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Chevron Corp. (CVX) | Analysis of Investments

Investment Accounting Policy

Short-Term Investments

All short-term investments are classified as available for sale and are in highly liquid debt securities. Those investments that are part of Chevron’s cash management portfolio and have original maturities of three months or less are reported as “Cash equivalents.” Bank time deposits with maturities greater than 90 days are reported as “Time deposits.” The balance of short-term investments is reported as “Marketable securities” and is marked-to-market, with any unrealized gains or losses included in “Other comprehensive income.”

Source: Chevron Corp., Annual Report

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

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Chevron Corp., adjustment to Net Income Attributable To Chevron Corporation

USD $ in millions

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  12 months ended Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
Net income attributable to Chevron Corporation (as reported)
Add: Unrealized net holding gain (loss) on securities
Net income attributable to Chevron Corporation (adjusted)

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

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Chevron Corp., adjusted ratios

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  Net Profit Margin
Reported net profit margin % % % % %
Adjusted net profit margin % % % % %
  Return on Equity (ROE)
Reported ROE % % % % %
Adjusted ROE % % % % %
  Return on Assets (ROA)
Reported ROA % % % % %
Adjusted ROA % % % % %
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.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Chevron Corp.'s adjusted ROE deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Chevron Corp.'s adjusted ROA deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

Adjusted Net Profit Margin

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to Chevron Corporation (USD $ in millions)
Sales and other operating revenues (USD $ in millions)
   
Net profit margin1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to Chevron Corporation (USD $ in millions)
Sales and other operating revenues (USD $ in millions)
   
Adjusted net profit margin2 % % % % %

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.

Adjusted Return On Equity (ROE)

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to Chevron Corporation (USD $ in millions)
Chevron Corporation stockholders’ equity (USD $ in millions)
   
ROE1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to Chevron Corporation (USD $ in millions)
Chevron Corporation stockholders’ equity (USD $ in millions)
   
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 ÷ Chevron Corporation stockholders’ equity
= 100 × ÷ = %

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Chevron Corp.'s adjusted ROE deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

Adjusted Return On Assets (ROA)

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to Chevron Corporation (USD $ in millions)
Total assets (USD $ in millions)
   
ROA1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to Chevron Corporation (USD $ in millions)
Total assets (USD $ in millions)
   
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 ÷ Total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Chevron Corp.'s adjusted ROA deteriorated from 2008 to 2009 but then slightly improved from 2009 to 2010.

February 7, 2012

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