Accounting writing assignment Essay Example | Topics and Well Written Essays - 500 words

Accounting writing assignment - Essay Example Another merger completed in 1985 saw the name change to Chevron. From 2002 to 2007 Chevron invested an estimated $72 billion to bring improved energy supplies to market. The company adopted name Chevron Corporation in 2005, and later acquired Unocal Corp. (Chevron) enhancing its position as the World’s leader in energy provision. Chevron has over the years demonstrated expertise in deep-water oil exploration. Sales and additional operating revenues decreased from 2012’s $230590 million to $220156 million. Net income profits declined by 18.2% in 2013 from 2012’s $ 26,179 million to $21,423 million. Their dividends per share were $3.90 million, and each share attracted a $1 return. Total assets rose to $253753 million in 2013 from 2012’s $232982 million, followed by a subsequent rise in total liabilities from $95150 million to $103326 million. Chevron’s total stockholders’ equity rose in 2013 to $ 149113 from 2012’s $ 136524 million (Chevron). The Board of Directors of Chevron comprises of an Audit Committee who are not under employment with the firm. This committee has regular meeting with the Management and auditors, both internal and external auditors to ensure conformity with the internal controls and the International Financial Reporting matters. Chevron’s operations have been affected by the altering economic, regulatory and Political environments in the various geographical areas of operations. Some governments have from time to time tried to renegotiate terms of contracts which has led to significant additional costs to the company. Management keenly follows developments in the money markets, the global economic trends and their impact on the enterprise’s fluctuations in oil and Natural gases. In the last quarter of 2011, a development well in the Frade field off the coast of Brazil caused an unforeseen pressure spike resulting in a migration