Chevron Corporation, Company Intelligence Report

Summary

Chevron Corporation (Chevron) is an integrated oil and gas company involved in the exploration and production of crude oil and natural gas; refining and transportation of crude oil and natural gas; and the manufacture of petroleum products. The company’s exploration and production operations are primarily located in Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Cambodia, Canada, Chad, China, Colombia, the Democratic Republic of the Congo, Denmark, Indonesia, Kazakhstan, Myanmar, the Netherlands, Nigeria, Norway, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, the Republic of the Congo, Singapore, South Africa, South Korea, Thailand, Trinidad and Tobago, the UK, the US, Venezuela, and Vietnam. The company’s total production and reserves were 1,008.5 MMboe and 10,544.8 MMboe in 2010, respectively.

Chevron’s downstream segment is involved in the refining and marketing of crude oil and natural gas and fuels and lubes marketing globally. The company’s downstream portfolio includes interests in 17 refineries, with an aggregate refining capacity of around 2.2 MMbbl/d and approximately 22,000 branded retail stations. Chevron's chemicals assets are held through CPChem, a joint venture with ConocoPhillips Corporation, which holds interests in 36 worldwide manufacturing facilities and four research centers. Chemicals interests also include the Oronite lubes and fuel additives business. Other assets include midstream assets, power generation and mining, among others. Chevron also controls a 41 tanker fleet to move crude oil and products around the world, which are held on a short-term charter basis.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Key Events for 2011: This section provides the company’s expected operational and financial activities in 2011. This section maps the company’s focus for 2011 in nut shell.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

- The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 6
1.2 List of Figures 7
2 Chevron Corporation, Company Overview 10
3 Chevron Corporation, Key Highlights 14
3.1 Upcoming Projects to Support the Company’s Production Volume 14
3.2 Recent Acquisitions to Further Chevron’s Unconventional Footprints 16
3.3 Relative Low Operational Performance Demonstrated 18
3.4 Resuming Buy-Back Program; Expected to Gain the Same Momentum After Close to Two Years 19
3.5 Streamlining the Refinery Business to Improve Profits 21
3.6 Increasing Deepwater GoM Exposure Through the Use of Advanced Technologies. 22
4 Chevron Corporation, SWOT Analysis 23
4.1 Strengths 23
4.1.1 Delivered Highest Five Year Average Returns on its Stock 23
4.1.2 Wide Geographic Presence 23
4.2 Weaknesses 24
4.2.1 Relatively Low Reserve Replacement Ratio 24
4.2.2 Relatively High Finding and Development Cost Compared to Peer Group 24
4.3 Opportunities 25
4.3.1 Deepwater GoM 25
4.3.2 Exploiting Unconventional Gas Plays 25
4.4 Threats 25
4.4.1 Stringent Policies by the Government May Affect Production Growth 25
4.4.2 Declining Gas Prices May Hamper the Contribution from Recent Acquisitions 25
5 Chevron Corporation, Goals and Strategies 27
5.1 Funding Capital Program to Maintain Future Earnings 27
5.2 Regular Dividends Payments to Increase Shareholder Value 27
5.3 Developing Unconventional Resources the Inorganic Way 28
6 Chevron Corporation, Production Overview 29
6.1 Production Profile 29
6.2 The US 31
6.2.1 Gulf of Mexico 31
6.2.2 California and Mid Continent and Alaska 32
6.3 Africa 32
6.3.1 Angola 32
6.3.2 Republic and Democratic Republic of the Congo 33
6.3.3 Chad/Cameroon 33
6.3.4 Nigeria 33
6.4 Asia 33
6.4.1 Azerbaijan 34
6.4.2 Kazakhstan 34
6.4.3 Turkey 34
6.4.4 Bangladesh 35
6.4.5 Myanmar 35
6.4.6 Thailand 35
6.4.7 China 35
6.4.8 Indonesia 35
6.4.9 Partitioned Zone (PZ) 35
6.4.10 Philippines 36
6.5 Other 36
6.5.1 Australia 36
6.5.2 Argentina 37
6.5.3 Brazil 37
6.5.4 Colombia 37
6.5.5 Trinidad and Tobago (T&T) 37
6.5.6 Venezuela 37
6.5.7 Canada 37
6.5.8 Denmark 38
6.5.9 Netherlands 38
6.5.10 Norway 38
6.5.11 United Kingdom (UK) 38
7 Capital Expenditure 42
7.1 Costs Incurred 43
8 Acreage 45
9 Chevron Corporation, Exploration Overview 47
9.1 The US 47
9.2 Africa 48
9.3 Asia 48
9.3.1 Bangladesh 48
9.3.2 Thailand 48
9.3.3 China 48
9.3.4 Indonesia 48
9.4 Others 48
9.4.1 Australia 48
