Achieved first production from the Chirag Oil Project in the Caspian Sea.

Bangladesh Announced first gas from the Bibiyana Expansion Project.

Canada Completed the sale of a 30 percent interest in the Duvernay shale play for $1.5 billion.

Chad/Cameroon Completed the sale of the company’s nonoperated interest in a producing concession in Chad and the related export pipeline interests in Chad and Cameroon for approximately $1.3 billion.

Kazakhstan/Russia Achieved a 230,000-barrel-per-day increase in capacity of the Caspian Pipeline Consortium pipeline.

Mauritania In early 2015, the company reached agreement to acquire a 30 percent nonoperated working interest in three contract areas offshore Mauritania, pending government approval.

Myanmar Announced the acquisition of offshore acreage.

New Zealand Announced the acquisition of three offshore blocks.

Nigeria Achieved initial production of product at the Escravos Gas-to-Liquids facility.

United States Announced initial crude oil and natural gas production from the Jack/St. Malo and Tubular Bells projects in the deepwater Gulf of Mexico.

Made significant crude oil discoveries at the Guadalupe and Anchor prospects in the deepwater Gulf of Mexico.

In early 2015, announced a joint venture to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico. The joint venture includes the Tiber and Gila discoveries and the Gibson prospect. The company acquired a 36 percent working interest in the Gila leases and 31 percent working interest in the Tiber leases and previously held a working interest in Gibson.

Reached a final investment decision for the Stampede Project in the deepwater Gulf of Mexico.

Completed the sale of natural gas liquids pipeline assets in Texas and southeastern New Mexico for $800 million.

Drilled 550 wells during 2014 in the Midland and Delaware basins in West Texas and southeast New Mexico.

Downstream

France Completed expansion project at the additives plant in Gonfreville, France.

Singapore Completed expansion project at the additives plant in Singapore.

United States Commenced commercial production at the new premium lubricants base oil facility in Pascagoula, Mississippi.

The company's 50 percent-owned Chevron Phillips Chemical Company, LLC (CPChem) achieved start-up of the world’s largest on-purpose 1-hexene plant, with a capacity of 250,000 metric tons per year, at its Cedar Bayou complex in Baytown, Texas.

Progressed construction of CPChem's U.S. Gulf Coast Petrochemicals Project.

Other

Common Stock Dividends The quarterly common stock dividend was increased by 7.0 percent in April 2014 to $1.07 per common share, making 2014 the 27th consecutive year that the company increased its annual dividend payout.

Common Stock Repurchase Program The company purchased $5.0 billion of its common stock in 2014 under its share repurchase program. Given the change in market conditions, the company is suspending the share repurchase program for 2015.

Results of Operations

The following section presents the results of operations and variances on an after-tax basis for the company’s business segments –