26325838 2024-01-01 2024-12-31 26325838 2024-01-01 2024-12-31 1 26325838 2024-01-01 2024-12-31 1 26325838 2024-01-01 2024-12-31 2 26325838 2024-01-01 2024-12-31 3 26325838 2024-01-01 2024-12-31 1 26325838 2024-01-01 2024-12-31 2 26325838 2023-01-01 2023-12-31 26325838 2024-12-31 26325838 2023-12-31 26325838 2023-12-31 fsa:ContributedCapitalMember 26325838 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 26325838 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26325838 2023-12-31 fsa:RetainedEarningsMember 26325838 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 26325838 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26325838 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26325838 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 26325838 2024-12-31 fsa:ContributedCapitalMember 26325838 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26325838 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26325838 2024-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK Kristian Engkjær Sørensen Ole Meier Sørensen Ole Meier Sørensen John Patrick Ching Simon John Owens Chairman Copenhagen The Executive Board and the Board of Directors have today considered and adopted the Annual Report of CC(Indonesia) 2 ApS for the period 1 January - 31 December 2024.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 2024 of theCompany and of the results of the Company operations for 2024.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. OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31December 2024, and of the results of the Company’s operations for the financial year 1 January - 31 December 2024in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of CC (Indonesia) 2 ApS for the financial year 1 January - 31 December2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summaryof significant accounting policies (“the Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements are further describedin the "Auditor’s Responsibilities for the Audit of the Financial Statements" section of our report. We are independentof the Company in accordance with the International Ethics Standards Board for Accountants’ International Code ofEthics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and wehave fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement 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. To the Shareholder of CC (Indonesia) 2 ApS Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of Financial Statements that give a true and fair view in accordancewith the Danish Financial Statements Act, and for such internal control as Management determines is necessary toenable the 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. Auditor’s Responsibilities for the Audit of the Financial StatementsOur 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. Ourconclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future eventsor conditions may 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.•Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financialinformation of the entities or business units as a basis for forming an opinion on the Financial Statements. We areresponsible for the direction, supervision and review of the audit work performed. We remain solely responsible forour audit opinion.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. 33771231 Kim Danstrup Daniel Sitch State Authorised Public Accountant State Authorised Public Accountant mne32201 mne47889 Copenhagen CC (Indonesia) 2 ApS Nybrogade 12 DK 1203 København K 26325838 23 Copenhagen Accura Advokatpartnerselskab Alexandriagade 8 2150 Copenhagen PricewaterhouseCoopersStatsautoriseret revisionspartnerselskab Strandvejen 44 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 profit for 2024 amounted to DKK 30,505k after tax which is an decrease of DKK 29,514k compared to 2023.Profit before tax amounts to 33,402k and is not in line with expectations and Management considered asunsatisfactory. The investment in PT Chevron Pacific Indonesia amounts to DKK 1,414,647k per 31 December 2024.Significant EventsThe financial position at 31 December 2024 of the Company and the results of the activities of the Company for thefinancial year for 2024 have not been affected by any significant events.Subsequent EventsThere have been no significant events affecting the Company subsequent to the year end. true The Annual Report for 2024 is presented in DKK 1,000.Consolidated Financial StatementsIn accordance with Danish Financial Statements Act section 112(2), a consolidated Financial Statements has not beenprepared. The Annual Report of CC (Indonesia) 2 ApS is included in the Consolidated Financial Statements ofChevron Corporation, USA.The Consolidated Financial Statements may be obtained at the following address:Chevron Corporation 1400 Smith Street, Houston, TX 77002, USARecognition 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. Exchange differencesarising due to differences between the transaction date rates and the rates at the dates of payment are recognized infinancial 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 associatesThe item "Income from investments in associates" in the income statement includes the proportionate share of theprofit after tax less goodwill amortization.Retained withholding tax on dividend from foreign associates is recognized under "Tax on profit/loss for the year".