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The Richmond Refinery in California moves some 340,000 barrels of raw material and finished product daily across its dock
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Linking Financial Performance and Corporate Responsibility
As a commercial enterprise, ChevronTexaco is responsible for effectively managing its operations so it can provide appropriate returns to our shareholders over time. We view financial performance and corporate responsibility as mutually reinforcing: financial health is a prerequisite to our being able to make a positive contribution to society, and operating in a socially and environmentally responsible way contributes to our financial success.
In our corporate Annual Report to the Securities and Exchange Commission and our stockholders, we share information about the financial performance of our company. But we understand that ChevronTexaco - like all companies - also has economic impacts that are not captured in traditional financial reporting and that go beyond the boundaries of an organization. These impacts include how our operations contribute to or affect the larger economies we operate in, at local, national and global levels. For example, in 2002 ChevronTexaco's total tax liability in the countries where we operate was US$19.7 billion. These impacts also include how we affect the economic conditions, capacity and sufficiency of the range of stakeholders affected by our business, including employees, suppliers, business partners, host governments and those living in the communities we operate in.
About this section
Although there are standard procedures for companies to measure and report on financial performance, there are not yet generally accepted measures for reporting on their broader economic impacts. Companies are experimenting with a variety of indicators in this area - including wages and benefits paid to employees, investment in work-force training and development, taxes paid to governments and money spent with supplier companies - to help them assess their economic impacts.
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| ChevronTexaco is working to grow its natural gas business. |
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In this section, we provide several key indicators of ChevronTexaco's financial performance, as well as select information about its broader economic impacts. We have chosen to focus on the issue of procurement and, in particular, our efforts to contribute to economic development through our supplier diversity, small business and local content programs.
We are working to better understand our economic impacts and identify additional measurements that provide information of value to ChevronTexaco and its stakeholders.
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