The specific purposes of the projects are: 1. Apply to actual companies the knowledge and analytical techniques learned from our course. 2. Perform vertical and horizontal analysis and various ratio
The specific purposes of the projects are:
1. Apply to actual companies the knowledge and analytical techniques learned from our course.
2. Perform vertical and horizontal analysis and various ratios on the financial statements.
3. Compare the calculated results with competitor and across different years.
4. Summarize the analyses and make investment recommendations.
You will be analyzing the following firms:
a. Chevron
b. Exxon Mobile
Chevron BalanceSheet
c E G 1 J K B Millions D Millions F Millions H Millions 5,686 63 13,325 5,848 3,407 28,329 1,511 38,688 150,494 10,532 4.463 3.411 237,428 10,292 53 15,050 5,704 2.922 34,021 1,942 35,546 169,207 6,766 4,518 1,863 253,863 4,813 9 15,353 5,585 2,800 28,560 2.849 32,497 177,712 7,017 4,531 640 253,806 6,988 13 14.092 5.419 3,107 29.619 2.485 30,250 182, 186 6,838 4,581 4,119 260,078 A 4 Scale 5 Assets 6 Cash cash equivalents 7 Marketable securities 8 Accounts & notes receivable, net 9 Total inventories 10 Prepaid expenses & other current assets 11 Total current assets 12 Long-term receivables, net 13 Investments 14 Property, plant & equipment, net 15 Deferred charges & other assets 16 Goodwill 17 Assets held for sale 18 Total assets 19 20 Liabilities 21 Short-term debt 22 Accounts payable 23 Accrued liabilities 24 Federal & other taxes on income 25 Other taxes payable 26 Total current liabilities 27 Total long-term debt, net of current portion 28 Capital lease obligations 29 Deferred credits & other noncurrent obligations 30 Noncurrent deferred income taxes 31 Noncurrent employee benefit plans 32 Reserves for employee benefit plans 33 Total liabilities 34 35 Stockholders' Equity 36 Common stock 37 Capital in excess of par value 38 Retained earnings 39 Accumulated other comprehensive income (loss) 40 Deferred compensation & benefit plan trust 41 Treasury stock, at cost 42 Noncontrolling interests 43 Total equity 44 45 46 47 Balance Sheet Income Statement 3.282 14,103 6,589 1,554 1,002 26,530 23,691 5,726 13,953 4,927 1,628 937 27,171 28,733 5,192 14,565 5,267 1,600 1.113 27,737 33,477 94 21,106 14,652 10,840 13,986 4,882 1,050 1.027 31,785 35,193 93 21,553 20,445 13.688 7,866 19,742 15.921 6.654 17,516 7,421 104,487 7.216 113,356 92,220 98,221 1,832 17.265 174.945 (4,990) (240) (44,599) 995 145,208 1,832 17,112 180,987 (3,544) (240) (41,593) 1,088 155,642 1,832 16.848 174,106 (3,589) (240) (40,833) 1,832 16,595 173,046 (3,843) (240) (41,834) 1,195 1,166 149,319 146,722 Additional Data + E G H | D 2018 Millions 158,902 3,968 6.327 1,110 166,339 94.578 20,544 3.838 1,210 19,419 4,867 748 560 20,575 5,715 14,860 (36) 14,824 F 2017 Millions 134,674 4,438 2,610 141,722 75.765 19,437 4,448 864 19,349 12,331 307 9,221 (48) 9,269 (74) 9,195 . B 1 Report Date 2019 2 Scale Millions 3 Net Sales 139,865 4 Income (loss) from equity affiliates 5 Other income 2,683 6 Total revenues & other income 146,516 Cost of sales 80.113 3 Operating expenses 21,385 9 Selling, general & administrative expenses 4.143 10 Exploration expenses 770 11 Depreciation, depletion & amortization expenses 29.218 12 Taxes other than on income 4.136 13 Interest & debt expense 798 14 Other components of net periodic benefit costs 417 15 Income before income tax expense 5,536 16 Income tax expense (benefit) 2.691 17 Income after income tax expense 2,845 18 Less: Net income (loss) attributable to noncontrolling interes 79 19 Net income (loss) 2,924 20 21 22 3 24 25 26 27 28 29 80 31 B2 83 34 85 36 37 38 89 10 11 12 13 14 Balance Sheet Income Statement Additional Data > + E G J A B 1 2019 2 Accounts & notes receivable, gross 14,071 3 Allowance for doubtful accounts 746 4 Property, plant & equipment, at cost 326,722 5 Less accumulated depreciation, depletion & amortizatio 176,228 6 Net cash flows from operating activities 27,314 7 Weighted average shares outstanding-basic 1882 8 Year end shares outstanding 1882. 168 9 Tax Rate 35% 10 11 12 13 14 D 2018 15,919 869 340,244 171,037 30,618 1897 1902.838 35% F 2017 15,843 490 344,485 166,773 20,515 1882 1904.702 35% 2016 14,465 373 336,077 153,891 12,846 2017 Thousands 2016 Thousands 3,177,000 25,597,000 12,871,000 4,121,000 1,368,000 47,134,000 39,160,000 252,630,000 9,767,000 348,691,000 3,657,000 21,394,000 10,877,000 4,203,000 1,285,000 41,416,000 35,102,000 244.224.000 9,572,000 330,314,000 NOTE: 2016 BALANCE SHEET INFORMATION SHOULD BE USED ONLY FOR RATIOS 2 Report Date 2019 2018 3 Scale Thousands Thousands 4 Assets 5 Cash & cash equivalents 3.089.000 3,042,000 6 Notes & accounts receivable, less estimated doubtful amounts 26,966,000 24,701,000 7 Inventory 14,010,000 14.803,000 8 Supplies 4,518,000 4,155,000 9 Other current assets 1,469,000 1,272,000 10 Total current assets 50,052,000 47,973,000 11 Investments, advances & long-term receivables 43, 164,000 40,790,000 12 Property, plant & equipment, at cost, less accumulated depreciation & depletion 253,018,000 247,101,000 13 Other assets, including intangibles, net 16,363,000 10,332,000 14 Total assets 362,597,000 346,196,000 75 16 Liabilities 17 Notes & loans payable 20,578,000 17,258,000 18 Accounts payable & accrued liabilities 41,831,000 37,268,000 19 Income taxes payable 1,580,000 2,612,000 20 Total current liabilities 63,989,000 57,138,000 21 Long-term debt 26,342,000 20,538,000 22 Postretirement benefits reserves 22,304,000 20,272,000 23 Deferred income tax liabilities 25,620,000 27,244,000 24 Long-term obligations to equity companies 3,988,000 4,382,000 25 Other long-term obligations 21,416.000 18,094,000 26 Total liabilities 163,659,000 147,668,000 27 28 Stockholders Equity 29 Common stock 15,637,000 15,258,000 B0 Retained Earnings 421,341,000 421.653,000 31 Accumulated other comprehensive income (loss) (19,493,000) (19,564,000) 32 Common stock held in treasury (225,835,000) (225,553,000) 33 Noncontrolling interests 7,288,000 6,734,000 34 Total equity 198,938,000 198,528,000 35 36 37 38 39 40 11 2 13 14 Balance Sheet Income Statement Additional Info + 17,930,000 36,796,000 3,045,000 57,771,000 24,406,000 21, 132,000 26,893,000 4,774.000 19,215,000 154,191,000 13,830,000 31,193,000 2,615,000 47,638,000 28,932,000 20,680,000 34,041,000 5,124,000 20,069,000 156,484,000 14,656,000 414,540,000 (16,262,000) (225, 246,000) 6,812,000 194,500,000 12,157,000 407,831,000 (22,239,000) (230,424,000) 6,505,000 173,830,000 Desd E G H B 12/31/2019 Thousands 255,583,000 5,441,000 3,914,000 264,938,000 143,801,000 36,826,000 11,398,000 18.998,000 1,269,000 1,235,000 830,000 30,525,000 20,056,000 5,282,000 14,774,000 (434,000) 14,340,000 D 12/31/2018 Thousands 279,332,000 7,355,000 3,525,000 290,212,000 156,172,000 36.682.000 11,480,000 18.745.000 1,466,000 1,285,000 766,000 32,663,000 30,953,000 