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Financial Summary
REVIEW OF OPERATIONS 2000–2004 1
F I N A N C I A L I N F O R M AT I O N
FINANCIAL SUMMARY
Millions of Dollars, except per-share amounts 2004 2003 2002 2001 2000
Net Income $ 13,328 $ 7,230 $ 1,132 $ 3,288 $ 7,727
Sales and Other Operating Revenues 2 $ 150,865 $ 119,575 $ 98,340 $ 103,951 $ 116,619
Cash Dividends – Common Stock 3,236 3,033 2,965 2,733 2,664
Capital and Exploratory Expenditures 8,315 7,363 9,255 12,028 9,520
Cash Provided by Operating Activities 14,690 12,315 9,943 11,475 13,467
At December 31: Working Capital 9,708 3,315 (2,100) (2,327) 1,252
Total Assets 93,208 81,470 77,359 77,572 77,621
Total Debt and Capital Lease Obligations 11,272 12,597 16,269 17,418 15,915
Stockholders’ Equity 45,230 36,295 31,604 33,958 33,369
Common Shares Outstanding at December 31 (Millions) 3,4 2,093.0 2,124.1 2,122.1 2,120.2 2,115.2
Per-Share Data 4
Net Income – Basic $ 6.30 $ 3.48 $ 0.53 $ 1.55 $ 3.62
– Diluted 6.28 3.48 0.53 1.55 3.61
Cash Dividends 5 1.53 1.43 1.40 1.33 1.30
Stockholders’ Equity at December 31 3 21.61 17.09 14.89 16.02 15.78
Market Price at December 31 5 52.51 43.19 33.24 44.81 42.22
– High 5 56.07 43.49 45.80 49.25 47.44
– Low 5 41.99 30.65 32.71 39.22 34.97
Financial Ratios 6
Current Ratio 1.5 1.2 0.9 0.9 1.1
Interest Coverage 47.6 24.3 7.6 9.6 12.5
Total Debt to Total Debt-Plus-Equity 19.9% 25.8% 34.0 % 33.9% 32.3%
Return on Average Stockholders’ Equity 32.7% 21.3% 3.5 % 9.8% 24.5%
Return on Capital Employed 25.8% 15.7% 3.2 % 7.8% 17.3%
Return on Average Total Assets 15.3% 9.1% 1.5 % 4.2% 10.1%
Cash Dividends/Net Income (Payout Ratio) 24.3% 42.0% 261.9 % 83.3% 34.7%
Cash Dividends/Cash from Operations 22.0% 24.6% 29.8 % 23.9% 19.9%
Total Stockholder Return 5 25.5% 35.2% (23.1)% 9.2% 0.5%
1 On October 9, 2001, Texaco Inc. (Texaco) became a wholly owned subsidiary of Chevron Corporation (Chevron) pursuant to a merger transaction, and Chevron
changed its name to ChevronTexaco Corporation. In accordance with pooling-of-interests accounting, the combined financial information included in this document
gives retroactive effect to the merger, with all periods presented as if Chevron and Texaco had always been combined.
2 Excludes $291, $457, $351, $458 and $476 for discontinued operations for 2004, 2003, 2002, 2001 and 2000, respectively.
3 Excludes 14,168,000 shares held by the benefit trust not considered outstanding for earnings-per-share purposes.
4 All years adjusted to reflect a two-for-one stock split effected as a 100 percent stock dividend in September 2004.
5 Dividend and share price for 2000 represent Chevron Corporation pre-merger.
6 Refer to page 59 for Financial Ratios definitions.
ANNUAL CASH DIVIDENDS
Dollars per share
2.00
1.50
1.00
$1.53
RETURN ON CAPITAL
EMPLOYED
Percentage
30
24
18
12
25.8
0.50
6
0.00
0
00 01 02 03 04
00 01 02 03 04
2