Company Appraisal

Introduction
Oil and gas market is a combination of activities related to oil exploration, refining,
production, transportation, storage and marketing of oil- its various related products as well
as natural gas. We will be looking at Chevron as not only it is amongst top 20 companies in
Forbes top 2000 companies (Forbes, 2008) but it is amongst the top 5 in oil and gas sector
according to Mergent reports (Mergent 2008).
Datamonitor in its August 2008 review attributed USD 2.2 trillion revenue to this sector. This
sector further grew with a Compound annual average growth rate (CAGR) of around 22% for
the period 2003-2007. A total of around 38 billion barrels were consumed in 2007 with oil
sales taking the lion share of oil and gas sector revenues equivalent to that of USD 1.68
trillion. Although the CAGR is expected to decrease until 2012 still the market is expected to
grow up to USD 4.3 trillion by that time.

Chevron’s performance
The selected fortune 500 company Chevron was placed in the 17th position in terms of
revenue in global 2000, according to Forbes latest ranking. According to Chevron’s corporate
website Chevron had business stakes in more than 100 countries with involvement in oil and
gas exploration, production, distribution and marketing, chemical manufacturing and power
generation (Chevron 2008). In 2007 Chevron had reported annual revenues of USD 220
billion and a total profit of USD 18.69 billion. Chevron’s revenues show a positive
improvement starting from $ 121 billion in 2003 and are continually increasing every year till
the last reported revenues of USD 220 billion for 2007. The net income has also increased
throughout the years 2003 to 2007 thus giving increased dividends to share holders. This also
points to expansion in company and better utilization of assets to result in increased sales and
profitability. We also see that return on equity for the last 5 years is in the range of 21 to 26%
with an exceptional return of 32% in 2004, which makes Chevron a prized stock to hold and
trade in. Also if we were to analyze the debt/equity ratios the decreasing leverage of the
company has correspondingly increased not only its profitability but has also resulted in
increasing return on assets and increase in the net profit margin.
As seen from the table below Chevron has been posting increasingly positive ratios for
successive years. See appendix for detailed financial results as well as comparisons with top

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10 companies from Mergent database using both NACIS (North American Industry
Classification System) and SIC (Standard Industry Classification) classification.
(Mergent 2008)

Chevron Corporation
Total Debt to Equity - 2007 0.05
Total Debt to Equity - 2006 0.09
Total Debt to Equity - 2005 0.14
Total Debt to Equity - 2004 0.15
Total Debt to Equity - 2003 0.23
ROA % (Net) - 2007 13.28
ROA % (Net) - 2006 13.26
ROA % (Net) - 2005 12.87
ROA % (Net) - 2004 15.22
ROA % (Net) - 2003 9.1
ROE % (Net) - 2007 25.6
ROE % (Net) - 2006 26.04
ROE % (Net) - 2005 26.13
ROE % (Net) - 2004 32.61
ROE % (Net) - 2003 21.3

Comparison
Looking at the revenues of Chevron compared with Exxon Mobil, another oil and gas
company, although the revenues are quite low as compared to Exxon, however the share price
of Chevron is relatively very well placed compared with Exxon and other oil and gas
companies. Look at the following competitive analysis table from Smart Money helps to
compare the share prices and market value of current top placed oil and gas companies.
Exxon BP PLC CONOCOPHILLIPS Chevron Royal Dutch ROYAL
Mobil Corp. Shell'A'ADS DUTCH
Corp. SHELL
PLC A
Industry Major Major Major Integrated Major Major Major
Integrated Integrated Oil/ Integrated Integrated Integrated
Oil/ Oil/ Gas Oil/ Oil/ Oil/
Gas Gas Gas Gas Gas
Current 73.68 43.90 47.39 72.68 49.84 NA
Share
Price
Market $383,584 $136,439 $73,318 mil $153,827 $90,119 mil $90,119
Value mil mil mil mil
Revenues $503,653 $351,969 $237,970 mil $289,212 $443,127 $443,127
mil mil mil mil mil
Net $49,060 $25,889 $19,137 mil $23,911 $36,022 mil $36,022
Earnings mil mil mil mil
5-yr Sales 15.29% 5.56% 18.00% 16.94% NA NA

