a multiyear plan in 2012 to streamline the downstream asset portfolio to concentrate resources and capital on strategic assets. In third quarter 2012, the company completed the sale of its Perth Amboy, New Jersey, refinery, which had been operated as a products terminal in recent years. In 2012, the company completed the sale of its fuels marketing and aviation businesses in eight countries in the Caribbean.     

     Refer to the “Results of Operations” section on pages FS-7 through FS-8 for additional discussion of the company’s downstream operations.

     All Other consists of mining operations, power generation businesses, worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, energy services, alternative fuels, and technology companies.

Operating Developments

Key operating developments and other events during 2012 and early 2013 included the following:

Upstream

Australia In October 2012, the company acquired additional interests in the Clio and Acme fields in the Carnarvon Basin in exchange for Chevron's interests in the Browse development. Consolidating interests in the Carnarvon Basin fits strategically with long-term plans to grow the Wheatstone area resource base and creates expansion opportunities for the Wheatstone Project.

In September 2012, the company completed the sale of an equity interest in the Wheatstone Project to Tokyo Electric.

During 2012 and early 2013, the company announced natural gas discoveries at the 47.3 percent-owned and operated Pontus prospect in Block WA-37-L, the 50 percent-owned and operated Satyr prospect in Block WA-374-P, the 50 percent-owned and operated Pinhoe prospect in Block WA-383-P, the 50 percent-owned and operated Arnhem prospect in Block WA-364-P, and the 50 percent-owned and operated Kentish Knock South prospect in Block WA-365-P. These discoveries are expected to contribute to potential expansion opportunities at company-operated LNG facilities. 

During 2012, Chevron signed nonbinding Heads of Agreement with Tohoku Electric and Chubu Electric and additional binding agreements with Tokyo Electric for LNG offtake from the Wheatstone Project. To date, more than 80 percent of Chevron's equity LNG from Wheatstone is covered under long-term agreements with customers in Asia.

     Angola In early 2013, the company announced it plans to proceed with the development of the Mafumeira Sul Project located in Block 0.

     Angola-Republic of the Congo Joint Development Area In third quarter 2012, the company reached a final investment decision on the cross-border development of the deepwater Lianzi Field.

     Bangladesh In July 2012, the company reached a final investment decision on the Bibiyana Expansion Project.

     Canada In February 2013, Chevron acquired a 50 percent-owned and operated interest in the Kitimat LNG project and proposed Pacific Trail Pipeline, and a 50 percent nonoperated interest in approximately 644,000 acres in the Horn River and Liard Basins.

     China In 2012, Chevron entered into an agreement to acquire two exploration blocks in the South China Sea's Pearl River Mouth Basin.