Chevron 2006 Annual Report

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Supplemental Information on Oil and Gas Producing Activities TABLE VI – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATED TO PROVED OIL AND GAS RESERVES The standardized measure of discounted future net cash flows, related to the preceding proved oil and gas reserves, is calculated in accordance with the requirements of FAS 69. Estimated future cash inflows from production are computed by applying year-end prices for oil and gas to year-end quantities of estimated net proved reserves. Future price changes are limited to those provided by contractual arrangements in existence at the end of each reporting year. Future development and production costs are those estimated future expenditures necessary to develop and produce yearend estimated proved reserves based on year-end cost indices, assuming continuation of year-end economic conditions, and include estimated costs for asset retirement obligations. Estimated future income taxes are calculated by applying appropriate year-end statutory tax rates. These rates reflect allowable deductions and tax credits and are applied to estimated future pretax net cash flows, less the tax basis of related assets. Discounted future net cash flows are calculated using 10 percent midperiod discount factors. Discounting requires a year-by-year estimate of when future expenditures will be incurred and when reserves will be produced. The information provided does not represent management’s estimate of the company’s expected future cash flows or value of proved oil and gas reserves. Estimates of provedreserve quantities are imprecise and change over time as new information becomes available. Moreover, probable and possible reserves, which may become proved in the future, are excluded from the calculations. The arbitrary valuation prescribed under FAS 69 requires assumptions as to the timing and amount of future development and production costs. The calculations are made as of December 31 each year and should not be relied upon as an indication of the company’s future cash flows or value of its oil and gas reserves. In the following table, “Standardized Measure Net Cash Flows” refers to the standardized measure of discounted future net cash flows. 98 CHEVRON CORPORATION 2006 ANNUAL REPORT
TABLE VI – STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATED TO PROVED OIL AND GAS RESERVES – Continued Consolidated Companies United States International Gulf of Total Asia- Total Affi liated Companies Millions of dollars Calif. Mexico Other U.S. Africa Pacific Indonesia Other Int’l. Total TCO Other AT DECEMBER 31, 2006 Future cash inflows from production $ 48,828 $ 23,768 $ 38,727 $ 111,323 $ 97,571 $ 70,288 $ 30,538 $ 36,272 $ 234,669 $ 345,992 $ 104,069 $ 20,644 Future production costs (14,791) (6,750) (12,845) (34,386) (12,523) (13,398) (16,281) (10,777) (52,979) (87,365) (7,796) (2,348) Future devel. costs (3,999) (2,947) (1,399) (8,345) (9,648) (6,963) (2,284) (3,082) (21,977) (30,322) (7,026) (1,732) Future income taxes (10,171) (4,764) (8,290) (23,225) (53,214) (20,633) (5,448) (11,164) (90,459) (113,684) (25,212) (8,282) Undiscounted future net cash flows 19,867 9,307 16,193 45,367 22,186 29,294 6,525 11,249 69,254 114,621 64,035 8,282 10 percent midyear annual discount for timing of estimated cash flows (9,779) (3,256) (7,210) (20,245) (10,065) (12,457) (2,426) (3,608) (28,556) (48,801) (40,597) (5,185) STANDARDIZED MEASURE NET CASH FLOWS $ 10,088 $ 6,051 $ 8,983 $ 25,122 $ 12,121 $ 16,837 $ 4,099 $ 7,641 $ 40,698 $ 65,820 $ 23,438 $ 3,097 AT DECEMBER 31, 2005 Future cash inflows from production $ 50,771 $ 29,422 $ 50,039 $ 130,232 $ 101,912 $ 73,612 $ 32,538 $ 44,680 $ 252,742 $ 382,974 $ 97,707 $ 20,616 Future production costs (15,719) (5,758) (12,767) (34,244) (11,366) (12,459) (18,260) (11,908) (53,993) (88,237) (7,399) (2,101) Future devel. costs (2,274) (2,467) (873) (5,614) (8,197) (5,840) (1,730) (2,439) (18,206) (23,820) (5,996) (762) Future income taxes (11,092) (7,173) (12,317) (30,582) (50,894) (21,509) (5,709) (13,917) (92,029) (122,611) (23,818) (6,036) Undiscounted future net cash flows 21,686 14,024 24,082 59,792 31,455 33,804 6,839 16,416 88,514 148,306 60,494 11,717 10 percent midyear annual discount for timing of estimated cash flows (10,947) (4,520) (10,838) (26,305) (14,881) (14,929) (2,269) (5,635) (37,714) (64,019) (37,674) (7,768) STANDARDIZED