Chevron 2004 Annual Report Download - page 60
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Please find page 60 of the 2004 Chevron annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.58 CHEVRONTEXACO CORPORATION 2004 ANNUAL REPORT
Year ended December 31
2003 2002
Additions to properties, plant
and equipment1 $ 4,953 $ 6,262
Additions to investments 687 1,138
Current-year dry hole expenditures 132 252
Payments for other liabilities
and assets, net (147) (55)
Capital expenditures 5,625 7,597
Expensed exploration expenditures 315 303
Payments of long-term debt and
other financing obligations, net 286 2
Capital and exploratory expenditures,
excluding equity affiliates 6,226 7,902
Equity in affiliates’ expenditures 1,137 1,353
Capital and exploratory expenditures,
including equity affiliates $ 7,363 $ 9,255
1
Net of noncash additions of $212 in 2004, $1,183 in 2003 and $195 in 2002.
2
Includes deferred payment of $210 related to the 1993 acquisition of the company’s
interest in the Tengizchevroil joint venture.
ChevronU.S.A.Inc.(CUSA)isamajorsubsidiaryofChevron-
TexacoCorporation.CUSAanditssubsidiariesmanageand
operatemostofChevronTexaco’sU.S.businesses.Assetsinclude
thoserelatedtotheexplorationandproductionofcrudeoil,
naturalgasandnaturalgasliquidsandthoseassociatedwiththe
refining,marketing,supplyanddistributionofproductsderived
frompetroleum,otherthannaturalgasliquids,excludingmost
oftheregulatedpipelineoperationsofChevronTexaco.CUSA
alsoholdsChevronTexaco’sinvestmentsintheChevronPhillips
ChemicalCompanyLLC(CPChem)jointventureandDynegy
Inc.(Dynegy),whichareaccountedforusingtheequitymethod.
During2003and2002,ChevronTexacoimplementedlegal
reorganizationsinwhichcertainChevronTexacosubsidiaries
transferredassetstoorunderCUSAandotherChevronTexaco
companiesweremergedwithandintoCUSA.Thesummarized
financialinformationforCUSAanditsconsolidatedsubsidiaries
presentedinthefollowingtablegivesretroactiveeffecttothe
reorganizationinamannersimilartoapoolingofinterests,
withallperiodspresentedasifthecompanieshadalwaysbeen
combinedandthereorganizationhadoccurredonJanuary1,2002.
However,thefinancialinformationincludedinthistablemay
notreflectthefinancialpositionandoperatingresultsinthe
futureorthehistoricalresultsintheperiodspresentedhadthe
reorganizationactuallyoccurredonJanuary1,2002.
Year ended December 31
2003 2002
Sales and other operating revenues $ 82,760 $ 66,835
Total costs and other deductions 78,399 68,526
Net income (loss)* 3,083 (1,895)
* 2003 net income includes a charge of $323 for the cumulative effect of changes in
accounting principles.
At December 31
2003
Current assets $ 15,539
Other assets* 21,348
Current liabilities 13,122
Other liabilities 14,136
Net equity 9,629
Memo: Total debt $ 9,091
* Includes assets held for sale of $1,052 at December 31, 2003.
CUSA’snetlossof$1,895for2002includednetchargesof
$2,555forassetwrite-downsanddispositions,ofwhich$2,306
wasrelatedtoDynegy.
ChevronTransportCorporationLtd.(CTC),incorporatedinBer-
muda,isanindirect,whollyownedsubsidiaryofChevronTexaco
Corporation.CTCistheprincipaloperatorofChevronTexaco’s
internationaltankerfleetandisengagedinthemarinetrans-
portationofcrudeoilandrefinedpetroleumproducts.Mostof
CTC’sshippingrevenueisderivedfromprovidingtransportation
servicestootherChevronTexacocompanies.ChevronTexaco
Corporationhasguaranteedthissubsidiary’sobligationsin
connectionwithcertaindebtsecuritiesissuedbyathirdparty.
SummarizedfinancialinformationforCTCanditsconsolidated
subsidiariesispresentedinthefollowingtable:
Year ended December 31
2003 2002
Sales and other operating revenues $ 601 $ 850
Total costs and other deductions 535 922
Net income (loss) 50 (79)
At December 31
2003
Current assets $ 116
Other assets 312
Current liabilities 96
Other liabilities 243
Net equity 89
During2004,CTC’spaid-incapitaldecreasedby$85from
capitalsettlements.
TherewerenorestrictionsonCTC’sabilitytopaydividends
ormakeloansoradvancesatDecember31,2004.
RetainedearningsatDecember31,2004and2003,included
approximately$3,950and$1,300,respectively,forthecompany’s
shareofundistributedearningsofequityaffiliates.
AtDecember31,2004,about151millionsharesofChevron-
Texaco’scommonstockremainavailableforissuancefromthe
Notes to the Consolidated Financial Statements
Millionsofdollars,exceptper-shareamounts
INFORMATION RELATING TO THE CONSOLIDATED STATEMENT OF CASH
FLOWS – Continued