Chevron 2006 Annual Report

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Millions of dollars Year ended December 31 2006 2005 2004 NET INCOME $ 17,138 $ 14,099 $ 13,328 Currency translation adjustment Unrealized net change arising during period 55 (5) 36 Unrealized holding (loss) gain on securities Net (loss) gain arising during period (88) (32) 35 Reclassification to net income of net realized (gain) – – (44) Total (88) (32) (9) Net derivatives gain (loss) on hedge transactions Net gain (loss) arising during period Before income taxes 2 (242) (8) Income taxes 6 89 (1) Reclassification to net income of net realized gain (loss) Before income taxes 95 34 – Income taxes (36) (12) – Total 67 (131) (9) Minimum pension liability adjustment Before income taxes (88) 89 719 Income taxes 50 (31) (247) Total (38) 58 472 OTHER COMPREHENSIVE (LOSS) GAIN, NET OF TAX (4) (110) 490 COMPREHENSIVE INCOME $ 17,134 $ 13,989 $ 13,818 See accompanying Notes to the Consolidated Financial Statements. 52 CHEVRON CORPORATION 2006 ANNUAL REPORT
CONSOLIDATED BALANCE SHEET Millions of dollars, except per-share amounts At December 31 2006 2005 ASSETS Cash and cash equivalents $ 10,493 $ 10,043 Marketable securities 953 1,101 Accounts and notes receivable (less allowance: 2006 – $175; 2005 – $156) 17,628 17,184 Inventories: Crude oil and petroleum products 3,586 3,182 Chemicals 258 245 Materials, supplies and other 812 694 Total inventories 4,656 4,121 Prepaid expenses and other current assets 2,574 1,887 TOTAL CURRENT ASSETS 36,304 34,336 Long-term receivables, net 2,203 1,686 Investments and advances 18,552 17,057 Properties, plant and equipment, at cost 137,747 127,446 Less: Accumulated depreciation, depletion and amortization 68,889 63,756 Properties, plant and equipment, net 68,858 63,690 Deferred charges and other assets 2,088 4,428 Goodwill 4,623 4,636 TOTAL ASSETS $ 132,628 $ 125,833 LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt $ 2,159 $ 739 Accounts payable 16,675 16,074 Accrued liabilities 4,546 3,690 Federal and other taxes on income 3,626 3,127 Other taxes payable 1,403 1,381 TOTAL CURRENT LIABILITIES 28,409 25,011 Long-term debt 7,405 11,807 Capital lease obligations 274 324 Deferred credits and other noncurrent obligations 11,000 10,507 Noncurrent deferred income taxes 11,647 11,262 Reserves for employee benefit plans 4,749 4,046 Minority interests 209 200 TOTAL LIABILITIES 63,693 63,157 Preferred stock (authorized 100,000,000 shares, $1.00 par value; none issued) – – Common stock (authorized 4,000,000,000 shares, $0.75 par value; 2,442,676,580 shares issued at December 31, 2006 and 2005) 1,832 1,832 Capital in excess of par value 14,126 13,894 Retained earnings 68,464 55,738 Notes receivable – key employees (2) (3) Accumulated other comprehensive loss (2,636) (429) Deferred compensation and benefit plan trust (454) (486) Treasury stock, at cost (2006 – 278,118,341 shares; 2005 – 209,989,910 shares) (12,395) (7,870) TOTAL STOCKHOLDERS’ EQUITY 68,935 62,676 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 132,628 $ 125,833 See accompanying Notes to the Consolidated Financial Statements. CHEVRON CORPORATION 2006 ANNUAL REPORT 53
Page 1 and 2:
2006 Annual Report
Page 3 and 4: The energy portfolio CONVENTIONAL E
Page 5 and 6: In the U.S. Gulf of Mexico, we comp
Page 7 and 8: CHEVRON OPERATING HIGHLIGHTS 1 2006
Page 9 and 10: EMERGING ENERGY EFFICIENT ENERGY HU
Page 19 and 20: Technology is the foundation for de
Page 21 and 22: Upstream UPSTREAM AT A GLANCE At th
Page 23 and 24: GLOBAL GAS Global Gas is focused on
Page 25 and 26: Chevron’s three technology compan
Page 27 and 28: FINANCIAL TABLE OF CONTENTS 26 MANA
Page 29 and 30: Upstream Earnings for the upstream
Page 31 and 32: the company’s control include the
Page 33 and 34: enefits were increases in operating
Page 35 and 36: and 2004, respectively, but reduced
Page 37 and 38: SELECTED OPERATING DATA 1,2 2006 20
Page 39 and 40: The company has outstanding public
Page 41 and 42: not recorded a liability for these
Page 43 and 44: alleging that Unocal misled the Cal
Page 45 and 46: Other Contingencies Chevron receive
Page 47 and 48: sion liability on the Consolidated
Page 49 and 50: Required annual disclosures include
Page 51 and 52: MANAGEMENT’S RESPONSIBILITY FOR F
Page 53: CONSOLIDATED STATEMENT OF INCOME Mi
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 101 and 102: TABLE VI - STANDARDIZED MEASURE OF
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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