Chevron Corp. (CVX) | Analysis of Debt

Total Debt Disclosure

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Chevron Corp., Statement of Financial Position, Debt

USD $ in millions

Item	Description	The company
Total debt	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Chevron Corp.'s total debt increased from 2008 to 2009 and from 2009 to 2010.

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Chevron Corp.

USD $ in millions

	12 months ended	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Interest and debt expense
	Capitalized interest
	Total financing interest and debt costs

Source: Based on data from Chevron Corp., Annual Reports

Item	Description	The company
Interest and debt expense	Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.	Chevron Corp.'s interest and debt expense increased from 2008 to 2009 and from 2009 to 2010.
Capitalized interest	The amount of interest that was capitalized during the period.	Chevron Corp.'s capitalized interest increased from 2008 to 2009 but then slightly declined from 2009 to 2010.
Total financing interest and debt costs	Total interest costs incurred during the period and either capitalized or charged against earnings.	Chevron Corp.'s total financing interest and debt costs increased from 2008 to 2009 and from 2009 to 2010.

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		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Selected Financial Data (USD $ in millions)
	Net income attributable to Chevron Corporation
	Add: Net income attributable to noncontrolling interests
	Add: Interest and debt expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)

	Total financing interest and debt costs
	Ratio With and Without Capitalized Interest
	Interest coverage ratio (excluding capitalized interest)¹
	Adjusted interest coverage ratio (including capitalized interest)²

2010 Calculations

¹ Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =

² Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Total financing interest and debt costs
= ÷ =

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Chevron Corp.'s adjusted interest coverage ratio deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.