2007 2006 2005
Shares in thousands; amounts in millions of dollars Shares Amount Shares Amount Shares Amount
See accompanying Notes to the Consolidated Financial Statements.
Preferred Stock – $– – $– – $–
Common Stock
Balance at January 1 2,442,677 $1,832 2,442,677 $1,832 2,274,032 $1,706
Shares issued for Unocal acquisition – – – – 168,645 126
Balance at December 31 2,442,677 $1,832 2,442,677 $1,832 2,442,677 $1,832
Capital in Excess of Par
Balance at January 1 $14,126 $13,894 $4,160
Shares issued for Unocal acquisition – – 9,585
Treasury stock transactions 163 232 149
Balance at December 31 $14,289 $14,126 $13,894
Retained Earnings
Balance at January 1 $68,464 $55,738 $45,414
Net income 18,688 17,138 14,099
Cash dividends on common stock (4,791) (4,396) (3,778)
Adoption of EITF 04-6, "Accounting for Stripping Costs Incurred during
Production in the Mining Industry"		 – (19) –
Adoption of FIN 48, "Accounting for Uncertainty in Income Taxes" (35) – –
Tax benefit from dividends paid on unallocated ESOP shares and other 3 3 3
Balance at December 31 $82,329 $68,464 $55,738
Notes Receivable – Key Employees $(1) $(2) $(3)
Accumulated Other Comprehensive Loss
Currency translation adjustment
Balance at January 1 $(90) $(145) $(140)
Change during year 31 55 (5)
Balance at December 31 $(59) $(90) $(145)
Pension and other postretirement benefit plans
Balance at January 1 $(2,585) $(344) $(402)
Change to defined benefit plans during year 685 (38) 58
Adoption of FAS 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans" (108) (2,203) –
Balance at December 31 $(2,008) $(2,585) $(344)
Unrealized net holding gain on securities
Balance at January 1 $– $88 $120
Change during year 19 (88) (32)
Balance at December 31 $19 $– $88
Net derivatives gain (loss) on hedge transactions
Balance at January 1 $39 $(28) $103
Change during year (6) 67 (131)
Balance at December 31 $33 $39 $(28)
Balance at December 31 $(2,015) $(2,636) $(429)
Deferred Compensation and Benefit Plan Trust
Deferred Compensation
Balance at January 1 $(214) $(246) $(367)
Net reduction of ESOP debt and other – 32 121
Balance at December 31 (214) (214) (246)
Benefit Plan Trust (Common Stock) 14,168 (240) 14,168 (240) 14,168 (240)
Balance at December 31 14,168 $(454) 14,168 $(454) 14,168 $(486)
Treasury Stock at Cost
Balance at January 1 278,118 $(12,395) 209,990 $(7,870) 166,912 $(5,124)
Purchases 85,429 (7,036) 80,369 (5,033) 52,013 (3,029)
Issuances – mainly employee benefit plans (11,304) 539 (12,241) 508 (8,935) 283
Balance at December 31 352,243 $(18,892) 278,118 $(12,395) 209,990 $(7,870)
Total Stockholders' Equity at December 31 $77,088 $68,935 $62,676