9.4.2 Venezuela 48
9.4.3 Canada 48
9.4.4 Greenland 49
9.4.5 Norway 49
10 Chevron Corporation, Development Overview 50
10.1 The US 50
10.2 Africa 51
10.2.1 Republic of Congo 51
10.2.2 Nigeria 51
10.3 Asia 52
10.3.1 Azerbaijan 52
10.3.2 Kazakhstan 52
10.3.3 Bangladesh 52
10.3.4 Thailand 52
10.3.5 Vietnam 53
10.3.6 China 53
10.3.7 Indonesia 53
10.4 Other 53
10.4.1 Australia 53
10.4.2 Denmark 54
10.4.3 UK 54
11 Chevron Corporation, Downstream Updates 55
11.1 Refinery 55
11.2 Gas to Liquid 55
11.3 Marketing 55
11.4 Transportation 56
11.4.1 Pipelines 56
11.4.2 Tankers 56
12 Chevron Corporation, Chemical Updates 58
13 Chevron Corporation, Other Business Segments Updates 59
13.1 Mining 59
13.2 Power Generation 59
13.3 Chevron Energy Solutions (CES) 59
13.4 Research and Technology (R&T) 59
13.5 Environmental Protection 59
14 Chevron Corporation, M&A Highlights 60
14.1 Acquisition of Atlas Energy 62
14.1.1 Deal Highlights 62
14.1.2 Deal Overview 62
15 Chevron Corporation, Forecast Production and Financial Statements 64
15.1 Income Statement (2008–2015) 66
15.2 Balance Sheet (2008–2015) 67
15.3 Cash Flow Statement (2008–2015) 68
15.4 Financial Ratios 69
16 Chevron Corporation, Valuation 72
16.1 Net Asset Value 72
17 Chevron Corporation, Peer Comparision 75
17.1 Share Price Performance 75
17.2 Operational and Financial Performance 76
17.3 Key Financial and Operational Ratio 79
18 Chevron Corporation, Detailed Operational and Financial Metrics 80
18.1 Chevron Corporation, Total Oil and Gas, Reserves and Production 80
18.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006–2010 80
18.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006–2010 81
18.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006–2010 83
18.2 Chevron Corporation, Crude Oil/Liquids Production and Reserve 84
18.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006–2010 84
18.2.2 Crude Oil Production and Reserves By Country/Region, 2006–2010 85
18.2.3 Crude Oil/Liquids Reserve Changes, 2006–2010 87
18.3 Chevron Corporation, Natural Gas Production and Reserve 88
18.3.1 Natural Gas Production and Reserve Trend, 2006–2010 88
18.3.2 Natural Gas Production and Reserves, By Country/Region, 2006–2010 89
18.3.3 Natural Gas Reserve Changes, 2006–2010 91
18.4 Chevron Corporation, Total Crude Oil and Natural Gas Reserves Life Index 92
18.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006–2010 92
18.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006–2010 93
18.5 Chevron Corporation, E&P Costs Trends 96
18.5.1 Upstream Capital Expenditure, 2006–2010 96
18.5.2 Acquisition Costs By Country/Region, 2006–2010 97
18.5.3 Exploration and Development Costs, By Country/Region, 2006–2010 99
18.6 Chevron Corporation, Oil and Gas Cost Per boe, $/boe 101
18.6.1 Oil and Gas Cost Per boe, $/boe, 2006–2010 101
18.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006–2010 102
18.7 Chevron Corporation, Reserve Replacement Ratio 106
18.7.1 Oil and Gas Production Replacement Ratio, 2006–2010 106
18.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006–2010 108
18.8 Chevron Corporation, Results of Oil & Gas Operations Trend 113
18.8.1 Oil and Gas Revenue and Expenses, 2006–2010 113
18.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006–2010 114
18.9 Chevron Corporation, Oil and Gas Revenue and Expenses, Per boe 121
18.9.1 Oil and Gas Revenue and Expenses, By boe, 2006–2010 121
18.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006–2010 122
18.10 Chevron Corporation, Oil and Gas Performance Metrics 128
18.11 Chevron Corporation, Land Holdings and Well Data 129
18.11.1 Gross and Net Developed and Undeveloped Acreage, 2006–2010 129
18.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2006–2010 130
18.12 Chevron Corporation, Well Statistics 134
18.12.1 Producible Oil and Gas Well, 2006–2010 134
18.12.2 Producible Oil and Gas Well, By Country/Region, 2006–2010 135
18.12.3 Exploration and Development Wells Drilled, 2006–2010 141
18.12.4 Exploration and Development Wells Drilled, By Country/Region, 2006–2010 142
19 Appendix 145
19.1 Abbreviations 145
19.2 Methodology 145
19.2.1 Coverage 145
19.2.2 Secondary Research 146
19.2.3 Primary Research 146
19.3 Contact Us 146
19.4 Disclaimer 146

1.1 List of Tables
Table 1: Chevron Corporation, Key Events, November 2010–August 2011 13