9,532,000 21,421,000 (581,000) 20,840,000 F 12/31/2017 Thousands 237,162,000 5,380,000 1,821,000 244,363,000 128,217,000 34, 128,000 10,956,000 19,893,000 1,790,000 601,000 30,104.000 18,674,000 (1,174,000) 19,848,000 (138,000) 19,710,000 1 Report Date 2 Scale 3 Net Sales 4 Income from equity affiliates 5 Other income 6 Total revenues & other income 7 Cost of goods sold 8 Production & manufacturing expenses 9 Selling, general & administrative expenses 10 Depreciation & depletion expense 11 Exploration expenses, including dry holes 12 Non-service pension & postretirement benefit expense 13 Interest expense 14 Other taxes & duties 15 Income (loss) before income taxes 16 Income taxes 17 Income (loss) after income taxes 18 Net income attributable to noncontrolling interests 19 Net income 20 21 22 22 23 24 25 26 27 28 29 BO 31 B2 33 34 B5 36 37 38 39 10 11 2 13 14 Balance Sheet Income Statement Additional Info + E G H 1 J 2016 F 2017 21,346,000 72,000 4,862,000 539,000 371,904,000 50,343,000 37,966,000 16,972.000 477,185.000 224,555,000 16,108,000 75,000 5,988,000 627,000 355,265,000 47,915,000 34,098,000 16,637,000 453,915,000 209.691.000 30,066,000 22,082,000 4256000 4239000 35% B D 2019 2018 2 Trade notes & accounts receivable, gross 21,134,000 19,699,000 3 Less: reserves - trade notes & accounts receiv 34,000 61,000 4 Other notes & accounts receivable, gross 6,237,000 5,402,000 5 Less: reserves - other notes & accounts receiv 371,000 339,000 6 Upstream 376,041,000 372,791,000 7 Downstream 52,527,000 48,241,000 8 Chemical 40,788,000 39,008,000 9 Other property, plant & equipment 17,346,000 17,150,000 10 Property, plant & equipment, at cost 486,702,000 477,190.000 11 Less: accumulated depreciation & depletion 233,684,000 230,089,000 12 13 Net cash flows from operating activities 29,716,000 36,014,000 14 15 Weighted average shares outstanding - basic 4270000 4270000 16 Year end shares outstanding 4234000 4237000 17 Tax Rate 35% 35% 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Balance Sheet Income Statement Additional Info + c E G 1 J K B Millions D Millions F Millions H Millions 5,686 63 13,325 5,848 3,407 28,329 1,511 38,688 150,494 10,532 4.463 3.411 237,428 10,292 53 15,050 5,704 2.922 34,021 1,942 35,546 169,207 6,766 4,518 1,863 253,863 4,813 9 15,353 5,585 2,800 28,560 2.849 32,497 177,712 7,017 4,531 640 253,806 6,988 13 14.092 5.419 3,107 29.619 2.485 30,250 182, 186 6,838 4,581 4,119 260,078 A 4 Scale 5 Assets 6 Cash cash equivalents 7 Marketable securities 8 Accounts & notes receivable, net 9 Total inventories 10 Prepaid expenses & other current assets 11 Total current assets 12 Long-term receivables, net 13 Investments 14 Property, plant & equipment, net 15 Deferred charges & other assets 16 Goodwill 17 Assets held for sale 18 Total assets 19 20 Liabilities 21 Short-term debt 22 Accounts payable 23 Accrued liabilities 24 Federal & other taxes on income 25 Other taxes payable 26 Total current liabilities 27 Total long-term debt, net of current portion 28 Capital lease obligations 29 Deferred credits & other noncurrent obligations 30 Noncurrent deferred income taxes 31 Noncurrent employee benefit plans 32 Reserves for employee benefit plans 33 Total liabilities 34 35 Stockholders' Equity 36 Common stock 37 Capital in excess of par value 38 Retained earnings 39 Accumulated other comprehensive income (loss) 40 Deferred compensation & benefit plan trust 41 Treasury stock, at cost 42 Noncontrolling