project ramped up to total average daily production of 377 million cubic feet of natural gas and 11,000 barrels of condensate as of the end of 2011.

     United Kingdom In fourth quarter 2011, the company reached a final investment decision for the Clair Ridge Project, located west of the Shetland Islands. Chevron has a 19.4 percent nonoperated working interest in the project.

     United States In fourth quarter 2011, a final investment decision was made for the Tubular Bells project in the deepwater Gulf of Mexico. The development includes a 42.9 percent nonoperated working interest in the Tubular Bells unitized area.

     Drilling operations at the 43.8 percent-owned and operated Moccasin prospect resulted in a new discovery of crude oil. The company also drilled a successful appraisal well at the 55 percent-owned Buckskin prospect. Both prospects are in the deepwater Gulf of Mexico.

     In February 2011, Chevron acquired Atlas Energy, Inc. The acquisition provided a natural gas resource position in the Marcellus Shale and Utica Shale, primarily located in southwestern Pennsylvania and Ohio. The acquisition also provided a 49 percent interest in Laurel Mountain Midstream, LLC, an affiliate that owns more than 1,000 miles of natural gas gathering lines servicing the Marcellus. In addition, the acquisition provided assets in Michigan, which include Antrim Shale producing assets and approximately 350,000 total acres in the Antrim and Collingwood/Utica Shale formations. Additional asset acquisitions in 2011 expanded the company’s holdings in the Marcellus and Utica to approximately 700,000 and 600,000 total acres, respectively.

Downstream

Africa During 2011, the company completed the sale of certain marketing businesses in five countries in Africa.

     Caribbean and Latin America In 2011, the company completed the sale of its fuels marketing and aviation businesses in 16 countries in the Caribbean and Latin America. In fourth quarter 2011, the company signed agreements to sell certain fuels marketing and aviation businesses in the Central Caribbean. The company expects to complete these sales in 2012 following receipt of required local regulatory and government approvals.

     Europe In August 2011, the company completed the sale of its refining and marketing assets in the United Kingdom and Ireland, including the Pembroke Refinery.

     Singapore In February 2012, the company reached a final investment decision to significantly increase the capacity of the existing additives plant in Singapore.

     United States In January 2011, the company announced the final investment decision on a $1.4 billion project to construct a base oil manufacturing facility at the Pascagoula, Mississippi, refinery. The facility is expected to produce approximately 25,000 barrels per day of premium base oil.

Other

Common Stock Dividends The quarterly common stock dividend increased by 8.3 percent in April 2011 and by 3.8 percent in October 2011, to $0.81 per common share, making 2011 the 24th consecutive year that the company increased its annual dividend payment.

     Common Stock Repurchase Program The company purchased $4.25 billion of its common