Consolidated Balance Sheets

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  December 31,
  2007 2006
  (In millions, except share data)
ASSETS
Current assets:
   Cash and cash equivalents		          $ 1,364                       692           
   Short-term investments, at fair value   372     574  
   Accounts receivable   1,779     1,324  
   Deferred income taxes   44     102  
   Current assets held for sale   120     232  
   Other current assets   235     288  
      Total current assets   3,914     3,212  
Property and equipment, at cost, based on the full cost method of
   accounting for oil and gas properties ($3,417 and $3,293 excluded
   from amortization in 2007 and 2006, respectively)		   48,473     39,585  
Less accumulated depreciation, depletion and amortization   20,394     16,429  
    28,079     23,156  
Investment in Chevron Corporation common stock, at fair value   1,324     1,043  
Goodwill   6,172     5,706  
Assets held for sale   1,512     1,619  
Other assets   455     327  
      Total assets $ 41,456     35,063  

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
   Accounts payable — trade 		$ 1,360     1,154  
   Revenues and royalties due to others   578     522  
   Income taxes payable   97     82  
   Short-term debt   1,004     2,205  
   Accrued interest payable   109     114  
   Current portion of asset retirement obligation, at fair value   82     53  
   Current liabilities associated with assets held for sale   145     173  
   Accrued expenses and other current liabilities   282     342  
      Total current liabilities   3,657     4,645  
Debentures exchangeable into shares of Chevron Corporation common stock   641     727  
Other long-term debt   6,283     4,841  
Financial instruments, at fair value   488     302  
Asset retirement obligation, at fair value   1,236     804  
Liabilities associated with assets held for sale   404     429  
Other liabilities   699     583  
Deferred income taxes   6,042     5,290  
Stockholders' equity:
   Preferred stock of $1.00 par value. Authorized 4,500,000 shares;
      issued 1,500,000 ($150 million aggregate liquidation value)		   1     1  
   Common stock of $0.10 par value. Authorized 800,000,000 shares;
      issued 444,214,000 in 2007 and 444,040,000 in 2006		   44     44  
   Additional paid-in capital   6,743     6,840  
   Retained earnings   12,813     9,114  
   Accumulated other comprehensive income   2,405     1,444  
   Treasury stock, at cost. 11,000 shares in 2006   —     (1 )
      Total stockholders' equity   22,006     17,442  
Commitments and contingencies (Note 8)
      Total liabilities and stockholders' equity		 $ 41,456     35,063  

See accompanying notes to consolidated financial statements.