press release

Chevron Press Release - Chevron Reports Record Net Income of $1.1 Billion In Second Quarter

Operating earnings double, as higher crude oil and natural gas prices
boost results for exploration and production operations

SAN FRANCISCO, July 25, 2000 -- Chevron Corp. today reported record net income of $1.116 billion ($1.71 per share - diluted) for the second quarter 2000, compared with second quarter 1999 net income of $350 million ($0.53 per share - diluted). Excluding charges of $25 million for special items in the 2000 quarter, earnings on an operational basis were $1.141 billion ($1.75 per share - diluted), reaching record levels for the second consecutive quarter and more than doubling last year's quarterly results.

Earnings Summary Three Months Ended June 30, Six Months
Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Operating Earnings
Exploration and Production
Refining, Marketing and Transportation
Chemicals and Other

$968
187
(14)

$366
129
(11)

$1,986
251
10

$517
313
(65)
Total*
Special Items
1,141
(25)
484
(134)
2,247
(87)
765
(86)
Net income* $1,116 $350 $2,160 $679
*Includes Foreign Currency Losses $29 $(32) $75 $(41)

For the first six months of 2000, Chevron reported net income of $2.160 billion ($3.30 per share - diluted), compared with six months 1999 net income of $679 million ($1.03 per share - diluted). Excluding special items, 2000 operating earnings of $2.247 billion ($3.43 per share - diluted) increased from $765 million ($1.16 per share - diluted) in 1999.

Chairman and CEO Dave O'Reilly commented, "For the first time in our company's history, we've earned more than a billion dollars in consecutive quarters. These results helped increase our return on capital employed for the last 12 months to 16 percent. Although all of our businesses are making strides in improving profitability, the company's outstanding financial performance this year primarily reflected the strength of our exploration and producing operations.

"The improvement in upstream earnings over last year," O'Reilly continued, "was attributable both to higher prices for crude oil and natural gas, and to growth in our worldwide production. Our ability to increase production -- an outcome of our international upstream growth strategy -- was the result of a disciplined capital spending program that we sustained through the 1998-1999 period, when crude oil prices were hitting 20-year lows."

Comparing the second quarter 2000 to the year-ago quarter, O'Reilly stated that more than 90 percent of the improvement in operating earnings came from exploration and production. Chevron's average U.S. crude oil realization of more than $25 per barrel was up about 75 percent from the 1999 second quarter. In addition, the company's natural gas realization was up more than 60 percent in the United States to $3.35 per thousand cubic feet. Chevron's worldwide oil-equivalent production rose 2 percent from the year-ago quarter, but would have increased by about 4 percent if the effect of higher prices on cost-oil recovery volumes allowed under the company's Indonesian production-sharing agreement were excluded.

O'Reilly noted, "Second quarter earnings also improved in our worldwide refining, marketing and transportation business. Downstream earnings in the United States were higher than last year, reflecting stronger industry margins on the Gulf Coast and the absence of refinery operating problems on the West Coast. For the international downstream business, operating results for our Caltex affiliate remain depressed and were little changed from last year's second quarter. Prolonged excess-supply conditions in the Caltex Asia-Pacific operating areas, along with a very competitive operating environment, have prevented sufficient product price increases to recover the higher cost of crude oil and to improve margins."

The company's overall operating expenses were up 53 cents to $5.65 per barrel in the first half of 2000, compared with the corresponding 1999 period. Most of the increase was attributable to higher fuel costs -- associated with higher crude oil and natural gas prices -- for the company's refineries and other operations.

O'Reilly summarized some of the significant operating and strategic events for the company since the beginning of the second quarter, including:

