Crude oil, petroleum products and chemicals inventories are generally stated at cost, using a last-in, first-out (LIFO) method. In the aggregate, these costs are below market. “Materials, supplies and other” inventories generally are stated at average cost.
Source: Chevron Corp., Annual Report
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Chevron Corp., Statement of Financial Position, Inventory
USD $ in millions
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
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Crude oil and petroleum products | |
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Chemicals | |
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Materials, supplies and other | |
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Inventories | |
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Source: Based on data from Chevron Corp. Annual Reports
| Item | Description | The company |
|---|---|---|
| Crude oil and petroleum products | Carrying amount as of the balance sheet date of finished goods inventories for petroleum products, crude oil, petrochemical products, and other oil and gas inventories. | Chevron Corp.'s crude oil and petroleum products declined from 2008 to 2009 and from 2009 to 2010. |
| Chemicals | Carrying amount as of the balance sheet date of solvents or substances produced by or used in a process to change the shape, form or composition of some related matter. | Chevron Corp.'s chemicals declined from 2008 to 2009 but then slightly increased from 2009 to 2010. |
| Materials, supplies and other | Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. | Chevron Corp.'s materials, supplies and other increased from 2008 to 2009 and from 2009 to 2010. |
| Inventories | Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). | Chevron Corp.'s inventories declined from 2008 to 2009 and from 2009 to 2010. |
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Adjusting LIFO Inventory to FIFO (Current) Cost
USD $ in millions
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
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| Adjustment to Inventories | ||||||
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Inventories at LIFO (as reported) | |
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Add: LIFO reserve, ending balance | |
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Inventories at FIFO (adjusted) | |
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| Adjustment to Current Assets | ||||||
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Current assets (as reported) | |
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Add: LIFO reserve, ending balance | |
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Current assets (adjusted) | |
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| Adjustment to Total Assets | ||||||
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Total assets (as reported) | |
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Add: LIFO reserve, ending balance | |
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Total assets (adjusted) | |
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| Adjustment to Chevron Corporation Stockholders’ Equity | ||||||
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Chevron Corporation stockholders’ equity (as reported) | |
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Add: LIFO reserve, ending balance | |
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Chevron Corporation stockholders’ equity (adjusted) | |
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| Adjustment to Net Income Attributable To Chevron Corporation | ||||||
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Net income attributable to Chevron Corporation (as reported) | |
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Add: Increase (decrease) in LIFO reserve, ending balance | |
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Net income attributable to Chevron Corporation (adjusted) | |
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Chevron Corp.'s inventory value on Dec 31, 2010 would be $12,468 (in millions) if the FIFO inventory method was used instead of LIFO. Chevron Corp.'s inventories, valued on a LIFO basis, on Dec 31, 2010 were $5,493 . Chevron Corp.'s inventories would have been $6,975 higher than reported on Dec 31, 2010 if the FIFO method had been used instead.
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Chevron Corp., adjusted ratios
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
|---|---|---|---|---|---|---|
| Current Ratio | ||||||
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Reported current ratio (LIFO) | |
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Adjusted current ratio (FIFO) | |
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| Net Profit Margin | ||||||
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Reported net profit margin (LIFO) | % |
% |
% |
% |
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Adjusted net profit margin (FIFO) | % |
% |
% |
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| Total Asset Turnover | ||||||
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Reported total asset turnover (LIFO) | |
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Adjusted total asset turnover (FIFO) | |
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| Financial Leverage | ||||||
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Reported financial leverage (LIFO) | |
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Adjusted financial leverage (FIFO) | |
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| Return on Equity (ROE) | ||||||
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Reported ROE (LIFO) | % |
% |
% |
% |
% |
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Adjusted ROE (FIFO) | % |
% |
% |
% |
% |
| Return on Assets (ROA) | ||||||
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Reported ROA (LIFO) | % |
% |
% |
% |
% |
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Adjusted ROA (FIFO) | % |
% |
% |
% |
% |
| Ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Chevron Corp.'s adjusted current ratio improved from 2008 to 2009 and from 2009 to 2010. |
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Chevron Corp.'s adjusted net profit margin deteriorated from 2008 to 2009 but then improved from 2009 to 2010 exceeding 2008 level. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Chevron Corp.'s adjusted total asset turnover deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Chevron Corp.'s adjusted financial leverage declined from 2008 to 2009 and from 2009 to 2010. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. | Chevron Corp.'s adjusted ROE deteriorated from 2008 to 2009 but then improved from 2009 to 2010 not reaching 2008 level. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Chevron Corp.'s adjusted ROA deteriorated from 2008 to 2009 but then improved from 2009 to 2010 not reaching 2008 level. |
