24238016 2023-01-01 2023-12-31 24238016 2023-01-01 2023-12-31 1 24238016 2023-01-01 2023-12-31 1 24238016 2023-01-01 2023-12-31 2 24238016 2023-01-01 2023-12-31 3 24238016 2023-01-01 2023-12-31 1 24238016 2023-01-01 2023-12-31 2 24238016 2022-01-01 2022-12-31 24238016 2023-12-31 24238016 2022-12-31 24238016 2022-12-31 fsa:ContributedCapitalMember 24238016 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 24238016 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 24238016 2022-12-31 fsa:RetainedEarningsMember 24238016 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 24238016 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 24238016 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 24238016 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 24238016 2023-12-31 fsa:ContributedCapitalMember 24238016 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 24238016 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 24238016 2023-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK Mathias Møller Jensen Ole Meier Sørensen Ole Meier Sørensen Patrick Ching Simon John Owens Chairman Copenhagen, The Executive Board and the Board of Directors have today considered and adopted the Annual Report of CDC ApSfor the period 1 January - 31 December 2023.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of theCompany and of the results of the Company operations for 2023.In our opinion, Management’s Review includes a true and fair account of the matters addressed in the review.We recommend that the Annual Report be adopted at the Annual General Meeting. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31December 2023, and of the results of the Company’s operations for the financial year 1 January - 31 December 2023 inaccordance with the Danish Financial Statements Act.We have audited the Financial Statements of CDC ApS for the financial year 1 January - 31 December 2023, whichcomprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significantaccounting policies (“the Financial Statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirementsapplicable in Denmark. Our responsibilities under those standards and requirements are further described in the"Auditor’s Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of theCompany in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics forProfessional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilledour other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. To the Shareholder of CDC ApS Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form ofassurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, indoing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or ourknowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required underthe Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the FinancialStatements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We didnot identify any material misstatement in Management’s Review. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance withISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, weexercise professional judgment and maintain professional skepticism throughout the audit. We also:•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraudis higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control.•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by Management.•Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing thefinancial statements and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the relateddisclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditionsmay cause the Company to cease to continue as a going concern.•Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, andwhether the financial statements represent the underlying transactions and events in a manner that gives a true andfair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing ofthe audit and significant audit findings, including any significant deficiencies in internal control that we identify duringour audit. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance withthe Danish Financial Statements Act, and for such internal control as Management determines is necessary to enablethe preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as agoing concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting in preparing the financial statements unless Management either intends to liquidate the Company or tocease operations, or has no realistic alternative but to do so. PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Kim Danstrup Daniel Sitch State Authorised Public Accountant State Authorised Public Accountant mne32201 mne47889 Copenhagen, CDC ApS Nybrogade 12 DK 1203 København K 24238016 24 Copenhagen Accura Advokatpartnerselskab Alexandriagade 8 2150 Copenhagen Strandvejen 44 DK 2900 Hellerup Citibank Vesterbrogade 1 L 1620 København Main ActivityThe Company’s main activities are worldwide to grant and obtain loans within the group, to invest group funds, to actas holding company for investments in other group companies and to provide services to other group companies. Development in activities and financial circumstancesThe loss for 2023 amounted to DKK 1,651,578k after tax which is an increase of DKK -1,604,750k compared to 2022.Equity for the year is positively affected by a hyperinflation adjustments in the Argentinian subsidiaries with DKK9,749,750k.Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to any uncertainty despite what has alreadybeen described regarding hyperinflation in accounting policies and Argentinian tax recognition in note 5.Significant eventsThe financial position at 31 December 2023 of the Company and the results of the activities of the Company for thefinancial year for 2023 have not been affected by any significant events.Subsequent eventsIn 2023, as referenced in prior year financial statements in note disclosure for “Contingent liabilities”, CC (Indonesia)1 ApS and CC (Indonesia) 2 ApS, two entities in the joint taxation group, received a draft decision from the DanishTax Authorities which could materially impact the Company’s financial position.After balance sheet date, these entities received letters from the Danish Tax Authorities, where they withdraw theirdraft decision and confirm not to pursue any legal action on this matter. true The Annual Report for 2023 is presented in DKK 1,000.Recognition and measurementRevenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets andliabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve theearnings for the year are recognized in the income statement, including depreciation, amortization, impairment lossesand provisions as well as reversals due to changed accounting estimates of amounts previously recognized in theincome statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the assetwill flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of theCompany, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described foreach item below.Recognition and measurement take into account predictable losses and risks occurring before the presentation of theAnnual Report which confirm to invalidate affairs and conditions existing at the balance sheet date.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchangedifferences arising due to differences between the transaction date rates and the rates at the dates of payment arerecognized in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheetdate are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at thebalance sheet date and the transaction date rates are recognized in financial income and expenses in the incomestatement.Income statements of foreign subsidiaries that are separate legal entities are translated at transaction date rates orapproximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheetdate.Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from thetranslation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statementOther external expensesOther external expenses comprise expenses for administration, Management, office premises as well as officeexpenses, etc. Income from investments in subsidiariesThe item "Income from investments in subsidiaries" in the income statement includes the proportionate share of theprofit before tax less goodwill amortization.Financial income and expensesFinancial income and expenses comprise interests and realized and unrealized exchange adjustments.Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit forthe year is recognised in the income statement, whereas the tax attributable to equity transactions is recogniseddirectly in equity.Current tax is calculated on the basis of the tax rate in force for the year.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The tax effect of the joint taxation is allocated to enterprises showing profits or losses in proportion to their taxableincomes (full allocation with credit for tax losses). The jointly taxed enterprises have adopted the on-accounttaxation scheme.Investment in subsidiariesInvestments in subsidiaries are recognized and measured under the equity method.The item "Investment in subsidiaries" in the balance sheet include the proportionate ownership share of the net assetvalue of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisitionwith deduction or addition of unrealized intercompany profits or losses and with addition of any remaining value ofpositive differences (goodwill) and deduction of any remaining value of negative differences (negative goodwill).Positive differences are amortized in proportion to the oil production for the year of the subsidiaries stated inproportion to the oil reserves stated at the time of acquisition of the subsidiaries.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to "Reserve for netrevaluation under the equity method" under equity. The reserve is reduced by dividend distributed to the ParentCompany and adjusted for other equity movements in subsidiaries.Subsidiaries with a negative net asset value are recognized at DKK 0. Any legal or constructive obligation of theParent Company to cover the negative balance of the enterprise is recognized in provisions.Hyperinflation adjustments as a result of subsidiaries operating in a hyperinflatory economy departs from the DanishFinancial Statements Act and is treated in accordance with IAS 29 and IAS 21. Inflation adjustment is recognized asa revaluation adjustment of investments in subsidiaries and under "reserve for net revaluation under the equitymethod" under equity. Profit or loss on net monetary positions as a result of loss of purchasing power is recognizedin income from investments in subsidiaries. Profit/loss and equity is converted to the year-end currency rate andcurrency translation adjustments is recognized under equity.ReceivablesReceivables are measured in the balance sheet at the lower of amortized cost and net realizable value, whichcorresponds to nominal value less provisions for bad debts.PrepaymentsPrepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognized in the balance sheet at the amount calculated on the basis of theexpected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables andliabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis orsimultaneously.EquityDividend equalisation fundDividend equalisation fund is formed as per shareholder's discretion for potential dividend payments of theCompany.DividendDividend distribution proposed by Management for the year is disclosed as a separate equity item.Current liabilitiesOther debt is measured at amortized cost which substantially corresponds to nominal value. true Consolidated Financial StatementsIn accordance with Danish Financial Statements Act section 112(2), a consolidated Financial Statements has not been prepared. The Annual Report CDC ApS are included in the Consolidated Financial Statements of ChevronCorporation, USA.The Consolidated Financial Statements may be obtained at the following address:Chevron Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324, USA -1650814000 -46071000 936000 727000 -1651750000 -46798000 212000 7470000 140000 7500000 -1651678000 -46828000 -100000 0 -1651578000 -46828000 1281473000 1281473000 3348895000 3400911000 4629979000 4684683000 4629979000 4684683000 4629979000 4684683000 497000 488000 54000 52000 551000 540000 330000 1889000 881000 2429000 4630860000 4687112000 150000 144000 1281473000 1281473000 3348895000 3400911000 4630518000 4682528000 211000 203000 131000 4381000 342000 4584000 342000 4584000 4630860000 4687112000 144000 1281473000 0 3400911000 4682528000 6000 0 0 2001877000 2001883000 0 0 9686649000 0 9686649000 0 0 63101000 0 63101000 0 0 10152065000 0 10152065000 0 0 402315000 -2053893000 -1651578000 150000 1281473000 0 3348895000 4630518000 1Income from investments in subsidiariesShare in profit in subsidiaries (1,602,006) 14,932 Amortisation and impairment of goodwill (48,808) (61,003) (1,650,814) (46,071) 2Financial incomeExchange adjustments 145 7,433 Interest income, bank 67 37 212 7,470 3Financial expensesExchange adjustments (140) (7,500) (140) (7,500) 4Tax on profit/loss for the yearCurrent tax for the year 100 - 100 - 5Investments in subsidiariesCost at 1 January 15,765,887 14,834,816 Additions 1,998,425 931,071 Cost at 31 December 17,764,312 15,765,887 Value adjustments at 1 January (11,081,204) (11,639,593)Inflation adjustments at 1 January 9,686,649 2,867,180 Inflation adjustments, current year 63,101 85,411 Exchange adjustments at year-end exchange rate (10,152,065) (2,348,131)Shares of profit/loss of the year (1,602,006) 14,932 Amortization and impairment of goodwill (48,808) (61,003)Value adjustments at 31 December (13,134,333) (11,081,204)Carrying amount 4,629,979 4,684,683 Positive differences arising on initial measurement of subsidiaries at net asset value 9,012,652 9,012,652 Remaining positive difference included in the above carrying amount at 31 December 60,960 109,768 Voting and Share capitalName and Registered officeownership1,000Chevron Argentina S.R.L., Argentina AR$ 189,947,015 50%Ing. Norberto Priu S.R.L., Argentina AR$ 95,829,118 90%The company Chevron Argentina S.R.L. have been notified by the tax authorities in Argentina ("AFIP") of apreliminary adjustment ("prevista") to income tax for the period 2001 - 2006. The preliminary adjustment isrelated to the challenge of the deductions of certain exchange differences and interest by the AFIP.The preliminary adjustment amounts to AR$ 195,414k (DKK 2,342k). To this are added any fees, fines andinterest. The Company and its legal advisors have considered that the adjustment is illegal. Therefore it has beenformally rejected and therefore the company has not included an obligation. 6Share capitalThe share capital, DKK 150,000 consists of 15,125 shares of a nominal value of DKK 9.92 or multiples hereof.No shares carry any special rights.The Company’s share premium has been increased throughout the year 2023 and amounts to DKK5,179,793,773. 7Contingent liabilitiesJoint taxationThe Group’s Danish companies are jointly and severally liable for tax on the Group’s taxable income, etc.According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable forincome taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholding oftax on interest, royalties and dividends for these companies. 8Related parties and ownershipControlling interestBasisCDHC ApS 100% Controlling shareholderNybrogade 12DK-1203 København KDenmarkChevron Corporation Ultimate controlling shareholder6001 Bollinger Canyon RoadSan Ramon, CA 94583-2324United States OwnershipThe following are recorded in the Company's register of holding 100 % of the capital:CDHC ApSNybrogade 12DK-1203 København KDenmark 9 Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest groupand can be requested on below mentioned address:Name Place of registered officeChevron Corporation 6001 Bollinger Canyon RoadSan Ramon, CA 94583-2324, USA 10 Subsequent EventsIn 2023, as referenced in prior year financial statements in note disclosure for “Contingent liabilities”, CC(Indonesia) 1 ApS and CC (Indonesia) 2 ApS, received a draft decision from the Danish Tax Authorities whichcould materially impact the Company’s financial position.After balance sheet date, these entities received letters from the Danish Tax Authorities, where they withdrawtheir draft decision and confirm not to pursue any legal action on this matter. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-07-12 Reporting class B 1999-09-15 2024-07-12 21243434 CITCO (DENMARK) ApS Nybrogade 12 1203 København K Opinion Basis for Opinion 2024-07-12 33771231 PricewaterhouseCoopers Statsautoriseret revisionspartnerselskab Strandvejen 44 2900 Hellerup DK