ChevronTexaco Corporation
Industry: Oil & Gas - Integrated

ChevronTexaco Corporation manages its investments in subsidiaries & affiliates, & provides administrative, financial & management support to US & foreign subsidiaries that engage in fully integrated petroleum operations, chemicals operations, coal mining, power & energy services. The Company operates in the US & approximately 180 other countries. Petroleum operations consist of exploring for, developing & producing crude oil & natural gas; refining crude oil into finished petroleum products; marketing crude oil, natural gas & products derived from petroleum, & transporting crude oil, natural gas & petroleum products by pipelines, marine vessels, motor equipment & rail car. Chemicals operations include the manufacture & marketing, by an affiliate, of commodity petrochemicals and plastics for industrial uses, & the manufacture & marketing, by a consolidated subsidiary, of fuel & lubricating oil additives.

Business Summary
Chevron Corp., formerly ChevronTexaco Corporation manages its investments in subsidiaries and affiliates, and provides administrative, financial and management support to the United States and foreign subsidiaries that engage in fully integrated petroleum operations, chemicals operations, coal mining, power and energy services. The Company conducts business activities in the United States and approximately 180 other countries. Petroleum operations consist of exploring for, developing and producing crude oil and natural gas; refining crude oil into finished petroleum products; marketing crude oil, natural gas and the many products derived from petroleum, and transporting crude oil, natural gas and petroleum products by pipeline, marine vessel, motor equipment and rail car.

Financial Summary
CVX provides administrative, financial and management support for its U.S. & foreign affiliates, which engage in petroleum, chemical and coal mining operations. For the 6 months ended 6/30/05, revenues rose 25% to $89.95B. Net income from cont. ops. decreased 4% to $6.36B. Revenues reflect higher prices for both crude oil and natural gas. Earnings were offset by higher costs for refinery repairs and higher depreciation rates for certain oil fields.