strategic-management

EXHIBIT 3 Statement of Income
(millions of dollars) 2008 2007 2006
Revenues and Other Income
Sales and Other Operating Revenues
Gasolines $ 53,254 47,074 42,639
Jet fuel 23,056 16,333 15,577
Gas oils and kerosene 40,940 32,170 31,647
Residual fuel oils 9,937 7,348 7,086
Other refined products 6,407 5,886 5,723
Total Refined Products 133,594 108,811 102,672
Crude oil and condensate 78,600 61,542 61,842
Natural gas 31,814 24,437 22,515
Natural gas liquids 5,517 4,483 3,488
Other petroleum revenues 3,116 2,460 2,862
Excise taxes 9,700 9,959 9,486
Total Upstream and Downstream 262,341 211,692 202,865
Chemicals 1,750 1,582 1,395
All Other 867 817 632
Less: Revenues from discontinued
operations
— — —
Total Sales and Other Operating Revenues 264,958 214,091 204,892
Income from equity affiliates 5,366 4,144 4,255
Other income 2,681 2,669 971
Total Revenues and Other Income
Costs and Other Deductions
273,005 220,904 210,118
Purchased crude oil products 171,397 133,309 128,151
Operating expenses
Selling, general and administrative
20,795 16,932 14,624
expenses 5,756 5,926 5,093
Exploration expenses
Depreciation, depletion and
1,169 1,323 1,364
amortization 9,528 8,708 7,506
Taxes other than on income 21,303 22,266 20,883
Interest and debt expense — 166 451
Minority interests 100 107 70
Total Costs and Other Deductions
Income from Continuing Operations
Before
230,048 188,737 178,142
Income Tax Expense 42,957 32,167 31,976
Income Tax Expense 19,026 13,479 14,838
Income from Continuing Operations 23,931 18,688 17,138
Income from Discontinued Operations — — —
Net Income $ 23,931 $ 18,688 17,138
Source: Adapted from Chevron, Annual Report Supplement (2008).
CASE 29 • CHEVRON CORPORATION — 2009 285