global and regional supply-and-demand balance for refined products and petrochemicals, and by changes in the price of crude oil, other refinery and petrochemical feedstocks, and natural gas. Industry margins can also be influenced by inventory levels, geopolitical events, costs of materials and services, refinery or chemical plant capacity utilization, maintenance programs, and disruptions at refineries or chemical plants resulting from unplanned outages due to severe weather, fires or other operational events.

Other factors affecting profitability for downstream operations include the reliability and efficiency of the company’s refining, marketing and petrochemical assets, the effectiveness of its crude oil and product supply functions, and the volatility of tanker-charter rates for the company’s shipping operations, which are driven by the industry’s demand for crude oil and product tankers. Other factors beyond the company’s control include the general level of inflation and energy costs to operate the company’s refining, marketing and petrochemical assets.

The company’s most significant marketing areas are the West Coast of North America, the U.S. Gulf Coast, Asia and southern Africa. Chevron operates or has significant ownership interests in refineries in each of these areas.

Refer to the “Results of Operations” section on pages FS-6 through FS-8 for additional discussion of the company’s downstream operations.

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Operating Developments

Key operating developments and other events during 2015 and early 2016 included the following:

Upstream

Angola-Republic of Congo Joint Development Area Achieved first production from the Lianzi Project.

Australia Progressed LNG Train 1 commissioning and start-up activities for the Gorgon Project, with first cargo lifting expected in March 2016. All Train 2 modules are installed, and all remaining Train 3 modules were delivered as of January 2016.

Progressed construction of the Wheatstone Project. Major milestones reached include the installation of the offshore platform and topsides, and all of the subsea pipelines and structures, along with the delivery of all LNG Train 1 and common modules.

Announced a natural gas discovery, Isosceles, in the Carnarvon Basin in 50 percent-owned Block WA-392-P.

Bangladesh Achieved first liquids from the Bibiyana Expansion Liquid Recovery Unit.

China Achieved first production from the Chuandongbei Project in early 2016.

Republic of Congo Announced start of production from the first phase of the Moho Nord Project.

United States Announced a successful appraisal well at the Anchor prospect in the deepwater Gulf of Mexico.

Downstream

Australia Completed the sale of the company’s 50 percent interest in Caltex Australia Limited.

New Zealand Completed the sale of the company’s interest in The New Zealand Refining Company Limited and reached agreement to sell the company’s marketing operations.

Other

Common Stock Dividends The 2015 annual dividend was $4.28 per share, making 2015