Table 2: Chevron Corporation, Unconventional Acreages, 2011 17
Table 3: Chevron Corporation, Buyback Program Analysis, 2007–2010 20
Table 4: Chevron Corporation, Upstream Growth Profile, MMboe, 2011–2015 38
Table 5: Chevron Corporation, Capital Expenditure Classification, $m, 2007–2010 42
Table 6: Chevron Corporation, Costs Incurred ($m), 2008–2010 43
Table 7: Chevron Corporation, Reserve Replacement Ratio and Finding and Development Cost, 2006–2010 44
Table 8: Chevron Corporation, Recent Transactions as a Buyer, 2010–2011 60
Table 9: Chevron Corporation, Recent Transactions as a Seller, 2009–2010 61
Table 10: Chevron Corporation, Forecast Production, 2008–2015 64
Table 11: GlobalData, Price Forecasts, 2011–2015 64
Table 12: Chevron Corporation, Income Statement ($m), 2008–2015 66
Table 13: Chevron Corporation, Balance Sheet ($m), 2008–2015 67
Table 14: Chevron Corporation, Cash Flow Statement ($m), 2008–2015 68
Table 15: Chevron Corporation, Profitability Ratios, 2008–2015 69
Table 16: Chevron Corporation, Other Financial Ratios, 2008–2015 70
Table 17: Chevron Corporation, Capital Market Ratios, 2009–2011 71
Table 18: GlobalData, Price Forecasts, 2011–2015 72
Table 19: Chevron Corporation, Net Asset Value, 2011 73
Table 20: Chevron Corporation, NPV of Oil/NGL Reserves, 2011 73
Table 21: Chevron Corporation, NPV of Natural Gas Reserves, 2011 74
Table 22: Chevron Corporation, NPV of Total Oil and Natural Gas Reserves, 2011 74
Table 23: Chevron Corporation, Sensitivity Analysis on Fair Value ($ per share), 2011 74
Table 24: Chevron Corporation Vs. Peer Group, Operational and Financial Performance, 2010 76
Table 24: Chevron Corporation and its Peer Group Comparison, Financial Ratios, 2010 79
Table 26: Chevron Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006–2010 80
Table 27: Chevron Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006–2010 82
Table 28: Chevron Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006–2010 83
Table 29: Chevron Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006–2010 84
Table 30: Chevron Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006–2010 86
Table 31: Chevron Corporation, Crude Oil Reserve Changes, MMbbl, 2006–2010 87
Table 32: Chevron Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006–2010 88
Table 33: Chevron Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006–2010 90
Table 34: Chevron Corporation, Natural Gas Reserve Changes, Bcf, 2006–2010 91
Table 35: Chevron Corporation, Oil and Gas Reserves Life Index, Years, 2006–2010 92
Table 36: Chevron Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006–2010 94
Table 37: Chevron Corporation, Upstream Capital Expenditure, $m, 2006–2010 96
Table 38: Chevron Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006–2010 98
Table 39: Chevron Corporation, Exploration and Development Costs, By Country/Region, $m, 2006–2010 100
Table 40: Chevron Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006–2010 101
Table 41: Chevron Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006–2010 104
Table 42: Chevron Corporation, Oil and Gas Production Replacement Ratio, %, 2006–2010 106
Table 43: Chevron Corporation, 3–Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006–2010 111
Table 44: Chevron Corporation, Revenue and Expenses, $m, 2006–2010 113
Table 45: Chevron Corporation, Revenue and Expenses, By Country/Region, $m, 2006–2010 118
Table 46: Chevron Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006–2010 121
Table 47: Chevron Corporation, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006–2010 125
Table 48: Chevron Corporation, Oil and Gas Performance Metrics, 2006–2010 128
Table 49: Chevron Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006–2010 129
Table 50: Chevron Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2006–2010 132
Table 51: Chevron Corporation, Producible Oil and Gas Wells, 2006–2010 134
Table 52: Chevron Corporation, Producible Oil and Gas Wells, By Country/Region, 2006–2010 138
Table 52: Chevron Corporation, Exploratory and Developed Wells, 2006–2010 141
Table 53: Chevron Corporation, Exploratory and Developed Wells, By Country/Region, 2006–2010 142

1.2 List of Figures
Figure 1: Chevron Corporation, Operational Overview, 2011 10
Figure 2: Chevron Corporation, Revenue by Segment, 2010 11
Figure 3: Chevron Corporation, Earnings by Segment, 2010 11