  • Chemicals Joint Venture: The combination of the petrochemicals businesses of Chevron and Phillips Petroleum Co. was completed on July 1. The venture -- Chevron Phillips Chemical Co. -- is owned 50 percent by each partner and headquartered in Houston. The new combined company has more than $6 billion in assets and is expected to reduce annual costs by $150 million. After obtaining debt financing, the joint venture made a distribution of $835 million to each owner.
  • Caspian Pipeline: The Caspian Pipeline Consortium (CPC) has spent more than $1 billion to date for its pipeline construction project, in which Chevron owns a 15 percent interest. More than 300 miles of the 460 miles of new pipe have been installed, and refurbishment of the existing 475 miles of the pipeline has begun. The CPC pipeline will run from the Tengiz Field in western Kazakhstan to the Black Sea port of Novorossiysk and is on schedule for a mid-2001 start-up.
  • Tengiz: Tengizchevroil (TCO), owned 45 percent by Chevron, will be a primary user of the CPC pipeline. In June, TCO commissioned its three-year plant expansion, Train 5, which will increase production from 215,000 to 260,000 barrels per day by the fourth quarter of this year. For the first half of 2000, TCO's average net liquids production was 214,000 barrels per day.
  • Canada: The owners of the Hibernia oil project, offshore Newfoundland, have proposed a change to the royalty agreement with the government that will permit an increase in the maximum short-term oil production from Hibernia to about 200,000 barrels per day, with an approved maximum annual average production of 180,000 barrels per day. Chevron holds a 27 percent interest in the project, which has current production of about 150,000 barrels per day. Near Fort Liard, Northwest Territories, first production of natural gas flowed from the K-29 discovery well in April. Gross production in the last several months of the year is expected to average 70 million cubic feet per day from the discovery, operated and owned 43 percent by Chevron. Another similar well at Fort Liard is expected to begin production in the fourth quarter 2000. Chevron also acquired two large oil and gas concessions in northern Canada's Mackenzie Delta -- Inuvik Blocks 1 and 2.
  • Brazil: As part of a strategy to expand its deepwater prospects and other interests in South America, the company acquired a 65 percent interest in offshore block BM-S-7 and was selected as operator. A 25 percent interest was also acquired in exploration block BM-S-10. Both of these blocks are located in the SBasin, offshore Brazil. These tracts, combined with the rights won in January 2000 for 50 percent interests in two other offshore blocks in the same basin, provide Chevron with a substantial portfolio of offshore exploration interests.
  • Equatorial Guinea: Chevron signed a five-year production sharing contract with the Republic of Equatorial Guinea in West Africa to explore for oil in water depths up to 6,500 feet in offshore Block L, which covers 1,640 square miles.
  • e-Business: The company announced additional initiatives as part of its aggressive strategy to capture value associated with Internet technologies and improve the performance of core businesses. In June, Chevron announced the formation of Silicon Valley Oil Co. , an online marketplace that will enable sales of fuels and lubricants to commercial and industrial customers via the Internet. Chevron also participated as a founding partner in the start-up of PetroCosm, a global, independent online marketplace for the energy industry, linking buyers and sellers of oil and gas equipment and services. Another Chevron e-business in development is RetailersMarketXchange, an Internet trade exchange designed as a full service marketplace for convenience-store and small-business retailers and their suppliers.
  • Common Stock Share Repurchase Program: During 2000, Chevron has repurchased 6.5 million of its common shares on the open market at an average cost of $80.77 per share. Since the inception of the company's $2 billion repurchase program in December 1997, 12.9 million shares have been bought on the open market for slightly more than $1 billion, at an average cost of $78.40 per share.

Second quarter 2000 revenues of $13.2 billion were 52 percent higher than 1999 second quarter revenues of $8.7 billion. Total revenues for six months 2000 were $24.9 billion, up 62 percent from $15.4 billion in 1999. Revenues increased primarily on sharply higher prices for crude oil, natural gas and refined products.

Foreign currency gains included in second quarter 2000 net income were $29 million, compared with losses of $32 million in 1999. For the six months 2000, foreign currency gains were $75 million, compared with losses of $41 million in the comparable 1999 period. During 2000, the U.S. dollar strengthened against the currencies of Canada and several countries where Chevron and Caltex have operations, including Australia.


Exploration and Production

U.S. Exploration and Production Three Months Ended June 30, Six Months Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Operating Earnings
Special Items
$388
-
$ 145
(55)
$753
-
$180
(52)
Net income $388 $90 $753 $128

U.S. exploration and production operating earnings rose significantly in the 2000 second quarter on higher crude oil and natural gas realizations, offset partially by higher well write-offs and operating expenses. Fuel costs and well-workover activities increased during 2000 and contributed to the higher operating expenses.

For the second quarter 2000, the company's average crude oil realization of $25.39 per barrel was up 78 percent from the prior year; the average natural gas realization of $3.35 per thousand cubic feet rose 63 percent compared with the 1999 second quarter.

