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Operating Highlights

2006 2005 Change %
Net production of crude oil and natural gas liquids
(Thousands of barrels per day)
1,732 1,669 4%
Net production of natural gas
(Millions of cubic feet per day)
4,956 4,233 17%
Net oil-equivalent production
(Thousands of oil-equivalent barrels per day)
2,667 2,517 6%
Refinery input
(Thousands of barrels per day)
1,989 1,883 6%
Sales of refined products2
(Thousands of barrels per day)
3,621 3,725 (3)%
Net proved reserves of crude oil, condensate and natural gas liquids3
(Millions of barrels)
— Consolidated companies 5,294 5,626 (6)%
— Affiliated companies 2,512 2,374 6%
Net proved reserves of natural gas3
(Billions of cubic feet)
— Consolidated companies 19,910 20,466 (3)%
— Affiliated companies 2,974 2,968 0%
Net proved oil-equivalent reserves3
(Millions of barrels)
— Consolidated companies 8,612 9,037 (5)%
— Affiliated companies 3,008 2,869 5%
Number of employees at year-end4 55,882 53,440 5%

1 Includes equity in affiliates, except number of employees

2 2005 conformed to 2006 presentation

3 At the end of the year

4 Excludes service station personnel

Performance Graph

The stock performance graph below shows how an initial investment of $100 in Chevron stock would have compared with an equal investment in the S&P 500 Index or the Competitor Peer Group. The comparison covers a five-year period beginning December 31, 2001, and ending December 31, 2006, and is weighted by market capitalization as of the beginning of each year. It includes the reinvestment of all dividends that an investor would be entitled to receive and is adjusted for stock splits. The interim measurement points show the value of $100 invested on December 31, 2001, as of the end of each year between 2002 and 2006.

Five-Year Cumulative Total Returns
(Calendar years ended December 31)
Chart of Five-Year Cumulative Total Returns
  2001 2002 2003 2004 2005 2006
Chevron 100.00 76.86 103.89 130.37 145.15 194.24
S&P 500 100.00 77.90 100.25 111.16 116.61 135.02
Peer Group* 100.00 91.08 113.07 139.35 159.21 199.29
*Peer Group: BP p.l.c.-ADS, ExxonMobil, Royal Dutch Shell plc-ADR and ConocoPhillips