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| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Current assets (USD $ in millions) | |
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Current liabilities (USD $ in millions) | |
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Current ratio1 | |
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| Adjusted: from LIFO to FIFO | ||||||
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Adjusted current assets (USD $ in millions) | |
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Current liabilities (USD $ in millions) | |
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Adjusted current ratio2 | |
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2010 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Chevron Corp.'s adjusted current ratio improved 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 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to Chevron Corporation (USD $ in millions) | |
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Sales and other operating revenues (USD $ in millions) | |
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Net profit margin1 | % |
% |
% |
% |
% |
| Adjusted: from LIFO to FIFO | ||||||
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Adjusted net income attributable to Chevron Corporation (USD $ in millions) | |
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Sales and other operating revenues (USD $ in millions) | |
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Adjusted net profit margin2 | % |
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2010 Calculations
1 Net profit margin = 100 × Net income attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × ÷ = %
2 Adjusted net profit margin = 100 × Adjusted net income attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Chevron Corp.'s adjusted net profit margin deteriorated from 2008 to 2009 but then improved from 2009 to 2010 exceeding 2008 level. |
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| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Sales and other operating revenues (USD $ in millions) | |
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Total assets (USD $ in millions) | |
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Total asset turnover1 | |
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| Adjusted: from LIFO to FIFO | ||||||
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Sales and other operating revenues (USD $ in millions) | |
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Adjusted total assets (USD $ in millions) | |
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Adjusted total asset turnover2 | |
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2010 Calculations
1 Total asset turnover = Sales and other operating revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Sales and other operating revenues ÷ Adjusted total assets
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Chevron Corp.'s adjusted total asset turnover deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010. |
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| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Total assets (USD $ in millions) | |
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Chevron Corporation stockholders’ equity (USD $ in millions) | |
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Financial leverage1 | |
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| Adjusted: from LIFO to FIFO | ||||||
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Adjusted total assets (USD $ in millions) | |
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Adjusted chevron Corporation stockholders’ equity (USD $ in millions) | |
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Adjusted financial leverage2 | |
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2010 Calculations
1 Financial leverage = Total assets ÷ Chevron Corporation stockholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted chevron Corporation stockholders’ equity
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Chevron Corp.'s adjusted financial leverage declined 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 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to Chevron Corporation (USD $ in millions) | |
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Chevron Corporation stockholders’ equity (USD $ in millions) | |
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ROE1 | % |
% |
% |
% |
% |
| Adjusted: from LIFO to FIFO | ||||||
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Adjusted net income attributable to Chevron Corporation (USD $ in millions) | |
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Adjusted chevron Corporation stockholders’ equity (USD $ in millions) | |
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Adjusted ROE2 | % |
% |
% |
% |
% |
2010 Calculations
1 ROE = 100 × Net income attributable to Chevron Corporation ÷ Chevron Corporation stockholders’ equity
= 100 × ÷ = %
2 Adjusted ROE = 100 × Adjusted net income attributable to Chevron Corporation ÷ Adjusted chevron Corporation stockholders’ equity
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. | Chevron Corp.'s adjusted ROE deteriorated from 2008 to 2009 but then improved from 2009 to 2010 not reaching 2008 level. |
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| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
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Net income attributable to Chevron Corporation (USD $ in millions) | |
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Total assets (USD $ in millions) | |
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ROA1 | % |
% |
% |
% |
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| Adjusted: from LIFO to FIFO | ||||||
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Adjusted net income attributable to Chevron Corporation (USD $ in millions) | |
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Adjusted total assets (USD $ in millions) | |
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Adjusted ROA2 | % |
% |
% |
% |
% |
2010 Calculations
1 ROA = 100 × Net income attributable to Chevron Corporation ÷ Total assets
= 100 × ÷ = %
2 Adjusted ROA = 100 × Adjusted net income attributable to Chevron Corporation ÷ Adjusted total assets
= 100 × ÷ = %
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Chevron Corp.'s adjusted ROA deteriorated from 2008 to 2009 but then improved from 2009 to 2010 not reaching 2008 level. |
February 7, 2012