Figure 4: Chevron Corporation, Performance Charts, 2007–2010 12
Figure 5: Chevron Corporation, Share Price Performance, November 2010–November 2011 13
Figure 6: Chevron Corporation, Production from Major Upcoming Assets, MMboe, 2011–2015 15
Figure 7: Chevron Corporation, Major Upcoming Assets Development Stage (Peak Production Basis), 2011–2014 16
Figure 8: Acreage Acquired by Chevron Through the Acquisition of Atlas Energy Inc., 2011 18
Figure 9: Chevron Corporation, Cash Flow from Operations and Cash Used in Share Buyback, ($m), 2005–2010 20
Figure 10: Chevron Corporation, Downstream Revenue and Income, ($m), 2007–2010 21
Figure 11: Chevron Corporation and its Peers, Five Year Average Return (%), 2007–2010 23
Figure 12: Chevron and Peers, Oil & Gas Reserve Replacement Ratio, Annual (%), 2006–2010 24
Figure 13: Chevron Corporation, Dividend Payout, EPS, Dividend Paid, 2006–2010 27
Figure 14: Chevron Corporation, Dividend Payout, EPS, Dividend Paid, 2005–2010 28
Figure 15: Chevron Corporation, Total Production (MMboe), 2007–2010 30
Figure 16: Chevron Corporation, Production Mix (%), 2008–2015 30
Figure 17: Chevron Corporation, Operations Map, the US, 2011 31
Figure 18: Chevron corporation, Operational Map, Africa, 2011 32
Figure 19: Chevron corporation, Operational Map, Asia, 2011 34
Figure 20: Chevron corporation, Others, 2010 36
Figure 21: Chevron Corporation, Total Upstream Production, MMboe, 2007–2015 40
Figure 22: Chevron Corporation, Total Upstream Production, MMboe, 2011–2015 41
Figure 23: Chevron Corporation, Capital Expenditure (Inclusive of Acquisitions) Classification, $m, 2007–2010 42
Figure 24: Chevron Corporation, Costs Incurred ($m), 2008–2010 43
Figure 25: Chevron Corporation, Reserve Replacement Ratio and Finding and Development Cost, 2006–2010 44
Figure 26: Chevron Corporation, Peer Group Comparison, Acreage (Million Acres), 2010 45
Figure 27: Chevron Corporation, Net Developed and Undeveloped Acreage, 2007-2010 46
Figure 28: Chevron Corporation, Exploration Cost, $m, 2006–2010 47
Figure 29: Chevron Corporation, Development Cost, $m, 2007–2010 50
Figure 30: Chevron Corporation, Downstream Revenue, Earning and Segment Revenue as % of Total Revenue, 2007–2010 57
Figure 31: Chevron Corporation, Chemical Segment, Revenue, Earning and Segment Revenue as % of Total Revenue, 2007–2010 58
Figure 32: Chevron Corporation acquired acreage from XTO Energy Inc., Thousand Acres, 2010 63
Figure 33: Chevron Corporation and its peers, Relative Share Price Performance Index, November 2010– November 2011 75
Figure 34: Chevron Corporation, F&D costs and Reserve Replacement Additions, 2010 77
Figure 35: Chevron Corporation , Operational and Financial Parameters in $/boe, 2010 77
Figure 36: Chevron Corporation, Total Reserves, MMboe, 2010 78
Figure 37: Chevron Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006–2010 80
Figure 38: Chevron Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006–2010 81
Figure 39: Chevron Corporation, Total Oil & Gas Production, By Country/Region, MMboe, 2006–2010 81
Figure 40: Chevron Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010 83
Figure 41: Chevron Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2006–2010 84
Figure 42: Chevron Corporation, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006–2010 85
Figure 43: Chevron Corporation, Oil Production, By Country/Region, MMbbl, 2006–2010 85
Figure 44: Chevron Corporation, Crude Oil Reserve Changes, MMbbl, 2010 87
Figure 45: Chevron Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2006–2010 88
Figure 46: Chevron Corporation, Gas Reserves, End of Period, By Country/Region, Bcf, 2006–2010 89
Figure 47: Chevron Corporation, Gas Production, By Country/Region, Bcf, 2006–2010 89
Figure 48: Chevron Corporation, Natural Gas Reserve Changes, Bcf, 2010 91
Figure 49: Chevron Corporation, Oil and Gas Reserves Life Index, Years, 2006–2010 92
Figure 50: Chevron Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2006–2010 93
Figure 51: Chevron Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2006–2010 93
Figure 52: Chevron Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2006–2010 94
Figure 53: Chevron Corporation, Upstream Capital Expenditure, $m, 2006–2010 96
Figure 54: Chevron Corporation, Proved Acquisition Costs, By Country/Region, $m, 2006–2010 97