MEASURE NET CASH FLOWS $ 10,739 $ 9,504 $ 13,244 $ 33,487 $ 16,574 $ 18,875 $ 4,570 $ 10,781 $ 50,800 $ 84,287 $ 22,820 $ 3,949 AT DECEMBER 31, 2004 Future cash inflows from production $ 32,793 $ 19,043 $ 28,676 $ 80,512 $ 64,628 $ 35,960 $ 25,313 $ 30,061 $ 155,962 $ 236,474 $ 61,875 $ 12,769 Future production costs (11,245) (3,840) (7,343) (22,428) (10,662) (8,604) (12,830) (7,884) (39,980) (62,408) (7,322) (3,734) Future devel. costs (1,731) (2,389) (667) (4,787) (6,355) (2,531) (717) (1,593) (11,196) (15,983) (5,366) (407) Future income taxes (6,706) (4,336) (6,991) (18,033) (29,519) (9,731) (5,354) (9,914) (54,518) (72,551) (13,895) (2,934) Undiscounted future net cash flows 13,111 8,478 13,675 35,264 18,092 15,094 6,412 10,670 50,268 85,532 35,292 5,694 10 percent midyear annual discount for timing of estimated cash flows (6,656) (2,715) (6,110) (15,481) (9,035) (6,966) (2,465) (3,451) (21,917) (37,398) (22,249) (3,817) STANDARDIZED MEASURE NET CASH FLOWS $ 6,455 $ 5,763 $ 7,565 $ 19,783 $ 9,057 $ 8,128 $ 3,947 $ 7,219 $ 28,351 $ 48,134 $ 13,043 $ 1,877 CHEVRON CORPORATION 2006 ANNUAL REPORT 99
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2006 Annual Report
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The energy portfolio CONVENTIONAL E
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In the U.S. Gulf of Mexico, we comp
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CHEVRON OPERATING HIGHLIGHTS 1 2006
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EMERGING ENERGY EFFICIENT ENERGY HU
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Technology is the foundation for de
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Upstream UPSTREAM AT A GLANCE At th
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GLOBAL GAS Global Gas is focused on
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Chevron’s three technology compan
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FINANCIAL TABLE OF CONTENTS 26 MANA
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Upstream Earnings for the upstream
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the company’s control include the
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enefits were increases in operating
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and 2004, respectively, but reduced
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SELECTED OPERATING DATA 1,2 2006 20
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The company has outstanding public
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not recorded a liability for these
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alleging that Unocal misled the Cal
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Other Contingencies Chevron receive
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sion liability on the Consolidated
Page 49 and 50: Required annual disclosures include
Page 51 and 52: MANAGEMENT’S RESPONSIBILITY FOR F
Page 53 and 54: CONSOLIDATED STATEMENT OF INCOME Mi
Page 55 and 56: CONSOLIDATED BALANCE SHEET Millions
Page 57 and 58: CONSOLIDATED STATEMENT OF STOCKHOLD
Page 59 and 60: NOTE 1. SUMMARY OF SIGNIFICANT ACCO
Page 61 and 62: NOTE 2. ACQUISITION OF UNOCAL CORPO
Page 63 and 64: NOTE 6. STOCKHOLDERS’ EQUITY - Co
Page 65 and 66: NOTE 8. OPERATING SEGMENTS AND GEOG
Page 67 and 68: NOTE 10. RESTRUCTURING AND REORGANI
Page 69 and 70: PROPERTIES, PLANT AND EQUIPMENT 1 A
Page 71 and 72: NOTE 16. TAXES - Continued increase
Page 73 and 74: NOTE 19. NEW ACCOUNTING STANDARDS -
Page 75 and 76: NOTE 21. EMPLOYEE BENEFIT PLANS - C
Page 81 and 82: NOTE 22. STOCK OPTIONS AND OTHER SH
Page 83 and 84: NOTE 23. OTHER CONTINGENCIES AND CO
Page 85 and 86: NOTE 26. OTHER FINANCIAL INFORMATIO
Page 87 and 88: FIVE-YEAR OPERATING SUMMARY 1 Unaud
Page 89 and 90: SUPPLEMENTAL INFORMATION ON OIL AND
Page 91 and 92: TABLE II - CAPITALIZED COSTS RELATE
Page 93 and 94: TABLE III - RESULTS OF OPERATIONS F
Page 95 and 96: TABLE V - RESERVE QUANTITY INFORMAT
Page 97 and 98: TABLE V - RESERVE QUANTITY INFORMAT
Page 99: TABLE V - RESERVE QUANTITY INFORMAT
Page 103 and 104: BOARD OF DIRECTORS David J. O’Rei
Page 105 and 106: Chevron History 1879 Incorporated i
Page 107 and 108: The Corporate Responsibility Report
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Chevron 2006 Annual Report

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