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The following highlights selected indicators of our financial performance. Please refer to our 2002 Annual Report for more detailed information.
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Weak global economies, restrained demand for petroleum products and lower production all took a toll on 2002 earnings. For the year, ChevronTexaco reported net income of $1.1 billion, compared with $3.3 billion in 2001. The company's financial results were hurt by $3.3 billion of charges from special items. About $2.3 billion of these charges were related to our 26 percent ownership of Dynegy Inc., an energy trading company that saw a dramatic decline in its market value due to the near collapse of the energy merchant sector. |
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Sales and other operating revenues were $99 billion in 2002, down from $104 billion in 2001 and $117 billion in 2000. Revenues from worldwide upstream operations decreased about 30 percent on lower prices for natural gas, particularly in the United States. Sales volumes of natural gas were also down in the United States. Partially offsetting these declines, sales revenues from refined products increased in 2002, primarily on higher prices late in the year. Of the $98.7 billion of sales revenues in 2002, sales in the United States accounted for $43.6 billion. The only other country where the company generates significant revenues is the United Kingdom, where it generated $10.8 billion in 2002. |
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Capital and exploratory expenditures for 2002 totaled $9.3 billion, including the company's $1.4 billion share of affiliates' expenditures, which did not require cash outlays by the company. International exploration and production spending of $4.4 billion was 70 percent of worldwide exploration and production expenditures in 2002, compared with 66 percent in 2001 and 62 percent in 2000, reflecting the company's continuing focus on international exploration and production activities. |
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Return on average capital employed declined to 3.2 percent primarily as a result of lower earnings. The company's financial results were hurt by weak global economies and special charges to effect the merger and charges related to the write-down of an equity affiliate that saw a dramatic decline in its market value due to the near collapse of the energy merchant sector. |
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The company paid its stockholders nearly three billion dollars in 2002, increasing its annual dividend payout for the 15th consecutive year. |
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