Summary
Chevron Corporation's 2012 10-K filing highlights a robust, globally diversified business focused on upstream exploration and production, as well as downstream refining and marketing. The company demonstrated significant capital investment in 2012, totaling $34.2 billion, with a strong emphasis on upstream activities, particularly in international regions. This investment signals a commitment to future growth and resource replacement, crucial for an extractive industry. Financially, Chevron navigated a complex operating environment influenced by fluctuating commodity prices and geopolitical factors. The company's strategic direction emphasized shareholder value creation through profitable growth in core upstream areas, commercializing its natural gas base, and improving downstream returns. While the report details extensive exploration and development projects across multiple continents, it also acknowledges inherent risks such as commodity price volatility, operational disruptions, and regulatory changes, particularly concerning environmental standards and greenhouse gas emissions.
Financial Highlights
46 data points| Revenue | $241.91B |
| R&D Expenses | $648.00M |
| SG&A Expenses | $4.72B |
| Operating Expenses | $195.58B |
| Interest Expense | $0 |
| Net Income | $26.18B |
| EPS (Basic) | $13.42 |
| EPS (Diluted) | $13.32 |
| Shares Outstanding (Basic) | 1.95B |
| Shares Outstanding (Diluted) | 1.97B |
Key Highlights
- 1Chevron invested heavily in 2012, with $34.2 billion in capital and exploratory expenditures, primarily directed towards upstream activities (89% of total expenditures).
- 2International upstream operations accounted for a significant portion of capital spending, representing about 72% of worldwide upstream investment in 2012.
- 3The company's net proved reserves stood at 11,347 million barrels of oil equivalent at the end of 2012, showing a slight increase from the previous year.
- 4Chevron operates a diversified downstream business with approximately 2.0 million barrels per day of crude oil processing capacity across its refining network.
- 5The company markets its products globally under well-recognized brands like Chevron, Texaco, and Caltex, serving approximately 8,060 branded service stations in the U.S. and 8,700 internationally.
- 6Significant investments are being made in major upstream projects such as the Gorgon and Wheatstone LNG facilities in Australia, and deepwater projects in the U.S. Gulf of Mexico.
- 7The company detailed its strategic direction to create shareholder value through profitable upstream growth and improved downstream returns, while also investing in renewable energy and energy efficiency solutions.