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Growth
5-yr 23.56% 22.85% 24.33% 22.74% NA NA
Earnings
Growth
(Smart money 2008)
As mentioned before oil dominates the oil and gas market with 73.5% of the global share
while gas occupies 26.5 % share, similarly Americas dominate with 43.5% share followed by
30.3% and 26.2 % of the market share of global market segmentation by value.
The market for oil and gas is traditionally by multinational companies using their magnitude
to introduce economies of scale and thus ensuring better margins. The existent companies’
present significant barriers to entry as these companies are vertically integrated utilizing the
power of their large scale distribution and production networks to ensure profitability. There
is also a substantial capital involvement for setting up production and drilling sites. Oil and
gas industry has a very limited threat from substitutes, though concern for alternative fuel
options is growing as eternal fear of ending reserves of fossil fuel drives need for finding
alternatives to oil and gas dependence. Also the driving need for finding alternative fuel
sources comes from the increasingly unpredictable oil price levels. Remember it was in this
year alone that the oil barrel prices rose to around USD 130 per barrel before declining to
current levels of around USD 70 per barrel.

Other Large Oil and Gas Companies

The industry’s largest oil and gas company Exxon reported net income of USD 40 billion for
2007 followed by Chevron with income of USD 18 billion for 2007 while the third largest
ConocoPhillips had income of USD 12 billion in 2007 (Mergent 2008). We will discuss
briefly the leading companies followed by SWOT analysis for Chevron. Exxon Mobil is
involved in both upstream and downstream functions as well as chemicals. Upstream
functions which include exploration and production of crude oil and gas is spread over 31
countries and the company had at reserves end of FY2007 around 7.7 trillion barrels of oil
and 32.6 trillion cubic feet of gas. Exxon also has power generation capacity of around
15,500 megawatts while its downstream functions which include refining, supply and
marketing of oil products is done through 38 refineries while around 32,000 service stations
serve motorists and similarly around 630 airports are also served wit Exxon brand aviation
fuel. Chemical division of Exxon Mobil is manufacturer and distributor of petrochemicals.
Shell has interests worldwide in around 110 countries. It has five business divisions including
oil products, chemicals, gas and power, exploration and consequential production and oil

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sands. Oil products division includes B2B as well as retail stations and lubricants. It has
around 46,000 service stations in 90 countries.
BP is also amongst the worlds largest of oil and gas companies – present in over 100
countries it operates through its four segments of exploration and consequent production,
refining of oil and marketing, gas power generation and other business segment. The
upstream function in BP’s case also includes gas and oil pipelines and LNG (Liquefied
Natural Gas) processing. Traditional exploration is done offshore as well as inshore, in
FY2007 production faculties were distributed across 22 countries (Datamonitor 2008).

SWOT Analysis
Chevron enjoys being amongst the better integrated of companies with involvement up and
down the value chain. This vertical integration with allied interests in power generation and
development of petrochemical products gives Chevron economies of scale advantage and
allowing the company to capitalize on synergies from integration.

Strengths
Chevron’s position is undisputed amongst the top two oil and gas companies and in terms of
market capitalization it is amongst the world’s largest. With operations in 180 countries 56%
of revenues come from overseas operations. Its retail network consisted of 25,000 outlets by
end of FY2007. Worldwide its brand name is Caltex while Chevron and Texaco brand names
are used in US. Its business segments are; upstream, downstream, chemicals and others.
Diversification reduces risk and exposure to a particular segment.

Weaknesses
Oil and gas reserves have been on the decline worldwide, company’s crude oil reserves
reduced by around 12% to 4.7 billion barrels. There was also a corresponding decline in
natural gas reserves. Chevron’s competitors; however have reported increased reserves – this
is a cause of concern as long term revenue growth may be impacted. Refined products
consumption has decreased over last year and since downstream segment earned almost 3/4th
of the total revenue, this implies an increase in risk. Further competitive edge has been
bridged and overall revenue growth rates may be affected.

Opportunities
LNG operations have increased with increased processing capacity. Future plans include
building of natural gas import terminal in Mississippi. Projected demands in the US market

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show increased consumption of natural gas – thus building up of extra processing capacity
may be advantageous and increased ability of natural gas would help bridge the
demand/supply gap. Stronger economic growth in third world and developing countries
would help fuel the increased demand for energy resources. As transportation methods have
improved so liquefied gas and fuels can be better transported helping Chevron make use of
this opportunity. Chinese sector with its economy in growth boom is facing demand supply
gap within domestic sector requiring import encouraging foreign companies to invest in
capacity in China. This area can be targeted as major growth opportunity. Unconventional
sources like oil sands will be the next future source after Saudia and UAE as conventional
sources of oil are gradually depleted.

Threats
Environmental regulations especially like those in the US are likely to increase the costs as
companies are forced to comply. Clean air act and Kyoto protocol requires industrialized
nations to reduce their greenhouse gas emissions by 5.2% annually from 2008-12 as
compared to the benchmark of 1990. Compliance will require significant expenditure forcing
liquidity down and compromising some newer ventures. Oil price fluctuations and demand
supply imbalance would introduce sufficient variability to forestall any adequate forecast of
oil prices. Economic slowdown and credit crunch is likely to affect oil industries as it has
affected fiscal sector. Depreciation of dollar value, which is on the cards, would also hamper
consumption and growth thus not only reducing demand but also affect margins. North
American reserves are drying up fast and decreasing output could be a major long term threat
and impact its US operation revenues (Global Markets 2008).
Also threatening is proposed USD 8 billion investment in coming years by competitor British
Petroleum (BP) in alternative fuel methods; hydrogen, natural gas, wind and solar power
while Chevron also can’t ignore increased acquisitions of BP in Northern Sea area. Similar to
BP Shell has also invested significantly in alternative fuels aiming to diversify in more green
technologies (Business Teacher n.d.).

Chevron from investor point of view

Dividends for life (2008) recommend weak outlook for Chevron as the current share price is
below the Graham Number “Price calculated by taking the square root of 22.5 times the
tangible book value per share times EPS (lower of trailing twelve months or average last 3
years). Benjamin Graham, Warren Buffett's mentor and the father of value investing,
developed rules for the defensively screening stocks. This formula uses his principles to

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calculate the "maximum" price one should pay for the stock.” (Dividends 2008). Benjamin
believed that product of P/E ratio and price to book does not exceed 22.5 and current
dividend payout does not exceed last 10 year average with a 15% addition. Chevron’s last 10
year dividend growth rate is only 7.5%. The dividends per share have hovered between
USD1.22 in 1998 to USD2.26 in 2007 (Dividends 2008).
The revenues have grown from USD 29 billion in 1998 to USD 214 billion in 2007 and the
tangible book value per share has also risen from USD 13 to USD 41 over last 10 years.
Thus although the outlook is bleak, one can by looking at the historical precedents aim for
future earning and profitability potential

(Dividends 2008)

Estimates are only estimates and are prone to adjustments – a recent study by Harvard and
Chicago Business Schools found evidence of fiddling which inflated profits. Another worry
is that forward looking estimations are not at all useful to investors in calculating future cash
flows and earnings. Another study focused on historic cash flows as a predictor of company’s
performance. It was found that although cash flows did parallel company’s health, addition of
estimation moved the company’s health predictions way off the mark. Also investors will
have to tread with numbers very carefully, and investors should be helped by more
forthrightness by respective companies.
Another aspect that might help is regular disclosure by companies that how their estimates in
previous years stood with test of times, thus giving investors clear indication how to interpret
company’s accounting estimations. Also companies should give clear distinction between

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how much of their figures are based on actual revenues and how much on estimation!
(Economist 2005)
We can gauge the performance of the sector by looking the financial ratios and the financial
history across last five years. We see reducing debt to equity fraction this shows reduction in
debt, over the concerned period. Chevron reduced its total debt (long term plus short term)
over 5 years from USD 12.6 to USD 7.2 billion while equity more than doubled during the
same period from USD 36 billion to USD 77 billion. This increased equity supported by
increased revenues and increasing return on assets shows effectiveness in turning stockholder
equity into increased profits. This fact is also borne out by increase of four percentage points
in return on equity over the concerned 5 year period. Similarly as the website suggests 5 year
annual growth is 75.14% while Revenue growth over 5 years is 17.34% (Chevron 2008). Of
possible concern could increase in liabilities from USD 45 billion to USD 71 billion over the
same period. This increase in liabilities though adequately covered by equity and increased
revenues may be cause of concern. The comparison of Chevron vs. industry leaders exposes
stark lagging in EPS Growth where Chevron is pitted as 9 th amongst 11 players (2/11) while
in ROE it is pitted as “3/11” and also in revenue growth Chevron is 4th amongst 11
contenders (yahoo finance 2008). This fact was also highlighted above; a positive sign is
diversification into more than 100 countries however until alternative fuel segment starts to
have a significant share amongst mainstream business the oil and gas will continue to be
driven by more discoveries without significantly adding to the operating costs. Looking at
2008 in particular the energy crises jacked up the oil barrel prices to more than USD 120 and
the same value is halved in little more than four to six months. This volatility along with not
so positive outlook for the whole oil and gas industry may be foreboding for future and
especially long term investors in the oil and gas sectors.

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List of References

1. Oil and Gas : North America (2008) online] available from

http://www.mergentonline.com/comparisonreport_results.asp [14 November 2008]

2. Royal Dutch / Shell Global SWOT Analysis (n.d.) [online] available from
<http://www.businessteacher.org.uk/business-resources/swot-analysis-database/> [15
November 2008]

3. SWOT of BP (n.d.) [online] available from

<http://www.businessteacher.org.uk/business-resources/swot-analysis-database/> [15
November 2008]

4. Global Markets Direct Company Profiles (22 October 2008) ‘Chevron Corporation -
SWOT Analysis’ [online] available from http://iworks.factiva.com [15 November
2008]

5. Chevron (2008) Five year Financial Summary, [online] available from <http://
http://www.chevron.com/AnnualReport/2007/Financials/FiveYearFinancialSummary/
> [15 November 2008]

6. Chevron Corporation (2008) [online] available from http://finance.yahoo.com/q/in?

s=CVX [15 November 2008]

7. Oil & Gas Industry Profile: Global (Aug2008), Datamonitor, p1, 34p, 13 charts, 10
graphs, 1 map [online] available from http://www.datamonitor.com [14 November
2008]

8. Dividends4life (2008 ) [online] available from

http://www.fileden.com/files/2008/4/26/1884689/Stock
%20Reports/2008/CVX.2008.8.16.pdf [15 November 2008]

9. Smart Money (2008) [online] available from http://www.smartmoney.com/stock-

quote/?story=competition&symbol=XOM [15 November 2008]

10. The Global 2000 (2008), Forbes, [online] available from

http://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank.html
[13 November 2008]

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11. Chevron (2008) Hoover.com, [online] available from
http://www.hoovers.com/chevron/--ID__103877--/free-co-factsheet.xhtml [15
November 2008]

12. Competitive Landscape (2008) Hoover.com, [online] available from

http://www.hoovers.com/free/co/competition.xhtml?
ID=rfyxkk&FRIC=274&x=30&y=12 [15 November 2008]

13. The ones that get away(7/30/2005) Economist, Vol. 376, Issue 8437

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Appendix

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(Mergent 2008)

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* all results are stated in US Dollars

Peer Grouping by: NAIC

Peer Scope: worldwide

Country of Total Assets - Total Assets - Total Assets - Total Assets - Total Assets - Stockholders Stockholders Stockholders Stockholders Stockholders Net Income -
Company Name Operations 2007 2006 2005 2004 2003 Equity - 2007 Equity - 2006 Equity - 2005 Equity - 2004 Equity - 2003 2007
Chevron Corporation USA 148,786 132,628 125,833 93,208 81,470 77,088 68,935 62,676 45,230 36,295 18,688
China Petroleum & Chemical
Corp. Inc HKG 100,310 78,358 68,032 3,928,108 3,317,481 45,555 36,476 31,595 1,597,749 1,389,662 7,739
ConocoPhillips USA 177,757 164,781 106,999 92,861 82,455 88,983 82,646 52,731 42,723 34,366 11,891
Empresa Colombiana de
Petroleos - ECOPETROL
(Colombia) COL - 18,962 14,373 12,025 9,427 - 9,376 5,846 4,300 3,322 -
Exxon Mobil Corp. USA 242,082 219,015 208,335 195,256 174,278 121,762 113,844 111,186 101,756 89,915 40,610
Petroleos Mexicanos (Pemex)
(Mexico) - 1,330,281 1,204,734 1,042,560 947,527 845,472 49,908 39,954 -26,870 33,343 45,861 -18,308
Refinadora Costarricense de
Petroleos S.A. (RECOPE, S.A)
(Costa Rica) CRI - - - - - - - - - - -
Royal Dutch Shell Plc GBR 269,470 235,276 219,516 187,446 - 125,968 114,945 97,924 91,383 - 31,331
Sinopec Zhenhai Refining and
Chemicals Co. Ltd. HKG - - - 128,230 111,642 - - - 94,469 76,388 -
Surgutneftegaz OAO (Russia) - 990,324 861,166 804,812 695,571 - 923,828 810,453 754,872 659,358 - 88,627

Assets, Stockholder Equity, Net income and Revenue are in USD billion

Peer Grouping by: MIC

Country of Total Assets - Total Assets - Total Assets - Total Assets - Total Assets - Stockholders Stockholders Stockholders Stockholders Stockholders Net Income -
Company Name Operations 2007 2006 2005 2004 2003 Equity - 2007 Equity - 2006 Equity - 2005 Equity - 2004 Equity - 2003 2007
BP p.l.c. GBR 236,076 217,601 206,914 194,630 172,419 94,652 85,465 80,765 78,249 70,308 20,845
Chevron Corporation USA 148,786 132,628 125,833 93,208 81,470 77,088 68,935 62,676 45,230 36,295 18,688
ConocoPhillips USA 177,757 164,781 106,999 92,861 82,455 88,983 82,646 52,731 42,723 34,366 11,891
Exxon Mobil Corp. USA 242,082 219,015 208,335 195,256 174,278 121,762 113,844 111,186 101,756 89,915 40,610
Petroleos Mexicanos (Pemex)
(Mexico) - 1,330,281 1,204,734 1,042,560 947,527 845,472 49,908 39,954 -26,870 33,343 45,861 -18,308
Refinadora Costarricense de
Petroleos S.A. (RECOPE, S.A)
(Costa Rica) CRI - - - - - - - - - - -
Royal Dutch Shell Plc GBR 269,470 235,276 219,516 187,446 - 125,968 114,945 97,924 91,383 - 31,331
Sinopec Zhenhai Refining and
Chemicals Co. Ltd. HKG - - - 128,230 111,642 - - - 94,469 76,388 -
Surgutneftegaz OAO (Russia) - 990,324 861,166 804,812 695,571 - 923,828 810,453 754,872 659,358 - 88,627
Total S.A. (New) FRA 167,084 138,884 125,700 117,612 100,614 67,251 54,311 49,126 43,942 38,757 19,397

Assets, Stockholder Equity, Net income and Revenue are in USD billion

SIC (Standard Industry Classification); NAICS (North American Industry Classification System); MIC (Mergent Industry Classification).

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Five-Year Operating Summary
Unaudited
Print Email
Worldwide — Includes Equity in Affiliates
Thousands of barrels per day,
except natural gas data,
2007 2006 2005 2004 2003
which is millions of cubic feet
per day
1
Gross production represents the company's share of total production before deducting
lessors' royalties and government's agreed-upon share of production under a production-
sharing contract. Net production is gross production minus royalties paid to lessors and the
government.
2
Includes natural gas
consumed in operations:
United States 65 56 48 50 65
International 433 419 356 293 268
Total 498 475 404 343 333
3
Includes volumes for buy/sell
contracts
(<ABBR="MILLION Day?
Per BarrelsMBPD):
United States – 26 88 84 90
International – 24 129 96 104

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4
Net wells include wholly owned and the sum of fractional interests in partially owned
wells.
United States
Gross production of crude oil
507 510 499 555 619
and natural gas liquids1
Net production of crude oil
460 462 455 505 562
and natural gas liquids1
Gross production of natural
1,983 2,115 1,860 2,191 2,619
gas
Net production of natural gas2 1,699 1,810 1,634 1,873 2,228
Net oil-equivalent production 743 763 727 817 933
Refinery input 812 939 845 914 951
Sales of refined products3 1,457 1,494 1,473 1,506 1,436
Sales of natural gas liquids 160 124 151 177 194
Total sales of petroleum
1,617 1,618 1,624 1,683 1,630
products
Sales of natural gas 7,624 7,051 5,449 4,518 4,304

International
Gross production of crude oil
1,751 1,739 1,676 1,645 1,681
and natural gas liquids1
Net production of crude oil1,296 1,270 1,214 1,205 1,246

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and natural gas liquids1
Other produced volumes 27 109 143 140 114
Gross production of natural
4,099 3,767 2,726 2,203 2,203
gas
Net production of natural gas2 3,320 3,146 2,599 2,085 2,064
Net oil-equivalent production 1,876 1,904 1,790 1,692 1,704
Refinery input 1,021 1,050 1,038 1,044 1,040
Sales of refined products3 2,027 2,127 2,252 2,368 2,274
Sales of natural gas liquids 118 102 120 118 118
Total sales of petroleum
2,145 2,229 2,372 2,486 2,392
products
Sales of natural gas 3,792 3,478 2,450 2,040 2,106

