Chevron Corp. (CVX) | Equity Method Investments

Selected Financial Data

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Chevron Corp.'s selected financial data

USD $ in millions

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Income from equity affiliates
Investments in companies accounted for using the equity method

ROA (equity method investments only)¹	%	%	%	%	%

Source: Based on data from Chevron Corp. Annual Reports

2011 Calculations

¹ ROA (equity method investments only) = 100 × Income from equity affiliates ÷ Investments in companies accounted for using the equity method
= 100 × ÷ = %

Item	Description	The company
Income from equity affiliates	This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.	Chevron Corp.'s income from equity affiliates increased from 2009 to 2010 and from 2010 to 2011.
Investments in companies accounted for using the equity method	This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.	Chevron Corp.'s investments in companies accounted for using the equity method increased from 2009 to 2010 and from 2010 to 2011.
ROA (equity method investments only)	A profitability ratio calculated as income from equity affiliates divided by investments in companies accounted for using the equity method.	Chevron Corp.'s ROA of equity method investments improved from 2009 to 2010 and from 2010 to 2011.

Summarized Financial Information

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Summarized financial information for Chevron Corp.'s affiliates, subsidiaries, associates, and joint ventures

USD $ in millions

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Current assets
	Noncurrent assets
	Total assets
	Current liabilities
	Noncurrent liabilities
	Total liabilities
	Affiliates’ net equity
	Total liabilities and equity
	Revenues
	Income before income tax expense
	Net income attributable to affiliates

Source: Based on data from Chevron Corp. Annual Reports

Item	Description	The company
Affiliates’ net equity	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable).	Affiliates’ net equity of Chevron Corp.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 and from 2010 to 2011.
Net income attributable to affiliates	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss.	Net income attributable to affiliates of Chevron Corp.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 and from 2010 to 2011.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of Chevron Corp.'s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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Chevron Corp., adjustments to financial data

USD $ in millions

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Weighted average percentage interest in affiliates	%	%	%	%	%
Adjustment to Current Assets
Current assets (as reported)
Add: Current assets of affiliates (adjustment)
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Investments in companies accounted for using the equity method (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Add: Current liabilities of affiliates (adjustment)
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Sales And Other Operating Revenues
Sales and other operating revenues (as reported)
Add: Revenues of affiliates (adjustment)
Sales and other operating revenues (adjusted)

Adjusted Ratios: Proportionate Consolidation (Summary)

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Chevron Corp., adjusted ratios

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA	%	%	%	%	%
Adjusted ROA	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Chevron Corp.'s adjusted current ratio improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Chevron Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Chevron Corp.'s adjusted total asset turnover improved from 2009 to 2010 and from 2010 to 2011.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by 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 2009 to 2010 and from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Chevron Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Current Ratio

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Current assets (USD $ in millions)
	Current liabilities (USD $ in millions)

	Current ratio¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted current assets (USD $ in millions)
	Adjusted current liabilities (USD $ in millions)

	Adjusted current ratio²

2011 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Chevron Corp.'s adjusted current ratio improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.

Adjusted Net Profit Margin

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to Chevron Corporation (USD $ in millions)
Sales and other operating revenues (USD $ in millions)

Net profit margin¹	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to Chevron Corporation (USD $ in millions)
Adjusted sales and other operating revenues (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net income attributable to Chevron Corporation ÷ Sales and other operating revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Net income attributable to Chevron Corporation ÷ Adjusted sales and other operating revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Chevron Corp.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Total Asset Turnover

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Sales and other operating revenues (USD $ in millions)
	Total assets (USD $ in millions)

	Total asset turnover¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted sales and other operating revenues (USD $ in millions)
	Adjusted total assets (USD $ in millions)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Sales and other operating revenues ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Adjusted sales and other operating revenues ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Chevron Corp.'s adjusted total asset turnover improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Financial Leverage

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Total assets (USD $ in millions)
	Chevron Corporation stockholders’ equity (USD $ in millions)

	Financial leverage¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted total assets (USD $ in millions)
	Chevron Corporation stockholders’ equity (USD $ in millions)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Chevron Corporation stockholders’ equity
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Chevron Corporation stockholders’ equity
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by 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 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to Chevron Corporation (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to Chevron Corporation (USD $ in millions)
Adjusted total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%

¹ ROA = 100 × Net income attributable to Chevron Corporation ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Net income attributable to Chevron Corporation ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Chevron Corp.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

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Chevron Corp. (CVX) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

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Chevron Corp. (CVX) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

...the analysis of Chevron
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