Net liquids production for the second quarter 2000 averaged 309,000 barrels per day, down slightly from 1999. Second quarter 2000 net natural gas production averaged 1.5 billion cubic feet per day, down 8 percent from the 1999 quarter. On a combined oil-equivalent basis, new production in deepwater and other areas of the Gulf of Mexico was more than offset by the effects of asset sales and normal field declines, resulting in an overall production decrease of about 4 percent.

International Exploration and Production Three Months Ended June 30, Six Months Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Operating Earnings*
Special Items
$580
-
$ 221
-
$1,233
-
$337
-
Net Income* $580 $221 $1,233 $337
*Includes Foreign Currency Gains (Losses) $21 $(12) $49 $(28)

International exploration and production quarterly earnings more than doubled, mainly the result of higher crude oil and natural gas prices and higher production of both liquids and natural gas.

Net liquids production increased 6 percent versus the 1999 quarter to 841,000 barrels per day. Production increases in Angola and Australia, combined with production from properties acquired last year in Argentina and Thailand, offset declines in Colombia and Indonesia. The lower production in Indonesia was primarily associated with the effect of higher prices on cost-oil recovery volumes under the production-sharing agreement. Net natural gas production increased 9 percent to 913 million cubic feet per day compared with last year's quarter. Increases in net natural gas production resulted from higher production in the United Kingdom, as well as new production from the properties acquired last year in Thailand and Argentina. These production increases were partially offset by a decline in Canadian natural gas production.
International oil-equivalent production in the 2000 second quarter rose about 6 percent. Absent the effect of higher crude oil prices on the cost-recovery mechanism in Indonesia, international oil-equivalent production would have risen about 9 percent.

Earnings for the 2000 second quarter included net foreign currency gains of $21 million, compared with losses of $12 million in 1999. The change primarily reflected favorable currency swings of the U.S. dollar relative to Australian and Canadian dollars.


Refining, Marketing and Transportation

U.S. Refining, Marketing and Transportation Three Months Ended June 30, Six Months Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Operating Earnings
Special Items
$167
-
$ 98
11
$222
(62)
$195
(4)
Net Income* $167 $109 $160 $191

Operating earnings for the second quarter 2000 were about 70 percent above the year-ago quarter. Last year's quarter included the adverse effects of operational incidents at the company's Richmond, Calif., refinery, including the need to purchase high-cost replacement products to meet supply commitments.

The refined product sales realization for the second quarter 2000 increased about 50 percent to $37.65 per barrel. Chevron benefited from higher industry margins on the Gulf Coast in the 2000 quarter. However, industry margins on the West Coast were lower than last year's quarter, when supplies of gasoline and other refined products were constrained by the loss of production resulting from incidents at several West Coast refineries.

Refined product sales volumes increased marginally to 1,382,000 barrels per day in the 2000 quarter. Increases in gasoline and jet fuel sales were partially offset by sales declines for diesel and other fuels. The branded component of gasoline sales was off 2 percent over the year-ago quarter.

International Refining, Marketing, and Transportation Three Months Ended June 30, Six Months Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Operating Earnings*
Special Items
$20
-
$ 31
30
$29
-
$118
30
Net Income* $20 $61 $29 $148
*Includes Foreign Currency Gains (Losses) $14 $(21) $34 $(16)

International refining, marketing and transportation operating earnings -- composed mainly of Chevron's interest in Caltex Corporation, the Canadian downstream company and international shipping operations -- declined in the second quarter 2000, primarily as a result of losses in the company's shipping operations.

Chevron's international shipping operations results declined significantly in the second quarter 2000, as revenues were not sufficient to recover higher spot freight rates for tankers -- chartered to meet increased transportation requirements -- and higher fuel costs.

Adjusting Caltex's operating results to exclude foreign currency gains, Caltex incurred a loss of $8 million in the second quarter 2000 -- essentially the same result as the year-ago quarter, after excluding foreign currency losses and a favorable inventory adjustment. The Asia-Pacific market continues to suffer from surplus refined products manufacturing capacity and a highly competitive environment, which have limited the ability of companies to raise prices to recover higher crude costs and improve margins.