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 recognised directlyin 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-account taxationscheme.Balance sheetInvestment in associatesInvestments in associates are recognized and measured under the equity method.The item "Investments in associates" 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 acquisition withdeduction or addition of unrealized intercompany profits or losses and with addition of any remaining value of positivedifferences (goodwill) and deduction of any remaining value of negative differences (negative goodwill). Positivedifferences are amortized in proportion to the oil production for the year of the associates stated in proportion to the oilreserves stated at the time of acquisition of the associates.The total net revaluation of investments in associates 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 associates.Associates with a negative net asset value are recognized at DKK 0. Any legal or constructive obligation of the ParentCompany to cover the negative balance of the enterprise is recognized in provisions.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.Deferred tax assets and liabilitiesDeferred tax is recognized in respect of all temporary differences between the carrying amount and the tax base ofassets and liabilities. However, deferred tax is not recognized in respect of temporary differences concerning goodwillnot deductible for tax purposes and other items - apart from business acquisitions - where temporary differences havearisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at thebalance sheet date when the deferred tax is expected to be triggered as current tax.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset isexpected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity.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 and liabilitiesare offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.EquityDividend equalisation fundDividend equalisation fund is formed as per shareholder's discretion for potential dividend payments of the Company.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 20027000 39641000 3095000 5992000 16932000 33649000 68650000 45597000 52180000 18880000 33402000 60366000 2897000 347000 30505000 60019000 Distribution of profitAmount available for distribution:Retained earnings from prior year 1,003,943 988,218 Reserve for net revaluation under the equity method 68,102 (44,294)Net profit/loss for the year 30,505 60,019 Available for distribution 1,102,550 1,003,943 1Income from investments in associates Share in profit in associates 20,027 39,641 20,027 39,641 14915000 14915000 1087635000 989028000 1414647000 1326673000 1414647000 1326673000 1414647000 1326673000 575008000 542952000 58000 54000 575066000 543006000 51112000 24716000 626178000 567722000 2040825000 1894395000 236000 236000 14915000 14915000 1087635000 989028000 1102786000 1004179000 221000 1353000 937818000 888863000 938039000 890216000 938039000 890216000 2040825000 1894395000 236000 14915000 0 989028000 1004179000 0 0 68102000 0 68102000 0 0 -68102000 98607000 30505000 236000 14915000 0 1087635000 1102786000 2Financial incomeExchange adjustments 34,303 29,827 Interest income, group enterprises 1,610 691 Interest on loans, group enterprises 32,737 15,079 68,650 45,597 3Financial expensesExchange adjustments (52,180) (18,880) (52,180) (18,880) 4Tax on profit/loss for the yearCurrent tax for the year (2,742) (213)Withholding tax (155) (134) (2,897) (347) 5Investments in associatesCost at 1 January 8,057,355 8,057,355 Cost at 31 December 8,057,355 8,057,355 Value adjustments at 1 January (6,730,682) (6,725,895)Exchange adjustments at year-end exchange rate 68,102 (44,294)Shares of profit/loss of the year 20,027 39,641 Withholding tax (155) (134)Value adjustments at 31 December (6,642,708) (6,730,682)Carrying amount 1,414,647 1,326,673 Voting and Share capitalName and Registered officeownershipIDR 1,000PT Chevron Pacific Indonesia, Jakarta, Indonesia 5,086,144,000 50%The investment in PT Chevron Pacific Indonesia amounts to DKK 1,414,647k per 31 December 2024. 6Receivables from group enterprisesThe receivables from group entities include an amount of DKK 575,007,840 (2023: 542,952,495). This amountpertains to an intercompany loan with Chevron Finance Holdings Ltd. The loan matures on 29 August 2025. 7Share capitalThe share capital, DKK 236,200 consists of 1,130 shares of a nominal value of DKK 209.03 or multiples hereof.No shares carry any special rights. 8Contingent liabilitiesThe 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 liablefor income taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholdingof tax an interest, royalties and dividends for these companies. 9Related parties and ownershipControlling interestBasisChevron Singapore Overseas Holdings Pte. Ltd. 100% Controlling shareholder3 Fraser StreetDUO Tower, 189352SingaporeChevron Corporation Ultimate controlling shareholder1400 Smith StreetHouston, TX 77002United StatesOwnershipThe following are recorded in the Company's register of holding 100 % of the capital:Chevron Singapore Overseas Holdings Pte. Ltd.3 Fraser StreetDUO Tower, 189352Singapore 10 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 1400 Smith StreetHouston, TX 77002, USA 11 Subsequent EventsThere have been no significant events affecting the Company subsequent to the year end. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-30 Reporting class B 2001-11-08 2025-06-30 21243434 Citco (Denmark) ApS Nybrogade 12 1203 København K Opinion Basis for Opinion 2025-06-30 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup