long-term agreements now cover approximately 85 percent of Chevron’s equity LNG offtake from the Wheatstone Project.

Announced two natural gas discoveries in the Carnarvon Basin. These include discoveries at the 50 percent-owned and operated Kentish Knock South prospect in Block WA-365-P andthe 50 percent-owned and operated Elfin prospect in BlockWA-268-P.

Reached agreement to acquire interests in two onshore natural gas blocks in the Cooper Basin region of central Australia.

Acquired exploration interests in two blocks located in the deepwater Bight Basin offshore South Australia.

Brazil Confirmed the start of crude oil production from the Papa-Terra Field.

Awarded participation in a deepwater block in the Ceará Basin.

Canada Announced an agreement to acquire additional, complementary acreage in the Duvernay Shale.

Announced the successful conclusion of the initial twelve-well exploration drilling program in the liquids-rich portion of the Duvernay Shale located in western Canada.

Kurdistan Region of Iraq Announced the acquisition of an 80 percent interest and operatorship of the Qara Dagh Block.

Republic of the Congo Announced the final investment decision on the deepwater Moho Nord Project.

United States Announced a joint development agreement for additional Delaware Basin acreage and access to related infrastructure.

Announced a crude oil discovery at the Coronado prospect in the deepwater Gulf of Mexico.

Announced a successful production test of a St. Malo well in the deepwater Gulf of Mexico.

Downstream

South Korea The company's 50 percent-owned GS Caltex affiliate started commercial operations of its gas oil fluid catalytic cracking unit at the Yeosu Refinery.

United States The company's 50 percent-owned Chevron Phillips Chemical Company LLC (CPChem) announced a final investment decision on its U.S. Gulf Coast Petrochemicals Project. This project will include an ethane cracker with an annual design capacity of 1.5 million metric tons per year and two polyethylene facilities, each with an annual design capacity of 500,000 metric tons per year.

CPChem announced plans to expand annual ethylene production by 200 million pounds at its Sweeny complex in Old Ocean, Texas.

Other

Common Stock Dividends The quarterly common stock dividend was increased by 11.1 percent in April 2013 to $1.00 per common share, making 2013 the 26th consecutive year that the company increased its annual dividend payment.

Common Stock Repurchase Program The company purchased $5.0 billion of its common stock in 2013 under its share repurchase program. The program began in 2010 and has no set term or monetary limits.

Results of Operations

Major Operating Areas The following section presents the results of operations and variances on an after-tax basis for the company’s business segments – Upstream and Downstream – as well as for “All Other.” Earnings are also presented for the U.S. and international geographic areas of the Upstream and Downstream business segments. Refer to Note 11, beginning on page FS-35, for a discussion of the company’s “reportable segments.” This section should also be read in conjunction with the discussion in “Business