• Financial Highlights
• Management's Discussion and Analysis
• Consolidated Financial Statements
• Notes to the Consolidated Financial Statements
  • Note 1. Summary of Significant Accounting Policies
  • Note 2. Acquisition of Unocal Corporation
  • Note 3. Information Relating to the Consolidated Statement of Cash Flows
  • Note 4. Summarized Financial Data – Chevron U.S.A. Inc.
  • Note 5. Summarized Financial Data – Chevron Transport Corporation Ltd.
  • Note 6. Stockholders’ Equity
  • Note 7. Financial and Derivative Instruments
  • Note 8. Operating Segments and Geographic Data
  • Note 9. Lease Commitments
  • Note 10. Restructuring and Reorganization Costs
  • Note 11. Investments and Advances
  • Note 12. Properties, Plant and Equipment
  • Note 13. Accounting for Buy/Sell Contracts
  • Note 14. Litigation
  • Note 15. Taxes
  • Note 16. Short-Term Debt
  • Note 17. Long-Term Debt
  • Note 18. New Accounting Standards
  • Note 19. Accounting for Suspended Exploratory Wells
  • Note 20. Employee Benefit Plans
  • Note 21. Stock Options and Other Share-Based Compensation
  • Note 22. Other Contingencies and Commitments
  • Note 23. Asset Retirement Obligations
  • Note 24. Other Financial Information
  • Note 25. Earnings Per Share
• Five-Year Operating Summary
• Five-Year Financial Summary
• Supplemental Information on Oil and Gas Producing Activities

Note 16. Short-Term Debt

Millions of dollars

	At December 31
	2007	2006
* Weighted-average interest rates at December 31, 2007 and 2006, were 4.35 percent and 5.25 percent, respectively.
Commercial paper*	$3,030	$3,472
Notes payable to banks and others with originating terms of one year or less	219	122
Current maturities of long-term debt	850	2,176
Current maturities of long-term capital leases	73	57
Redeemable long-term obligations
Long-term debt	1,351	487
Capital leases	21	295
Subtotal	5,544	6,609
Reclassified to long-term debt	(4,382)	(4,450)
Total short-term debt	$1,162	$2,159

Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date.

The company periodically enters into interest rate swaps on a portion of its short-term debt. See Note 7 for information concerning the company's debt-related derivative activities.

At December 31, 2007, the company had $4,950 of committed credit facilities with banks worldwide, which permit the company to refinance short-term obligations on a long-term basis. The facilities support the company's commercial paper borrowings. Interest on borrowings under the terms of specific agreements may be based on the London Interbank Offered Rate or bank prime rate. No amounts were outstanding under these credit agreements during 2007 or at year-end.

At December 31, 2007 and 2006, the company classified $4,382 and $4,450, respectively, of short-term debt as long-term. Settlement of these obligations is not expected to require the use of working capital in 2008, as the company has both the intent and the ability to refinance this debt on a long-term basis.