addition, work progressed on a number of major capital projects, particularly two Australian LNG projects and two deepwater Gulf of Mexico projects.

Of the $41.9 billion of expenditures in 2013, 90 percent, or $37.9 billion, was related to upstream activities. Approximately, 89 percent was expended for upstream operations in 2012 and 2011. International upstream accounted for 78 percent of the worldwide upstream investment in 2013, 72 percent in 2012 and 68 percent in 2011. These amounts exclude the acquisition of Atlas Energy, Inc. in 2011.

The company estimates that 2014 capital and exploratory expenditures will be $39.8 billion, including $4.8 billion of spending by affiliates. Approximately 90 percent of the total, or $35.8 billion, is budgeted for exploration and production activities. Approximately $27.9 billion, or 78 percent, of this amount is for projects outside the United States. Spending in 2014 is primarily focused on major development projects in Angola, Argentina, Australia, Canada, Kazakhstan, Nigeria, Republic of the Congo, Russia, the United Kingdom and the U.S. Also included is funding for enhancing recovery and mitigating natural field declines for currently-producing assets, and for focused exploration and appraisal activities.

Worldwide downstream spending in 2014 is estimated at $3.1 billion, with $1.8 billion for projects in the United States. Major capital outlays include projects under construction at refineries in the United States and expansion of additives production capacity in Singapore. Additional investments are expected to be funded by CPChem for chemicals projects in the United States.

Investments in technology companies, power and energy services, and other corporate businesses in 2014 are budgeted at $1 billion.

Noncontrolling Interests The company had noncontrolling interests of $1.3 billion at both December 31, 2013 and 2012. Distributions to noncontrolling interests totaled $99 million and $41 million in 2013 and 2012, respectively.

Pension Obligations Information related to pension plan contributions is included on page FS-53 in Note 21 to the Consolidated Financial Statements under the heading “Cash Contributions and Benefit Payments.”

Financial Ratios

Current Ratio – current assets divided by current liabilities, which indicates the company’s ability to repay its short-term liabilities with short-term assets. The current ratio in all periods was adversely affected by the fact that Chevron’s inventories are valued on a last-in, first-out basis. At year-end 2013, the book value of inventory was lower than replacement costs, based on average acquisition costs during the year, by approximately $9.1 billion.

Interest Coverage Ratio – income before income tax expense, plus interest and debt expense and amortization of capitalized interest, less net income attributable to noncontrolling interests, divided by before-tax interest costs. This ratio indicates the company’s ability to pay interest on outstanding debt. The company’s interest coverage ratio in 2013 was lower than 2012 and 2011 due to lower income.

Debt Ratio – total debt as a percentage of total debt plus Chevron Corporation