Chevron's total international downstream sales volumes for the second quarter declined to 780,000 barrels per day, compared with 890,000 barrels per day in the 1999 period. Sales volumes from Caltex operations, including trading sales, decreased about 13 percent to 581,000 barrels per day, compared with the 1999 second quarter. The decrease was primarily due to the absence in 2000 of Caltex's share of sales by an affiliate that was sold in the 1999 third quarter.


Chemicals

Three Months Ended June 30, Six Months Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Operating Earnings*
Special Items
$51
-
$51
(91)
$119
-
$101
(91)
Net Income* $51 $(40) $119 $10
*Includes Foreign Currency (Losses) Gains $(2) $- $(2) $2

Operating earnings for chemical operations in the second quarter were the same as the second quarter 1999. Stronger prices boosted margins for olefins and offset increases in fuel, utility and other operating expenses. Margin changes for other commodity chemicals were mixed and offsetting.


All Other

Three Months Ended June 30, Six Months Ended June 30,
Millions of Dollars 2000 1999 2000 1999
Net Operating Charges*
Special Items
$(65)
(25)
$ (62)
(29)
$(109)
(25)
$(166)
31
Net Loss* $(90) $(91) $ (134) $(135)
*Includes Foreign Currency (Losses) Gains $(4) $1 $(6) $1

All Other consists of coal mining operations, the company's ownership interest in Dynegy Inc., worldwide cash management and debt financing activities, corporate administrative costs, insurance operations and real estate activities. For the second quarter 2000, All Other incurred net operating charges of $65 million, compared with $62 million last year. The special item for 2000 was for a prior-year tax adjustment.


Capital and Exploratory Expenditures

Capital and exploratory expenditures, including the company's share of affiliates' expenditures, were $2.4 billion for the first half of 2000, compared with $2.6 billion spent in the 1999 period. Expenditures for worldwide exploration and production activities represented 60 percent of the company's expenditures. Expenditures in the first half of 2000 included an additional investment of approximately $300 million in Dynegy Inc., which maintained Chevron's 28 percent ownership interest. Expenditures in last year's period included about $500 million for the acquisition of Rutherford-Moran Oil Corp. and another interest in Block B8/32 offshore Thailand.


Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this earnings release are forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemical and other industries, in which the company operates. Words such as "expects," "plans," "projects," "believes," "estimates," and similar expressions are used to identify such forward-looking statements. The statements included in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. These include potential changes in crude oil, natural gas and other commodity prices and potential delays or other changes in work and repairs schedule. Actual outcomes and results could differ materially from what is expressed or forecasted in such forward-looking statements.


CHEVRON CORPORATION - FINANCIAL REVIEW -1-
(Millions of Dollars Except Per-Share Amounts)
CONSOLIDATED STATEMENT OF INCOME
(unaudited) Three Months
Ended June 30,
Six Months
Ended June 30,
REVENUES: 2000 1999 2000 1999
Sales and Other Operating Revenues (1) $ 12,949 $ 8,473 $ 24,305 $ 14,872
Income from Equity Affiliates 175 133 371 277
Other Income 67 135 213 281
Total Revenues 13,191 8,741 24,889 15,430
COSTS AND OTHER DEDUCTIONS:
Purchased Crude Oil and Products 7,258 4,286 13,507 7,067
Operating Expenses 1,304 1,444 2,542 2,604
Selling, General and Administrative Expenses 386 449 763 846
Exploration Expenses 123 96 219 184
Depreciation, Depletion and Amortization 699 633 1,350 1,199
Taxes Other Than on Income (1) 1,161 1,143 2,270 2,221
Interest and Debt Expense 126 113 255 218
Total Costs and Other Deductions 11,057 8,164 20,906 14,339
Income Before Income Tax Expense 2,134 577 3,983 1,091
Income Tax Expense 1,018 227 1,823 412
NET INCOME $ 1,116 $ 350 $ 2,160 $ 679
PER-SHARE AMOUNTS
Earnings - Basic $ 1.71 $ .54 $ 3.30 $ 1.04
Earnings - Diluted $ 1.71 $ .53 $ 3.30 $ 1.03
Dividends $ .65 $ .61 $ 1.30 $ 1.22
Average Common Shares Outstanding (000's)
- Basic 653,317 656,910 654,724 655,800
- Diluted 654,700 660,033 655,976 658,770
NET INCOME BY MAJOR OPERATING AREA Three Months
Ended June 30,
Six Months
Ended June 30,
(unaudited)
2000 1999 2000 1999
Exploration and Production
United States (2) $ 388 $ 90 $ 753 $ 128
International 580 221 1,233 337
Total Exploration and Production 968 311 1,986 465
Refining, Marketing and Transportation
United States 167 109 160 191
International 20 61 29 148
Total Refining, Marketing and Transportation 187 170 189 339
Chemicals 51 (40) 119 10
All Other (2) (3) (90) (91) (134) (135)
NET INCOME $ 1,116 $ 350 $ 2,160 $ 679
(1) Includes consumer excise taxes $ 987 $ 986 $ 1,900 $ 1,898
(2) 1999 restated to conform to the 2000 presentation. Effective in the first quarter 2000, the company's share of earnings for Dynegy, Inc. is reported in All Other.
(3) Includes coal operations, Dynegy Inc. equity earnings, interest expense, interest income on cash and marketable securities, corporate center costs, and real estate and insurance activities.

