Chevron Transport Corporation Ltd. (CTC), incorporated in
Bermuda, is an indirect, wholly owned subsidiary of Chevron
Corporation. CTC is the principal operator of Chevron's international
tanker fleet and is engaged in the marine transportation
of crude oil and refined petroleum products. Most of CTC's
shipping revenue is derived from providing transportation services
to other Chevron companies. Chevron Corporation has
fully and unconditionally guaranteed this subsidiary's obligations
in connection with certain debt securities issued by a third
party. Summarized financial information for CTC and its consolidated
subsidiaries is presented in the following table:
|
Year ended December 31 |
|
2008 |
2007 |
2006 |
| Sales and other operating revenues |
$1,022 |
$667 |
$692 |
| Total costs and other deductions |
947 |
713 |
602 |
| Net income |
120 |
(39) |
119 |
|
At December 31 |
|
2008 |
2007 |
| Current assets |
$482 |
$335 |
| Other assets |
172 |
337 |
| Current liabilities |
98 |
107 |
| Other liabilities |
88 |
188 |
| Net equity |
468 |
377 |
There were no restrictions on CTC's ability to pay dividends or make loans or advances at December 31, 2008.