Discontinued Operations
Discontinued Operations represent physically and operationally distinct segments or assets that a company has sold or is in the process of divesting in the current year.
Discontinued operations are reported net of taxes on a separate line called “Income (Loss) from Discontinued Operations” to distinguish it from core earnings “Income (Loss) from Continuing Operations” (Exhibit 5.8), and disclosed on the income statement after income from continuing operations, but before extraordinary items.
| Year ended December 31 | |||||
|---|---|---|---|---|---|
| 2004 | 2003 | 2002 | |||
| REVENUES AND OTHER INCOME | |||||
| Sales and other operating revenues 1,2 | $150,865 | $119,575 | $ 98,340 | ||
| Income (loss) from equity affiliates | 2,582 | 1,029 | (25) | ||
| Other income | 1,853 | 308 | 222 | ||
| Gain from exchange of Dynegy preferred stock | – | 365 | – | ||
| TOTAL REVENUES AND OTHER INCOME | 155,300 | 121,277 | 98,537 | ||
| COSTS AND OTHER DEDUCTIONS | |||||
| Purchased crude oil and products 2 | 94,419 | 71,310 | 57,051 | ||
| Operating expenses | 9,832 | 8,500 | 7,795 | ||
| Selling, general and administrative expenses | 4,557 | 4,440 | 4,155 | ||
| Exploration expenses | 697 | 570 | 591 | ||
| Depreciation, depletion and amortization | 4,935 | 5,326 | 5,169 | ||
| Taxes other than on income 1 | 19,818 | 17,901 | 16,682 | ||
| Interest and debt expense | 406 | 474 | 565 | ||
| Minority interests | 85 | 80 | 57 | ||
| Write-down of investments in Dynegy Inc. | – | – | 1,796 | ||
| Merger-related expenses | – | – | 576 | ||
| TOTAL COSTS AND OTHER DEDUCTIONS | 134,749 | 108,601 | 94,437 | ||
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | 20,551 | 12,676 | 4,100 | ||
| INCOME TAX EXPENSE | 7,517 | 5,294 | 2,998 | ||
| INCOME FROM CONTINUING OPERATIONS | 13,034 | 7,382 | 1,102 | ||
| INCOME FROM DISCONTINUED OPERATIONS | 294 | 44 | 30 | ||
| INCOME BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES | $ 13,328 | $ 7,426 | $ 1,132 | ||
| Cumulative effect of changes in accounting principles | – | (196) | – | ||
| NET INCOME | $ 13,328 | $ 7,230 | $ 1,132 | ||
| PER-SHARE OF COMMON STOCK 3 | |||||
| INCOME FROM CONTINUING OPERATIONS | |||||
| -BASIC | $ 6.16 | $ 3.55 | $ 0.52 | ||
| -DILUTED | $ 6.14 | $ 3.55 | $ 0.52 | ||
| INCOME FROM DISCONTINUED OPERATIONS | |||||
| -BASIC | $ 0.14 | $ 0.02 | $ 0.01 | ||
| -DILUTED | $ 0.14 | $ 0.02 | $ 0.01 | ||
| CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES | |||||
| -BASIC | $ – | $ (0.09) | $ – | ||
| -DILUTED | $ – | $ (0.09) | $ – | ||
| NET INCOME | |||||
| -BASIC | 6.30 | $ 3.48 | $ 0.53 | ||
| -DILUTED | 6.28 | $ 3.48 | $ 0.53 | ||
| 1Includes consumer excise taxes: | 7,968 | $ 7,095 | $ 7,006 | ||
| 2 Includes amounts In revenues for buy/sell contracts (associated costs are In “Purchased crude oil and products”) See Note 16 on page FS-41: | $ 18,650 | $ 14,246 | $ 7,963 | ||
| 3 All periods reflect a two-for-one stock split effected as a 100 percent stock dividend in September 2004. See accompanying Notes to the Consolidated Financial Statements. | |||||
Source: 2004 Chevron Income Statement and 2004 Chevron 10-K are used with permission of Chevron Corporation.
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