interests 43 Total equity 44 45 46 47 Balance Sheet Income Statement 3.282 14,103 6,589 1,554 1,002 26,530 23,691 5,726 13,953 4,927 1,628 937 27,171 28,733 5,192 14,565 5,267 1,600 1.113 27,737 33,477 94 21,106 14,652 10,840 13,986 4,882 1,050 1.027 31,785 35,193 93 21,553 20,445 13.688 7,866 19,742 15.921 6.654 17,516 7,421 104,487 7.216 113,356 92,220 98,221 1,832 17.265 174.945 (4,990) (240) (44,599) 995 145,208 1,832 17,112 180,987 (3,544) (240) (41,593) 1,088 155,642 1,832 16.848 174,106 (3,589) (240) (40,833) 1,832 16,595 173,046 (3,843) (240) (41,834) 1,195 1,166 149,319 146,722 Additional Data + E G H | D 2018 Millions 158,902 3,968 6.327 1,110 166,339 94.578 20,544 3.838 1,210 19,419 4,867 748 560 20,575 5,715 14,860 (36) 14,824 F 2017 Millions 134,674 4,438 2,610 141,722 75.765 19,437 4,448 864 19,349 12,331 307 9,221 (48) 9,269 (74) 9,195 . B 1 Report Date 2019 2 Scale Millions 3 Net Sales 139,865 4 Income (loss) from equity affiliates 5 Other income 2,683 6 Total revenues & other income 146,516 Cost of sales 80.113 3 Operating expenses 21,385 9 Selling, general & administrative expenses 4.143 10 Exploration expenses 770 11 Depreciation, depletion & amortization expenses 29.218 12 Taxes other than on income 4.136 13 Interest & debt expense 798 14 Other components of net periodic benefit costs 417 15 Income before income tax expense 5,536 16 Income tax expense (benefit) 2.691 17 Income after income tax expense 2,845 18 Less: Net income (loss) attributable to noncontrolling interes 79 19 Net income (loss) 2,924 20 21 22 3 24 25 26 27 28 29 80 31 B2 83 34 85 36 37 38 89 10 11 12 13 14 Balance Sheet Income Statement Additional Data > + E G J A B 1 2019 2 Accounts & notes receivable, gross 14,071 3 Allowance for doubtful accounts 746 4 Property, plant & equipment, at cost 326,722 5 Less accumulated depreciation, depletion & amortizatio 176,228 6 Net cash flows from operating activities 27,314 7 Weighted average shares outstanding-basic 1882 8 Year end shares outstanding 1882. 168 9 Tax Rate 35% 10 11 12 13 14 D 2018 15,919 869 340,244 171,037 30,618 1897 1902.838 35% F 2017 15,843 490 344,485 166,773 20,515 1882 1904.702 35% 2016 14,465 373 336,077 153,891 12,846 2017 Thousands 2016 Thousands 3,177,000 25,597,000 12,871,000 4,121,000 1,368,000 47,134,000 39,160,000 252,630,000 9,767,000 348,691,000 3,657,000 21,394,000 10,877,000 4,203,000 1,285,000 41,416,000 35,102,000 244.224.000 9,572,000 330,314,000 NOTE: 2016 BALANCE SHEET INFORMATION SHOULD BE USED ONLY FOR RATIOS 2 Report Date 2019 2018 3 Scale Thousands Thousands 4 Assets 5 Cash & cash equivalents 3.089.000 3,042,000 6 Notes & accounts receivable, less estimated doubtful amounts 26,966,000 24,701,000 7 Inventory 14,010,000 14.803,000 8 Supplies 4,518,000 4,155,000 9 Other current assets 1,469,000 1,272,000 10 Total current assets 50,052,000 47,973,000 11 Investments, advances & long-term receivables 43, 164,000 40,790,000 12 Property, plant & equipment, at cost, less accumulated depreciation & depletion 253,018,000 247,101,000 13 Other assets, including intangibles, net 16,363,000 10,332,000 14 Total assets 362,597,000 346,196,000 75 16 Liabilities 17 Notes & loans payable 20,578,000 17,258,000 18 Accounts payable & accrued liabilities 41,831,000 37,268,000 19 Income taxes payable 1,580,000 2,612,000 20 Total current liabilities 63,989,000 57,138,000 21 Long-term debt 26,342,000 20,538,000 22 Postretirement benefits reserves 