28689063 2022-01-01 2022-12-31 28689063 2022-01-01 2022-12-31 1 28689063 2022-01-01 2022-12-31 2 28689063 2022-01-01 2022-12-31 1 28689063 2022-01-01 2022-12-31 2 28689063 2021-01-01 2021-12-31 28689063 2022-12-31 28689063 2021-12-31 28689063 2021-12-31 fsa:ContributedCapitalMember 28689063 2021-12-31 fsa:RetainedEarningsMember 28689063 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 28689063 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 28689063 2022-12-31 fsa:ContributedCapitalMember 28689063 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK Kristian Engkjær Sørensen Luis Aguilar Jr. Simon John Owens Copenhagen, The Executive Board has today considered and adopted the Annual Report of Chevron Føroyar ApS for the period 1January - 31 December 2022.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 2022 of theCompany and of the results of the Company operations for 2022.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. To the Shareholders of Chevron Føroyar 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. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31December 2022, and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 inaccordance with the Danish Financial Statements Act.We have audited the Financial Statements of Chevron Føroyar ApS for the financial year 1 January - 31 December2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summaryof significant accounting policies (“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 theAuditor’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. Without qualifying our opinion, we point to note 7 in the Financial Statements in which Management describes amaterial uncertainty relating to a draft decision made by the Danish Tax Authorities to other entities in the jointtaxation group. 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, Chevron Føroyar ApS Nybrogade 12 1203 København K 28689063 Copenhagen Strandvejen 44 2900 Hellerup 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.Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to any uncertainty.Significant EventsThe financial position at 31 December 2022 of the Company and the result of the activities of the Company for thefinancial year for 2022 have not been affected by any other significant events. true The Annual Report for 2022 is presented in DKK.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, all expenses are recognised in the incomestatement, including depreciation, amortisation and impairment losses.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. Gains and lossesarising due to differences between the transaction date rates and the rates at the dates of payment are recognized in thefinancial 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 statementOther external expensesOther external expenses comprise expenses to administration and office expenses. 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.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.Current tax receivable is recognised in receivables in the balance sheet in the event of overpayment, and current taxliabilities are recognised in short-term debt in the event of non-payment.The Company is jointly taxed with certain Danish group companies. The tax effect of the joint taxation with thesubsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (fullallocation with credit for tax losses). The jointly taxed enterprises have adopted the on-account taxation scheme.Balance sheetReceivablesReceivables are recognised in the balance sheet at amortised cost, which corresponds to nominal value less provisionsfor bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable.PrepaymentsPrepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Current liabilitiesOther debt is recognised at cost at the time of contracting the debt. Subsequently, it is stated at amortised cost, which inrespect of short-term and non-interest-bearing debt and of floating rate loans usually corresponds to nominal value.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. true 713449 689634 -713449 -689634 302974 359127 13681 5238 -424156 -335745 -70213 0 -353943 -335745 -353943 -335745 1872613 1345539 5105002 5215513 115411 0 37415 34859 7130441 6595911 2727324 4019985 9857765 10615896 9857765 10615896 1200000 1200000 8541099 8895042 9741099 10095042 111599 84937 5067 370604 0 65313 116666 520854 116666 520854 9857765 10615896 1200000 8895042 10095042 0 -353943 -353943 1200000 8541099 9741099 1Financial incomeExchange differences295,972 359,114Interest earned7,002 13Total Financial income302,974 359,127 2Financial expensesInterest paid-13,681 -5,238Total Financial expenses-13,681 -5,238 3Tax on profit/loss for the yearTax for previous years70,213 0Current tax for the year0 0Total Tax for the year70,213 0 4EquityThe share capital consists of nominal DKK 1,200,000 shares. The shares are split into 100,000 A Shares and 1,100,000 B Shares and each category carry special rights. 5 Contingent liabilitiesThe Company is the administration company for the Danish joint taxation. The Group’s Danish companies arejointly and severally liable for tax on the Group’s taxable income, ect. According to the joint taxation provisions ofthe Danish Corporation Tax Act, the Company is therefore liable for income taxes etc, for the jointly taxedcompanies and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends forthese companies. CC (Indonesia) 1 ApS and CC (Indonesia) 2 ApS have recently received a draft decision fromthe Danish Tax Authorities which could materially impact the Company's financial position. 6Related parties and ownershipControlling interestBasisChevron Global Energy Inc. 100% Controlling shareholderc/o Corporation Service Company,251 Little Falls DriveWilmington, DE19808, DelawareUnited StatesChevron Corporation Ultimate controlling shareholder6001 Bollinger Canyon RoadSan Ramon, CA 94583-2324United StatesOwnershipThe following are recorded in the Company's register of holding 100 % of the capital:Chevron Global Energy Inc.c/o Corporation Service Company,251 Little Falls DriveWilmington, DE19808, DelawareUnited States 7 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 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-07-17 Reporting class B 2005-04-21 2023-07-17 21243434 CITCO (DENMARK) ApS Nybrogade 12 1203 København K Opinion Basis for Opinion 2023-07-17 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup