with an increase of $432 million a year earlier.
Full-year 2015 earnings were $4.6 billion ($2.45 per share – diluted)
compared with $19.2 billion ($10.14 per share – diluted) in 2014.
Sales and other operating revenues in fourth quarter 2015 were $28
billion, compared to $42 billion in the year-ago period.
Earnings Summary
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
Year
|
Millions of dollars
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Earnings by business segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
$
|
(1,361
|
)
|
|
|
$
|
2,673
|
|
|
|
$
|
(1,961
|
)
|
|
|
$
|
16,893
|
|
Downstream
|
|
|
|
1,011
|
|
|
|
|
1,518
|
|
|
|
|
7,601
|
|
|
|
|
4,336
|
|
All Other
|
|
|
|
(238
|
)
|
|
|
|
(720
|
)
|
|
|
|
(1,053
|
)
|
|
|
|
(1,988
|
)
|
Total (1)(2)
|
|
|
$
|
(588
|
)
|
|
|
$
|
3,471
|
|
|
|
$
|
4,587
|
|
|
|
$
|
19,241
|
|
(1) Includes foreign currency effects
|
|
|
$
|
46
|
|
|
|
$
|
432
|
|
|
|
$
|
769
|
|
|
|
$
|
487
|
|
(2) Net income attributable to Chevron Corporation (See
Attachment 1)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
“Our 2015 earnings were down significantly from the previous year,
reflecting a nearly 50 percent year-on-year decline in crude oil
prices,” said Chairman and CEO John Watson.
“We’re taking significant action to improve earnings and cash flow in
this low price environment,” Watson stated. “Operating expenses and
capital spending were reduced $9 billion in 2015 from 2014, and I expect
similarly large reductions again in 2016. In addition, asset sales
proceeds were $6 billion in 2015, with additional sales planned for 2016
and 2017.”
“Improved refinery reliability allowed us to capture the benefits of a
favorable margin environment and post excellent downstream results for
the year,” Watson added. “We continued to reshape the downstream
portfolio with well-timed asset sales and good progress on petrochemical
investments.”
“We advanced our upstream major capital projects,” Watson added. “We had
first production from two deepwater projects in Africa, and ramped up
production from Jack/St. Malo in the deepwater Gulf of Mexico and our
shale and tight resources in the Permian Basin. We made significant
progress on our LNG projects in Australia, in particular the Gorgon
Project where we expect to be producing LNG within the next few weeks.
Successful completion and start-up of these and other major capital
projects will translate into significantly lower capital spending,
higher production and growing cash generation in the months ahead.”
Watson commented that the company added approximately 1.02 billion
barrels of net oil-equivalent proved reserves in 2015. These additions,
which are subject to final reviews, equate to approximately 107 percent
of net oil-equivalent production for the year. The largest additions
were from production entitlement effects in several locations and
drilling results for the Permian Basin in the United States and the
Wheatstone Project in Australia. The company will provide additional
details relating to 2015 reserve additions in its Annual Report on Form
10-K scheduled for filing with the SEC on February 25, 2016.
At year-end, balances of cash, cash equivalents, time deposits and
marketable securities totaled $11.3 billion, a decrease of $1.9 billion
from the end of 2014. Total debt at December 31, 2015 stood at $38.6
billion, an increase of $10.8 billion from a year earlier.
UPSTREAM
Worldwide net oil-equivalent production was 2.67 million barrels per day
in fourth quarter 2015, up from 2.58 million barrels per day in the 2014
fourth quarter. Net oil-equivalent production for the full year 2015 was
2.62 million barrels per day, an increase of 2 percent from the prior
year, and within the range of the production guidance for the year.
Production increases from project ramp-ups in the United States and
Bangladesh, and production entitlement effects in several locations,
were partially offset by the Partitioned Zone shut-in and normal field
declines for both comparative periods.
U.S. Upstream
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
Year
|
Millions of dollars
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Earnings
|
|
|
$
|
(1,954
|
)
|
|
|
$
|
432
|
|
|
$
|
(4,055
|
)
|
|
|
$
|
3,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. upstream operations incurred a loss of $1.95 billion in fourth
quarter 2015 compared to earnings of $432 million from a year earlier.
The decrease was due to lower crude oil realizations, higher
depreciation expenses, higher exploration expenses and lower gains on
asset sales, partially offset by higher crude oil production. The
increase in depreciation and exploration expenses was primarily due to
impairments and project cancellations.
The company’s average sales price per barrel of crude oil and natural
gas liquids was $35 in fourth quarter 2015, down from $66 a year ago.
The average sales price of natural gas was $1.54 per thousand cubic
feet, compared with $3.34 in last year’s fourth quarter.
Net oil-equivalent production of 719,000 barrels per day in fourth
quarter 2015 was up 46,000 barrels per day, or 7 percent, from a year
earlier. Production increases due to project ramp-ups in the Gulf of
Mexico and the Permian Basin in Texas and New Mexico were partially
offset by normal field declines and the effect of asset sales. The net
liquids component of oil-equivalent production increased 8 percent in
the 2015 fourth quarter to 499,000 barrels per day, while net natural
gas production increased 4 percent to 1.32 billion cubic feet per day.
International Upstream
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
Year
|
Millions of dollars
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Earnings*
|
|
|
$
|
593
|
|
|
$
|
2,241
|
|
|
$
|
2,094
|
|
|
$
|
13,566
|
*Includes foreign currency effects
|
|
|
$
|
91
|
|
|
$
|
453
|
|
|
$
|
725
|
|
|
$
|
597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International upstream operations earned $593 million in fourth quarter
2015 compared with $2.24 billion a year earlier. The decrease was due to
lower crude oil and natural gas realizations, and lower gains on asset
sales. Partially offsetting these effects were lower depreciation,
operating, tax and exploration expenses, and higher crude oil
production. Foreign currency effects increased earnings by $91 million
in the 2015 quarter, compared with an increase of $453 million a year
earlier.
The average sales price for crude oil and natural gas liquids in fourth
quarter 2015 was $39 per barrel, down from $68 a year earlier. The
average price of natural gas was $3.99 per thousand cubic feet, compared
with $5.38 in last year’s fourth quarter.
Net oil-equivalent production of 1.95 million barrels per day in fourth
quarter 2015 increased 45,000 barrels per day, or 2 percent, from a year
ago. Production increases from entitlement effects in several locations
and project ramp-ups in Bangladesh and several other areas were
partially offset by the Partitioned Zone shut-in and normal field
declines. The net liquids component of oil-equivalent production was
essentially unchanged at 1.28 million barrels per day in the 2015 fourth
quarter, while net natural gas production increased 6 percent to 4.07
billion cubic feet per day.
DOWNSTREAM
U.S. Downstream
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
Year
|
Millions of dollars
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Earnings
|
|
|
$
|
496
|
|
|
$
|
889
|
|
|
$
|
3,182
|
|
|
$
|
2,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. downstream operations earned $496 million in fourth quarter 2015
compared with earnings of $889 million a year earlier. The decrease was
primarily due to the absence of 2014 gains on asset sales, partially
offset by higher margins on refined product sales in fourth quarter 2015
compared to the year-ago period.
Refinery crude oil input in fourth quarter 2015 decreased 1 percent to
916,000 barrels per day from the year-ago period.
Refined product sales of 1.23 million barrels per day were unchanged
from fourth quarter 2014. Branded gasoline sales of 515,000 barrels per
day were up 1 percent from the 2014 period.
International Downstream
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
Year
|
Millions of dollars
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Earnings*
|
|
|
$
|
515
|
|
|
|
$
|
629
|
|
|
|
$
|
4,419
|
|
|
$
|
1,699
|
|
*Includes foreign currency effects
|
|
|
$
|
(45
|
)
|
|
|
$
|
(21
|
)
|
|
|
$
|
47
|
|
|
$
|
(112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International downstream operations earned $515 million in fourth
quarter 2015 compared with $629 million a year earlier. The decrease was
primarily due to an unfavorable change in effects on derivative
instruments and lower margins on refined product sales, partially offset
by the absence of certain one-time employee benefits expenses in the
year-ago period and lower income tax expense. Foreign currency effects
decreased earnings by $45 million in fourth quarter 2015, compared with
a decrease of $21 million a year earlier.
Refinery crude oil input of 783,000 barrels per day in fourth quarter
2015 decreased 39,000 barrels per day from the year-ago period, mainly
as a result of the Caltex Australia Limited divestment.
Total refined product sales of 1.47 million barrels per day in fourth
quarter 2015 were down 77,000 barrels per day from the year-ago period,
mainly as a result of the Caltex Australia Limited divestment. Excluding
the effects of the Caltex Australia Limited divestment, refined product
sales were up 35,000 barrels per day, primarily reflecting higher sales
of gasoline.
ALL OTHER
|
|
|
Fourth Quarter
|
|
|
Year
|
Millions of dollars
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Net Charges*
|
|
|
$
|
(238
|
)
|
|
|
$
|
(720
|
)
|
|
|
$
|
(1,053
|
)
|
|
|
$
|
(1,988
|
)
|
*Includes foreign currency effects
|
|
|
$
|
0
|
|
|
|
$
|
0
|
|
|
|
$
|
(3
|
)
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other consists of worldwide cash management and debt financing
activities, corporate administrative functions, insurance operations,
real estate activities and technology companies.
Net charges in fourth quarter 2015 were $238 million, compared with $720
million in the year-ago period. The change between periods was mainly
due to lower corporate tax items and other corporate charges.
CASH FLOW FROM OPERATIONS
Cash flow from operations in 2015 was $19.5 billion, compared with $31.5
billion in 2014. Excluding working capital effects, cash flow from
operations in 2015 was $21.4 billion, compared with $32.0 billion in
2014.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in 2015 were $34.0 billion,
compared with $40.3 billion in 2014. The amounts included $3.4 billion
in 2015 and $3.5 billion in 2014 for the company’s share of expenditures
by affiliates, which did not require cash outlays by the company.
Expenditures for upstream represented 92 percent of the companywide
total in 2015.
NOTICE
Chevron’s discussion of fourth quarter 2015 earnings with security
analysts will take place on Friday, January 29, 2016, at 8:00 a.m. PST.
A webcast of the meeting will be available in a listen-only mode to
individual investors, media, and other interested parties on Chevron’s
Web site at www.chevron.com
under the “Investors” section. Additional financial and operating
information will be contained in the Earnings Supplement that will be
available under “Events and Presentations” in the “Investors” section on
the Web site.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release 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 or phrases such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “may,”
“could,” “should,” “budgets,” “outlook,” “on schedule,” “on track” 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, many
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.
Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are: changing
crude oil and natural gas prices; changing refining, marketing and
chemicals margins; the company's ability to realize anticipated cost
savings and expenditure reductions; actions of competitors or
regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or product
substitutes; technological developments; the business, results of
operations and financial condition of the company’s suppliers, vendors,
partners, and equity affiliates, particularly during extended periods of
low prices for crude oil and natural gas; the inability or failure of
the company’s joint-venture partners to fund their share of operations
and development activities; the potential failure to achieve expected
net production from existing and future crude oil and natural gas
development projects; potential delays in the development, construction
or start-up of planned projects; the potential disruption or
interruption of the company’s business or operations due to war,
accidents, political events, civil unrest, severe weather, cyber threats
and terrorist acts, crude oil production quotas that might be imposed by
the Organization of Petroleum Exporting Countries, or other natural or
human causes beyond its control; changing economic, regulatory and
political environments in the various countries in which the company
operates; general domestic and international economic and political
conditions; the potential liability for remedial actions or assessments
under existing or future environmental regulations and litigation;
significant business, operational, investment or product changes
required by existing or future environmental statutes and regulations,
including international agreements and national, regional and state
legislation and regulatory measures to limit greenhouse gas emissions;
the potential liability resulting from other pending or future
litigation; the company’s future acquisition or disposition of assets
and gains and losses from asset dispositions or impairments;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; reductions in credit ratings; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to identify
and mitigate the risks and hazards inherent in operating in the global
energy industry; and the factors set forth under the heading “Risk
Factors” on pages 22 through 24 of the company’s 2014 Annual Report on
Form 10-K. Other unpredictable or unknown factors not discussed in this
press release could also have material adverse effects on
forward-looking statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 1
|
CHEVRON CORPORATION - FINANCIAL REVIEW
|
(Millions of Dollars, Except Per-Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
|
|
|
Ended December 31
|
|
|
December 31
|
REVENUES AND OTHER INCOME
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Sales and other operating revenues *
|
|
|
$
|
28,014
|
|
|
$
|
42,111
|
|
$
|
129,925
|
|
$
|
200,494
|
Income from equity affiliates
|
|
|
|
919
|
|
|
|
1,555
|
|
|
4,684
|
|
|
7,098
|
Other income
|
|
|
|
314
|
|
|
|
2,422
|
|
|
3,868
|
|
|
4,378
|
Total Revenues and Other Income
|
|
|
|
29,247
|
|
|
|
46,088
|
|
|
138,477
|
|
|
211,970
|
COSTS AND OTHER DEDUCTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased crude oil and products
|
|
|
|
14,570
|
|
|
|
24,263
|
|
|
69,751
|
|
|
119,671
|
Operating, selling, general and administrative expenses
|
|
|
|
7,273
|
|
|
|
7,940
|
|
|
27,477
|
|
|
29,779
|
Exploration expenses
|
|
|
|
1,358
|
|
|
|
510
|
|
|
3,340
|
|
|
1,985
|
Depreciation, depletion and amortization
|
|
|
|
5,400
|
|
|
|
4,873
|
|
|
21,037
|
|
|
16,793
|
Taxes other than on income *
|
|
|
|
2,856
|
|
|
|
3,118
|
|
|
12,030
|
|
|
12,540
|
Total Costs and Other Deductions
|
|
|
|
31,457
|
|
|
|
40,704
|
|
|
133,635
|
|
|
180,768
|
Income (Loss) Before Income Tax Expense
|
|
|
|
(2,210
|
)
|
|
|
5,384
|
|
|
4,842
|
|
|
31,202
|
Income tax expense (benefit)
|
|
|
|
(1,655
|
)
|
|
|
1,912
|
|
|
132
|
|
|
11,892
|
Net Income (Loss)
|
|
|
|
(555
|
)
|
|
|
3,472
|
|
|
4,710
|
|
|
19,310
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
33
|
|
|
|
1
|
|
|
123
|
|
|
69
|
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION
|
|
|
$
|
(588
|
)
|
|
$
|
3,471
|
|
$
|
4,587
|
|
$
|
19,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER-SHARE OF COMMON STOCK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Chevron Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
|
$
|
(0.31
|
)
|
|
$
|
1.86
|
|
$
|
2.46
|
|
$
|
10.21
|
- Diluted
|
|
|
$
|
(0.31
|
)
|
|
$
|
1.85
|
|
$
|
2.45
|
|
$
|
10.14
|
Dividends
|
|
|
$
|
1.07
|
|
|
$
|
1.07
|
|
$
|
4.28
|
|
$
|
4.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding (000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
|
|
1,869,072
|
|
|
|
1,871,332
|
|
|
1,867,941
|
|
|
1,883,633
|
- Diluted
|
|
|
|
1,874,313
|
|
|
|
1,883,650
|
|
|
1,874,971
|
|
|
1,897,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes excise, value-added and similar taxes.
|
|
|
$
|
1,717
|
|
|
$
|
2,004
|
|
$
|
7,359
|
|
$
|
8,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 2
|
CHEVRON CORPORATION - FINANCIAL REVIEW
|
(Millions of Dollars)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BY MAJOR OPERATING AREA
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
|
|
|
Ended December 31
|
|
|
December 31
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$
|
(1,954
|
)
|
|
$
|
432
|
|
|
$
|
(4,055
|
)
|
|
$
|
3,327
|
|
International
|
|
|
|
593
|
|
|
|
2,241
|
|
|
|
2,094
|
|
|
|
13,566
|
|
Total Upstream
|
|
|
|
(1,361
|
)
|
|
|
2,673
|
|
|
|
(1,961
|
)
|
|
|
16,893
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
496
|
|
|
|
889
|
|
|
|
3,182
|
|
|
|
2,637
|
|
International
|
|
|
|
515
|
|
|
|
629
|
|
|
|
4,419
|
|
|
|
1,699
|
|
Total Downstream
|
|
|
|
1,011
|
|
|
|
1,518
|
|
|
|
7,601
|
|
|
|
4,336
|
|
All Other (1)
|
|
|
|
(238
|
)
|
|
|
(720
|
)
|
|
|
(1,053
|
)
|
|
|
(1,988
|
)
|
Total (2)
|
|
|
$
|
(588
|
)
|
|
$
|
3,471
|
|
|
$
|
4,587
|
|
|
$
|
19,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
SELECTED BALANCE SHEET ACCOUNT DATA
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
$
|
11,022
|
|
|
$
|
12,785
|
|
Time Deposits
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
8
|
|
Marketable Securities
|
|
|
|
|
|
|
|
|
$
|
310
|
|
|
$
|
422
|
|
Total Assets
|
|
|
|
|
|
|
|
|
$
|
266,103
|
|
|
$
|
266,026
|
|
Total Debt
|
|
|
|
|
|
|
|
|
$
|
38,592
|
|
|
$
|
27,818
|
|
Total Chevron Corporation Stockholders' Equity
|
|
|
|
|
|
|
|
|
$
|
152,716
|
|
|
$
|
155,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
December 31
|
CASH FLOW FROM OPERATIONS
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
Net Cash Provided by Operating Activities
|
|
|
|
|
|
|
|
$
|
19,456
|
|
|
$
|
31,475
|
|
Net Increase in Operating Working Capital
|
|
|
|
|
|
|
|
$
|
(1,979
|
)
|
|
$
|
(540
|
)
|
Net Cash Provided by Operating Activities Excluding Working Capital
|
|
|
|
|
|
|
|
$
|
21,435
|
|
|
$
|
32,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
Year Ended
|
|
|
|
|
Ended December 31
|
|
|
December 31
|
CAPITAL AND EXPLORATORY EXPENDITURES
(3)
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
United States
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
$
|
1,670
|
|
|
$
|
2,582
|
|
|
$
|
7,582
|
|
|
$
|
8,799
|
|
Downstream
|
|
|
|
541
|
|
|
|
505
|
|
|
|
1,923
|
|
|
|
1,649
|
|
Other
|
|
|
|
171
|
|
|
|
206
|
|
|
|
418
|
|
|
|
584
|
|
Total United States
|
|
|
|
2,382
|
|
|
|
3,293
|
|
|
|
9,923
|
|
|
|
11,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
6,104
|
|
|
|
7,672
|
|
|
|
23,535
|
|
|
|
28,316
|
|
Downstream
|
|
|
|
215
|
|
|
|
318
|
|
|
|
513
|
|
|
|
941
|
|
Other
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
27
|
|
Total International
|
|
|
|
6,325
|
|
|
|
7,997
|
|
|
|
24,056
|
|
|
|
29,284
|
|
Worldwide
|
|
|
$
|
8,707
|
|
|
$
|
11,290
|
|
|
$
|
33,979
|
|
|
$
|
40,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes worldwide cash management and debt financing
activities, corporate administrative functions, insurance
operations, real estate activities, and technology companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net Income (Loss) Attributable to Chevron Corporation (See
Attachment 1)
|
|
|
|
|
|
|
|
|
|
|
(3) Includes interest in affiliates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$
|
358
|
|
|
$
|
323
|
|
|
$
|
1,344
|
|
|
$
|
1,021
|
|
International
|
|
|
|
583
|
|
|
|
722
|
|
|
|
2,053
|
|
|
|
2,446
|
|
Total
|
|
|
$
|
941
|
|
|
$
|
1,045
|
|
|
$
|
3,397
|
|
|
$
|
3,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 3
|
CHEVRON CORPORATION - FINANCIAL REVIEW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
Year Ended
|
OPERATING STATISTICS (1)
|
|
|
Ended December 31
|
|
|
December 31
|
NET LIQUIDS PRODUCTION (MB/D): (2)
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
United States
|
|
|
499
|
|
462
|
|
|
501
|
|
456
|
International
|
|
|
1,276
|
|
1,270
|
|
|
1,243
|
|
1,253
|
Worldwide
|
|
|
1,775
|
|
1,732
|
|
|
1,744
|
|
1,709
|
|
|
|
|
|
|
|
|
|
|
|
NET NATURAL GAS PRODUCTION (MMCF/D): (3)
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
1,320
|
|
1,266
|
|
|
1,310
|
|
1,250
|
International
|
|
|
4,065
|
|
3,834
|
|
|
3,959
|
|
3,917
|
Worldwide
|
|
|
5,385
|
|
5,100
|
|
|
5,269
|
|
5,167
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4)
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
719
|
|
673
|
|
|
720
|
|
664
|
International
|
|
|
1,954
|
|
1,909
|
|
|
1,902
|
|
1,907
|
Worldwide
|
|
|
2,673
|
|
2,582
|
|
|
2,622
|
|
2,571
|
|
|
|
|
|
|
|
|
|
|
|
SALES OF NATURAL GAS (MMCF/D):
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
3,843
|
|
3,689
|
|
|
3,913
|
|
3,995
|
International
|
|
|
4,519
|
|
4,230
|
|
|
4,299
|
|
4,304
|
Worldwide
|
|
|
8,362
|
|
7,919
|
|
|
8,212
|
|
8,299
|
|
|
|
|
|
|
|
|
|
|
|
SALES OF NATURAL GAS LIQUIDS (MB/D):
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
157
|
|
155
|
|
|
153
|
|
141
|
International
|
|
|
87
|
|
92
|
|
|
89
|
|
86
|
Worldwide
|
|
|
244
|
|
247
|
|
|
242
|
|
227
|
|
|
|
|
|
|
|
|
|
|
|
SALES OF REFINED PRODUCTS (MB/D):
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
1,229
|
|
1,230
|
|
|
1,228
|
|
1,210
|
International (5)
|
|
|
1,471
|
|
1,548
|
|
|
1,507
|
|
1,501
|
Worldwide
|
|
|
2,700
|
|
2,778
|
|
|
2,735
|
|
2,711
|
|
|
|
|
|
|
|
|
|
|
|
REFINERY INPUT (MB/D):
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
916
|
|
927
|
|
|
924
|
|
871
|
International
|
|
|
783
|
|
822
|
|
|
778
|
|
819
|
Worldwide
|
|
|
1,699
|
|
1,749
|
|
|
1,702
|
|
1,690
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes interest in affiliates.
|
|
|
|
|
|
|
|
|
|
|
(2) Includes: Canada - Synthetic Oil
|
|
|
51
|
|
44
|
|
|
47
|
|
43
|
Venezuela Affiliate - Synthetic Oil
|
|
|
28
|
|
29
|
|
|
29
|
|
31
|
(3) Includes natural gas consumed in operations (MMCF/D):
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
66
|
|
68
|
|
|
66
|
|
71
|
International
|
|
|
433
|
|
441
|
|
|
430
|
|
452
|
(4) Oil-equivalent production is the sum of net liquids
production, net natural gas production and synthetic production.
The oil-equivalent gas conversion ratio is 6,000 cubic feet of
natural gas = 1 barrel of crude oil.
|
|
|
|
|
|
|
|
|
|
|
(5) Includes share of affiliate sales (MB/D):
|
|
|
412
|
|
487
|
|
|
420
|
|
475
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160129005446/en/ Copyright Business Wire 2016
Source: Business Wire
(January 29, 2016 - 8:30 AM EST)
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