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TABLE OF CONTENTS
2004 AT A GLANCE
UPSTREAM
DOWNSTREAM
CHEMICALS
Financial Highlights 1
Accomplishments 1
Corporate Objectives 1
FINANCIAL INFORMATION
Financial Summary 2
Consolidated Statement of Income
and Comprehensive Income 3
Income from Continuing
Operations by Major
Operating Area and
Special Items 4
Consolidated Balance Sheet 5
Consolidated Statement of
Cash Flows 6
Capital and Exploratory
Expenditures 7
Properties, Plant and Equipment 8
Miscellaneous Data 9
Highlights 10
Major Development Projects 13
United States 14
Africa 18
Asia-Pacific 23
Indonesia 28
Other International 29
Global Gas 35
UPSTREAM OPERATING DATA
Proved Reserves 36
Net Wells Completed and
Net Productive Wells 37
Liquids Production 38
Natural Gas Production 39
Other Produced Volumes,
Realizations, Natural Gas
and Natural Gas Liquids Sales,
and Exploration and
Development Costs 40
Acreage 41
Highlights 42
Refining 44
Refining Capacity at
Year-End 2004 45
Marketing 46
Lubricants 47
Supply & Trading 48
Pipelines 48
Shipping 49
DOWNSTREAM OPERATING DATA
Refining Capacities and
Crude Oil Inputs 50
Refinery Utilization and
Production 51
Inventories, Products Sales and
Marketing Retail Outlets 52
Chevron Phillips Chemical
Company LLC 53
Chevron Oronite Company 53
OTHER BUSINESSES
Technology 55
Power Generation 56
Dynegy 56
Coal 57
REFERENCE
Glossary of Energy and
Financial Terms 58
Cautionary Statements 59
ChevronTexaco Major
Organizations 60
A N E W E Q U A T I O N
IN 2004, IT BECAME CLEAR THAT THE WORLD WAS WITNESSING A NEW ENERGY EQUATION DRIVEN BY A NUMBER OF FACTORS – GROWING
GLOBAL DEMAND, A MORE CHALLENGING FRONTIER OF ENERGY SUPPLIES IN AREAS SUCH AS THE DEEP WATER AND OIL SANDS, AND A
COMPLEX GEOPOLITICAL ENVIRONMENT. ABUNDANT, RELIABLE ENERGY IS CRITICAL TO HEALTHY ECONOMIES AND HEALTHY COMMUNITIES.
ADDRESSING THIS NEW EQUATION IS ONE OF THE GREATEST CHALLENGES FACING ENERGY PRODUCERS AND CONSUMERS.
CHEVRONTEXACO HAS A 125-YEAR HISTORY OF RISING TO CHALLENGES AND CREATING OPPORTUNITIES. TODAY, WE ARE RESPONDING TO THE
NEW ENERGY EQUATION BY LEVERAGING OUR STRENGTHS: A HIGH-IMPACT EXPLORATION AND DEVELOPMENT PROGRAM; A COMMITMENT
TO SAFE, EFFICIENT AND ENVIRONMENTALLY SOUND OPERATIONS; THE APPLICATION OF TECHNOLOGY TO MAXIMIZE THE VALUE OF OUR
EXISTING ASSETS AND DEVELOP PROMISING NEW ENERGY SOURCES; AND THE CREATION OF PARTNERSHIPS THAT BENEFIT OUR COMPANY,
OUR COMMUNITIES AND, OF COURSE, OUR MANY CUSTOMERS AROUND THE WORLD.
ABOUT THE COVER
Energy is essential to human and economic progress. At ChevronTexaco, we are investing billions of
dollars in frontier areas such as the deep water to deliver new energy supplies to meet growing worldwide
demand. At the same time, we are investing in local communities where we do business to enhance
capacity for education, health care and economic growth.
INSIDE FRONT COVER
Downtown Shanghai at night reflects the growth in global demand for new energy supplies, particularly
in China. ChevronTexaco’s long-term strategies are focused on growing production to help meet new
demand and fuel economic growth and human progress.