Figure 55: Chevron Corporation, Unproved Acquisition Costs, By Country/Region, $m, 2006–2010 97
Figure 56: Chevron Corporation, Development Costs, By Country/Region, $m, 2006–2010 99
Figure 57: Chevron Corporation, Exploration Costs, By Country/Region, $m, 2006–2010 99
Figure 58: Chevron Corporation, 3–Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006–2010 101
Figure 59: Chevron Corporation, Oil & Gas Finding & Development Cost/boe, 3–Year Average, By Country/Region, $/boe, 2006–2010 102
Figure 60: Chevron Corporation, Oil & Gas Finding Cost per boe, 3–Year Average, By Country/Region, $/boe, 2006–2010 102
Figure 61: Chevron Corporation, Reserve Replacement Cost per boe, 3–Year Average, By Country/Region, $/boe, 2006–2010 103
Figure 62: Chevron Corporation, Proved Reserves Acquisition Cost per boe, 3–Year Average, By Country/Region, $/boe, 2006–2010 103
Figure 63: Chevron Corporation, 3–Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006–2010 106
Figure 64: Chevron Corporation, 3–Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006–2010 108
Figure 65: Chevron Corporation, 3–Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006–2010 108
Figure 66: Chevron Corporation, 3–Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006–2010 109
Figure 67: Chevron Corporation, 3–Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006–2010 109
Figure 68: Chevron Corporation, 3–Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006–2010 110
Figure 69: Chevron Corporation, 3–Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006–2010 110
Figure 70: Chevron Corporation, Revenue and Expenses, $m, 2006–2010 113
Figure 71: Chevron Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006–2010 114
Figure 72: Chevron Corporation, Exploration Expenses, By Country/Region, $m, 2006–2010 114
Figure 73: Chevron Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006–2010 115
Figure 74: Chevron Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006–2010 115
Figure 75: Chevron Corporation, Oil & Gas Revenue, By Country/Region, $m, 2006–2010 116
Figure 76: Chevron Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006–2010 116
Figure 77: Chevron Corporation, Production Costs, By Country/Region, $m, 2006–2010 117
Figure 78: Chevron Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006–2010 117
Figure 79: Chevron Corporation, Oil and Gas Revenue and Expenses, $/boe, 2006–2010 121
Figure 80: Chevron Corporation, Exploration Expenses per boe, By Country/Region, $/boe, 2006–2010 122
Figure 81: Chevron Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006–2010 122
Figure 82: Chevron Corporation, Lifting Cost per boe, By Country/Region, $/boe, 2006–2010 123
Figure 83: Chevron Corporation, Annual Net Income per boe, By Country/Region, $/boe, 2006–2010 123
Figure 84: Chevron Corporation, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006–2010 124
Figure 85: Chevron Corporation, Total DD&A per boe, By Country/Region, $/boe, 2006–2010 124
Figure 86: Chevron Corporation, Total Revenue per boe, By Country/Region, $/boe, 2006–2010 125
Figure 87: Chevron Corporation, Oil and Gas Performance Metrics, 2006–2010 128
Figure 88: Chevron Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2006–2010 129
Figure 89: Chevron Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2006–2010 130
Figure 90: Chevron Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2006–2010 130
Figure 91: Chevron Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2006–2010 131
Figure 92: Chevron Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2006–2010 131
Figure 93: Chevron Corporation, Producible Oil and Gas Wells, 2006–2010 134
Figure 94: Chevron Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2006–2010 135
Figure 95: Chevron Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2006–2010 135
Figure 96: Chevron Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2006–2010 136
Figure 97: Chevron Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2006–2010 136
Figure 98: Chevron Corporation, Net Productive Gas Wells, By Country/Region, Number, 2006–2010 137
Figure 99: Chevron Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2006–2010 137
Figure 100: Chevron Corporation, Net Productive Oil Wells, By Country/Region, Number, 2006–2010 138
Figure 101: Chevron Corporation, Exploratory and Developed Wells, 2006–2010 141