22,304,000 20,272,000 23 Deferred income tax liabilities 25,620,000 27,244,000 24 Long-term obligations to equity companies 3,988,000 4,382,000 25 Other long-term obligations 21,416.000 18,094,000 26 Total liabilities 163,659,000 147,668,000 27 28 Stockholders Equity 29 Common stock 15,637,000 15,258,000 B0 Retained Earnings 421,341,000 421.653,000 31 Accumulated other comprehensive income (loss) (19,493,000) (19,564,000) 32 Common stock held in treasury (225,835,000) (225,553,000) 33 Noncontrolling interests 7,288,000 6,734,000 34 Total equity 198,938,000 198,528,000 35 36 37 38 39 40 11 2 13 14 Balance Sheet Income Statement Additional Info + 17,930,000 36,796,000 3,045,000 57,771,000 24,406,000 21, 132,000 26,893,000 4,774.000 19,215,000 154,191,000 13,830,000 31,193,000 2,615,000 47,638,000 28,932,000 20,680,000 34,041,000 5,124,000 20,069,000 156,484,000 14,656,000 414,540,000 (16,262,000) (225, 246,000) 6,812,000 194,500,000 12,157,000 407,831,000 (22,239,000) (230,424,000) 6,505,000 173,830,000 Desd E G H B 12/31/2019 Thousands 255,583,000 5,441,000 3,914,000 264,938,000 143,801,000 36,826,000 11,398,000 18.998,000 1,269,000 1,235,000 830,000 30,525,000 20,056,000 5,282,000 14,774,000 (434,000) 14,340,000 D 12/31/2018 Thousands 279,332,000 7,355,000 3,525,000 290,212,000 156,172,000 36.682.000 11,480,000 18.745.000 1,466,000 1,285,000 766,000 32,663,000 30,953,000 9,532,000 21,421,000 (581,000) 20,840,000 F 12/31/2017 Thousands 237,162,000 5,380,000 1,821,000 244,363,000 128,217,000 34, 128,000 10,956,000 19,893,000 1,790,000 601,000 30,104.000 18,674,000 (1,174,000) 19,848,000 (138,000) 19,710,000 1 Report Date 2 Scale 3 Net Sales 4 Income from equity affiliates 5 Other income 6 Total revenues & other income 7 Cost of goods sold 8 Production & manufacturing expenses 9 Selling, general & administrative expenses 10 Depreciation & depletion expense 11 Exploration expenses, including dry holes 12 Non-service pension & postretirement benefit expense 13 Interest expense 14 Other taxes & duties 15 Income (loss) before income taxes 16 Income taxes 17 Income (loss) after income taxes 18 Net income attributable to noncontrolling interests 19 Net income 20 21 22 22 23 24 25 26 27 28 29 BO 31 B2 33 34 B5 36 37 38 39 10 11 2 13 14 Balance Sheet Income Statement Additional Info + E G H 1 J 2016 F 2017 21,346,000 72,000 4,862,000 539,000 371,904,000 50,343,000 37,966,000 16,972.000 477,185.000 224,555,000 16,108,000 75,000 5,988,000 627,000 355,265,000 47,915,000 34,098,000 16,637,000 453,915,000 209.691.000 30,066,000 22,082,000 4256000 4239000 35% B D 2019 2018 2 Trade notes & accounts receivable, gross 21,134,000 19,699,000 3 Less: reserves - trade notes & accounts receiv 34,000 61,000 4 Other notes & accounts receivable, gross 6,237,000 5,402,000 5 Less: reserves - other notes & accounts receiv 371,000 339,000 6 Upstream 376,041,000 372,791,000 7 Downstream 52,527,000 48,241,000 8 Chemical 40,788,000 39,008,000 9 Other property, plant & equipment 17,346,000 17,150,000 10 Property, plant & equipment, at cost 486,702,000 477,190.000 11 Less: accumulated depreciation & depletion 233,684,000 230,089,000 12 13 Net cash flows from operating activities 29,716,000 36,014,000 14 15 Weighted average shares outstanding - basic 4270000 4270000 16 Year end shares outstanding 4234000 4237000 17 Tax Rate 35% 35% 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Balance Sheet Income Statement Additional Info +