Total Worldwide
Gross production of crude oil
2,258 2,249 2,175 2,200 2,300
and natural gas liquids1
Net production of crude oil
1,756 1,732 1,669 1,710 1,808
and natural gas liquids1
Other produced volumes 27 109 143 140 114
Gross production of natural
6,082 5,882 4,586 4,394 4,822
gas

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Net production of natural gas2 5,019 4,956 4,233 3,958 4,292
Net oil-equivalent production 2,619 2,667 2,517 2,509 2,637
Refinery input 1,833 1,989 1,883 1,958 1,991
Sales of refined products3 3,484 3,621 3,725 3,874 3,710
Sales of natural gas liquids 278 226 271 295 312
Total sales of petroleum
3,762 3,847 3,996 4,169 4,022
products
Sales of natural gas 11,416 10,529 7,899 6,558 6,410
Worldwide — Excludes
Equity in Affiliates
Number of wells completed
(net)4
Oil and gas 1,597 1,575 1,365 1,307 1,472
Dry 27 32 26 24 36
Productive oil and gas wells
51,528 50,695 49,508 44,707 48,155
(net)4
© 2001 - 2008 Chevron Corporation. All Rights Reserved. Terms of Use | Privacy Statement | Annual Report Site Map
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Five-Year Financial Summary
Unaudited
Print Email
Millions of dollars, except per-share amounts 2007 2006 2005 2004 2003
1
Includes excise, value-added and similar
$10,121 $9,551 $8,719 $7,968 $7,095
taxes:
2
Includes amounts in revenues for buy/sell
contracts; associated costs are in "Total
$– $6,725 $23,822 $18,650 $14,246
Costs and Other Deductions." Refer also to
Note 13.
3
Per-share amounts in all periods reflect a two-for-one stock split effected as a 100 percent
stock dividend in September 2004.
4
The amount in 2003 includes a benefit of $0.08 for the company's share of a capital stock
transaction of its Dynegy affiliate, which, under the applicable accounting rules, was
recorded directly to retained earnings and not included in net income for the period.
Statement of Income Data
Revenues and Other Income
Total sales and other operating revenues 1,2 $214,091 $204,892 $193,641 $150,865 $119,575
Income from equity affiliates and other
6,813 5,226 4,559 4,435 1,702
income
Total Revenues and Other Income 220,904 210,118 198,200 155,300 121,277
Total Costs and Other Deductions 188,737 178,142 173,003 134,749 108,601

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Income From Continuing Operations
32,167 31,976 25,197 20,551 12,676
Before Income Taxes
Income Tax Expense 13,479 14,838 11,098 7,517 5,294
Income From Continuing Operations 18,688 17,138 14,099 13,034 7,382
Income From Discontinued Operations – – – 294 44
Income Before Cumulative Effect of
18,688 17,138 14,099 13,328 7,426
Changes in Accounting Principles
Cumulative effect of changes in accounting
– – – – (196)
principles
Net Income $18,688 $17,138 $14,099 $13,328 $7,230
Per Share of Common Stock 3
Income From Continuing Operations 4
– Basic $8.83 $7.84 $6.58 $6.16 $3.55
– Diluted $8.77 $7.80 $6.54 $6.14 $3.55
Income From Discontinued Operations
– Basic $– $– $– $0.14 $0.02
– Diluted $– $– $– $0.14 $0.02
Cumulative Effect of Changes in Accounting
Principles
– Basic $– $– $– $– $(0.09)
– Diluted $– $– $– $– $(0.09)

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Net Income2
– Basic $8.83 $7.84 $6.58 $6.30 $3.48
– Diluted $8.77 $7.80 $6.54 $6.28 $3.48
Cash Dividends Per Share $2.26 $2.01 $1.75 $1.53 $1.43
Balance Sheet Data (at December 31)
Current assets $39,377 $36,304 $34,336 $28,503 $19,426
Noncurrent assets 109,409 96,324 91,497 64,705 62,044
Total Assets 148,786 132,628 125,833 93,208 81,470
Short-term debt 1,162 2,159 739 816 1,703
Other current liabilities 32,636 26,250 24,272 17,979 14,408
Long-term debt and capital lease
6,070 7,679 12,131 10,456 10,894
obligations
Other noncurrent liabilities 31,830 27,605 26,015 18,727 18,170
Total Liabilities 71,698 63,693 63,157 47,978 45,175
Stockholders' Equity $77,088 $68,935 $62,676 $45,230 $36,295

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