Activities in the Utica Shale during 2015 focused on exploration drilling to acquire data necessary for potential future development. In the Asia-Pacific region, southern Africa and the Middle East, the company uses the Caltex brand. Outside of North Chevron produces or shares in the production of heavy crude oil in California, Indonesia, the Partitioned Zone between Saudi Arabia and Kuwait, Venezuela and in certain fields in Angola, China and the United Kingdom sector of the North Sea. Based on that evaluation, management concluded that the company's disclosure controls are effective in ensuring that information required to be recorded, processed, summarized and reported, are done within the time periods specified in the U. Chevron requires its facilities and operations to have operating standards and processes and emergency response plans that address all credible and significant risks identified through site-specific risk and impact assessments.
Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain matters, such as future commodity prices, the effects of inflation and technology improvements on operating expenses, production profiles, and the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas, commodity chemicals and refined products. An estimate as to the sensitivity to earnings for these periods if other assumptions had been used in recording these liabilities is not practicable because of the number of contingencies that must be assessed, the number of underlying assumptions and the wide range of reasonably possible outcomes, both in terms of the probability of loss and the estimates of such loss. Proved reserves have been recognized for this project. Discussion is also provided regarding the nature of, status of, and planned future activities associated with the development of proved undeveloped reserves. The remaining tendons were recovered, and the platform was moved to a safe harbor location. Most of the costs of complying with existing laws and regulations pertaining to company operations and products are embedded in the normal costs of doing business.
These base chemicals are used to produce a range of products, including adhesives, plastics and textile fibers. A significant reduction in the estimated reserves of a property would trigger an impairment review. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies conduct their operations and formulate their products and, in some cases, limit their profits directly. In 2015, a deepwater exploration well was drilled to test the Marsouin prospect in Block C8 and resulted in a natural gas discovery. The remaining economic life of the project is anticipated to be in excess of 20 years.
Chevron markets commercial aviation fuel at approximately 100 airports worldwide. Whether you need help writing your paper from scratch Plagiarism free , or just want to buy a sample paper we can help you. Prices firmed in the first half of 2015, but declined in the remainder of the year amid persistently high global crude oil inventories and production. The development plan for the 60 percent-owned and operated Big Foot Project includes a 15-slot drilling and production platform with water injection facilities and a design capacity of 75,000 barrels of crude oil and 25 million cubic feet of natural gas per day. The third development phase, Agbami 3, is a five-well development program and is also expected to offset field decline. Refer also to the business segment discussions elsewhere in this section for the effect on earnings from losses associated with certain litigation, environmental remediation and tax matters for the three years ended December 31, 2015.
Outside the United States, price changes for natural gas depend on a wide range of supply, demand and regulatory circumstances. Historical, current end-of-day data, and company fundamental data provided by. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements. The following are the significant accounting policies followed by the Plan: Investments in the core and supplemental options are valued on each business day on which the New York Stock Exchange is open for trading to reflect contributions, distributions, income, expenses, gains and losses. Various federal, state, and local agencies initiated investigations as a result of the incident. Actual costs can frequently vary from estimates for a variety of reasons.
Such estimates and assumptions affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. Write a five to six 5-6 page paper in which you: Compare and contrast the limitations and usefulness of the single-step income statement and the multi-step income statement. A total of 28 wells had been tied into production facilities by early 2016. Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of 1934 during the preceding 12 months or for such shorter period that the registrant was required to file such reports , and 2 has been subject to such filing requirements for the past 90 days. Although these costs may be significant to the results of operations in any single period, the company does not presently expect them to have a material adverse effect on the company's liquidity or financial position. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Simply follow the 4 easy steps in the form to submit your order.
That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Earnings of the company depend mostly on the profitability of its upstream business segment. When this occurs, a determination must be made as to whether this loss is other-than-temporary, in which case the investment is impaired. Philippines The company holds a 45 percent nonoperated working interest in the Malampaya natural gas field, offshore Palawan. In order to complete this assignment, use the Internet to research and review financial statements for Exxon and Chevron for the years 2012 and 2013.
Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns and taxation relative to other energy sources also play a significant part. The company's management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company's disclosure controls and procedures as defined in the Exchange Act Rules 13a-15 e and 15d-15 e as of December 31, 2015. Vanguard is also the Plans recordkeeper. Transactions with Vanguard Fiduciary Trust Company, as the trustee and recordkeeper, and the Corporation as the Plan sponsor and Plan administrator, qualify as party-in-interest transactions. Net production averaged 18,000 barrels of liquids per day in 2015. The concession for Block 0 extends through 2030 and the development and production rights for the various producing fields in Block 14 expire between 2023 and 2028. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.
. Construction activities progressed in 2015. Asset dispositions and restructurings may also occur in future periods and could result in significant gains or losses. Actual results could differ from those estimates. Net oil-equivalent production in 2015 averaged 123,000 barrels per day, composed of 720 million cubic feet of natural gas and 3,000 barrels of condensate.
The company also holds exploration acreage in the Bight Basin offshore South Australia. Construction and fabrication continue to progress. The options were issued to and exercised by management under Chevron long-term incentive plans. The last Agbami 2 well is expected on line in second quarter 2016. Certain major decisions and actions require the approval of the Board. Prepare the main sections of the four 4 primary financial accounting statements: the income statement, the statement of retained earnings, the balance sheet, and the statement of cash flows. A stock to see if the growth compares well with what can be expected from a company in that industry.