8-KOther EventsExhibits & Filings

CHEVRON CORP 8-K Report, Corporate Update (May 13, 2010)

Filed May 13, 2010For Securities:CVX

Summary

Chevron Corporation (CVX) filed a Current Report on Form 8-K on May 13, 2010, to retroactively revise portions of its Annual Report on Form 10-K for the year ended December 31, 2009. The primary purpose of this filing is to reflect changes in the company's operating segments, effective January 1, 2010. Key changes include the reclassification of chemicals businesses into the downstream segment and the movement of significant upstream-enabling operations, such as a gas-to-liquids project and international export pipelines, from the downstream to the upstream segment. These segment reclassifications necessitate revisions to specific sections within the company's Management's Discussion and Analysis (MD&A) and several notes to the financial statements, including those pertaining to accounting policies, lease commitments, operating segments, investments, properties, and asset retirement obligations. Investors should note that this filing does not incorporate any events or information that occurred after February 25, 2010, the original filing date of the 2009 Form 10-K.

Key Highlights

  • 1Chevron is revising its 2009 Form 10-K to reflect changes in operating segment definitions effective January 1, 2010.
  • 2Chemical businesses are now classified under the downstream operating segment.
  • 3Significant upstream-enabling operations (gas-to-liquids project, international export pipelines) have been moved from downstream to upstream.
  • 4Revisions impact Management's Discussion and Analysis (MD&A) and specific financial statement notes.
  • 5The filing updates sections on accounting policies, lease commitments, operating segments, investments, property, and asset retirement obligations.
  • 6This report does not include any information or events occurring after February 25, 2010.
  • 7XBRL formatted documents are included as Exhibit 101.

Frequently Asked Questions

Chevron is filing this 8-K to retroactively update its 2009 Annual Report (Form 10-K) to reflect a change in how it defines and reports its operating segments, effective January 1, 2010. This is a disclosure matter to ensure accurate segment reporting.

The primary changes involve moving chemicals businesses into the downstream segment and reclassifying significant upstream-enabling operations, like a gas-to-liquids project and international pipelines, from the downstream segment to the upstream segment.

No, this 8-K filing solely pertains to the retrospective revision of segment reporting for the year ended December 31, 2009. It does not include any information or events that occurred after February 25, 2010. For more current information, investors should refer to Chevron's Form 10-Q for the period ended March 31, 2010, or other subsequent 8-K filings.

The segment reclassification will affect how investors view the performance attribution of certain businesses. For example, chemicals will now be reported under downstream, and specific infrastructure supporting upstream operations will be directly accounted for within upstream. This provides a clearer alignment between operational activities and financial reporting segments.