CHEVRON CORPORATION - FINANCIAL REVIEW -2-
(MILLIONS OF DOLLARS)
Three Months
Ended June 30,
Six Months
Ended June 30,
SPECIAL ITEMS BY MAJOR OPERATING AREA
(unaudited) 2000 1999 2000 1999
U. S. Exploration and Production $ - $ (55) $ - $ (52)
U. S. Refining, Marketing and Transportation - 11 (62) (4)
International Refining, Marketing and Transportation - 30 - 30
Chemicals - (91) - (91)
All Other (1) (25) (29) (25) 31
Total Special Items $ (25) $ (134) $ (87) $ (86)
Three Months
Ended June 30,
Six Months
Ended June 30,
SUMMARY OF SPECIAL ITEMS
(unaudited) 2000 1999 2000 1999
Asset Dispositions $ - $ 92 $ - $ 152
Asset Write-offs and Revaluations - (43) - (43)
Environmental Remediation Provisions - (74) - (86)
Prior-Year Tax Adjustments (25) 60 (25) 60
Restructurings and Reorganizations - (146) - (146)
Other, Net - (23) (62) (23)
Total Special Items $ (25) $ (134) $ (87) $ (86)
FOREIGN EXCHANGE (LOSSES) GAINS $ 29 $ (32) $ 75 $ (41)
EARNINGS BY MAJOR OPERATING AREA
EXCLUDING SPECIAL ITEMS Three Months
Ended June 30,
Six Months
Ended June 30,
(unaudited)
2000 1999 2000 1999
Exploration and Production
United States (2) $ 388 $ 145 $ 753 $ 180
International 580 221 1,233 337
Total Exploration and Production 968 366 1,986 517
Refining, Marketing and Transportation
United States 167 98 222 195
International 20 31 29 118
Total Refining, Marketing and Transportation 187 129 251 313
Chemicals 51 51 119 101
All Other (1) (2) (65) (62) (109) (166)
Earnings Excluding Special Items 1,141 484 2,247 765
Special Items (25) (134) (87) (86)
Net Income $ 1,116 $ 350 $ 2,160 $ 679
(1) Includes coal operations, Dynegy Inc. equity earnings, interest expense, interest income on cash and marketable securities, corporate center costs, and real estate and insurance activities.
(2) 1999 restated to conform to the 2000 presentation. Effective in the first quarter 2000, the company's share of earnings for Dynegy, Inc. is reported in All Other.

CHEVRON CORPORATION - FINANCIAL REVIEW -3-
(MILLIONS OF DOLLARS)
CONSOLIDATED BALANCE SHEET June 30, December 31,
2000 1999
ASSETS: (unaudited)
Cash and Cash Equivalents $ 1,102 $ 1,345
Other Current Assets 7,464 6,952
Total Current Assets 8,566 8,297
Investments and Advances 5,775 5,231
Properties, Plant and Equipment-Net 25,093 25,317
Other 1,944 1,823
TOTAL ASSETS $ 41,378 $ 40,668
LIABILITIES:
Short-Term Debt $ 2,177 $ 3,434
Other Current Liabilities 6,219 5,455
Total Current Liabilities 8,396 8,889
Long-Term Debt and Capital Lease Obligations 5,366 5,485
Noncurrent Deferred Income Taxes 5,207 5,010
Reserves For Employee Benefit Plans 1,846 1,796
Deferred Credits and Other Noncurrent Obligations 1,813 1,739
TOTAL LIABILITIES 22,628 22,919
STOCKHOLDERS' EQUITY 18,750 17,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 41,378 $ 40,668
CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30,
(unaudited) 2000 1999
OPERATING ACTIVITIES
Net Income $ 2,160 $ 679
Adjustments
Depreciation, depletion and amortization 1,350 1,199
Dry hole expense related to prior years' expenditures 20 24
Distributions less than equity in affiliates' income (72) (164)
Net before-tax gains on asset retirements and sales (67) (250)
Net foreign exchange (gains) losses (41) 28
Deferred income tax provision 233 (58)
Net decrease in operating working capital 182 1,254
Other (18) (722)
Net cash provided by operating activities 3,747 1,990
INVESTING ACTIVITIES
Capital expenditures (1,787) (1,641)
Proceeds from asset sales 281 361
Other investing cash flows, net - 54
Net sales (purchases) of marketable securities 72 (121)
Net cash used for investing activities (1,434) (1,347)
FINANCING ACTIVITIES
Net (payments) borrowings of short-term obligations (1,268) 631
Proceeds from issuance of long-term debt 39 48
Repayments of long-term debt and other financing obligations (137) (433)
Cash dividends paid (851) (800)
Net (purchases) sales of treasury shares (338) 95
Net cash used for financing activities (2,555) (459)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (1) (1)
NET CHANGE IN CASH AND CASH EQUIVALENTS (243) 183
CASH AND CASH EQUIVALENTS AT JANUARY 1, 2000 AND 1999 1,345 569
CASH AND CASH EQUIVALENTS AT JUNE 30, 2000 AND 1999 $ 1,102 $ 752

CHEVRON CORPORATION - FINANCIAL REVIEW -4-
Three Months
Ended June 30,
Six Months
Ended June 30,
CAPITAL AND EXPLORATORY EXPENDITURES(1) (2)
(millions of dollars) 2000 1999 2000 1999
United States
Exploration and Production $ 352 $ 238 $ 562 $ 463
Refining, Marketing and Transportation 94 97 175 210
Chemicals 42 72 65 173
All Other 182 100 483 148
Total United States 670 507 1,285 994
International
Exploration and Production 442 558 898 1,418
Refining, Marketing and Transportation 128 89 236 142
Chemicals 13 30 29 55
Total International 583 677 1,163 1,615
Worldwide $ 1,253 $ 1,184 $ 2,448 $ 2,609
OPERATING STATISTICS(1)
NET LIQUIDS PRODUCTION (MB/D):
United States 309 312 308 309
International 841 796 843 803
Worldwide 1,150 1,108 1,151 1,112
NET NATURAL GAS PRODUCTION (MMCF/D):
United States 1,506 1,638 1,512 1,657
International 913 837 914 835
Worldwide 2,419 2,475 2,426 2,492
SALES OF NATURAL GAS (MMCF/D):
United States 3,353 3,265 3,342 3,312
International 1,801 1,679 1,926 1,793
Worldwide 5,154 4,944 5,268 5,105
SALES OF NATURAL GAS LIQUIDS (MB/D):
United States 160 109 137 128
International 57 51 63 51
Worldwide 217 160 200 179
SALES OF REFINED PRODUCTS (MB/D):
United States 1,382 1,368 1,297 1,278
International (3) 780 890 796 894
Worldwide 2,162 2,258 2,093 2,172
REFINERY INPUT (MB/D):
United States 1,021 969 919 946
International 416 475 407 485
Worldwide 1,437 1,444 1,326 1,431
CHEMICALS SALES & OTHER OPERATING
REVENUES (millions of dollars)(4)
United States $ 1,056 $ 720 $ 1,973 $ 1,347
International 150 192 400 368
Worldwide $ 1,206 $ 912 $ 2,373 $ 1,715
(1) Includes interest in affiliates.
(2) 1999 amounts for Dynegy reclassified from U.S. E&P to All Other.
(3) 1999 restated to conform to the 2000 presentation.
(4) Includes sales to other Chevron companies.

Updated: July 2000