The average price of a gallon of gas in 2013 dropped $0.12 (3 percent) from $3.61 in 2012 (to $3.49 in 2013).

Required:

1.

Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Chevron Corporation for the year ended December 31, 2013 (amounts in billions). (Decreases should be indicated by a minus sign. Enter your answers in billions (i.e., 10,000,000,000 should be entered as 10). Round percentage values to 1 decimal place.)

CHEVRON CORPORATION
Income Statements
(dollars in billions)
For the Year Ended December 31
			Change in
	2013	2012	Dollars	Percentage
Total Revenues	$220	$231			%
Costs of Crude Oil and Products	143	149			%
Other Operating Costs	41	36			%
Income before Income Tax Expense	36	46			%
Income Tax Expense	15	20			%
Net Income	$21	$26			%

Conduct a vertical analysis by expressing each line as a percentage of total revenues. (Round percentage values to 1 decimal place.)

CHEVRON CORPORATION
Income Statements
(dollars in billions)
For the Year Ended December 31
	2013			2012
Total Revenues	$220		%	$231		%
Costs of Crude Oil and Products	143		%	149		%
Other Operating Costs	41		%	36		%
Income before Income Tax Expense	36		%	46		%
Income Tax Expense	15		%	20		%
Net Income	$21		%	$26		%