26318149 2022-01-01 2022-12-31 26318149 2022-01-01 2022-12-31 1 26318149 2022-01-01 2022-12-31 1 26318149 2022-01-01 2022-12-31 2 26318149 2022-01-01 2022-12-31 3 26318149 2022-01-01 2022-12-31 1 26318149 2022-01-01 2022-12-31 2 26318149 2021-01-01 2021-12-31 26318149 2022-12-31 26318149 2021-12-31 26318149 2021-12-31 fsa:ContributedCapitalMember 26318149 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 26318149 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26318149 2021-12-31 fsa:RetainedEarningsMember 26318149 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 26318149 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 26318149 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26318149 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 26318149 2022-12-31 fsa:ContributedCapitalMember 26318149 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 26318149 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26318149 2022-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK Kristian Engkjær Sørensen Ole Meier Sørensen Ole Meier Sørensen Luis Aguilar Jr. Simon John Owens Copenhagen, The Executive Board and the Board of Directors have today considered and adopted the Annual Report of CC(Indonesia) 1 ApS for the period 1 January - 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. 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 2022in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of CC (Indonesia) 1 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 (“the Financial Statements”). To the Shareholder of CC (Indonesia) 1 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. Wedid not identify any material misstatement in Management’s Review. We 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 furtherdescribed in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the International Ethics Standards Board for Accountants’ 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. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We draw attention to note 1 in the financial statements, which describes that a draft decision from the Danish Tax Authorities has been received by the Company. This indicates that a material uncertainty exists that may cast doubt upon the Company's ability to continue as a going concern. Chevron Management, together with external counsel, disagrees with the draft decision. On this basis Management has prepared the financial statements on the basis of going concern.Our opinion has not been modified with respect to this matter. Without qualifying our opinion, we point to note 8 in the Financial Statements in which Management describes a material uncertainty relating to a draft decision made by the Danish Tax Authorities. 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 timingof the audit and significant audit findings, including any significant deficiencies in internal control that we identifyduring our audit. Management 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. PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Kim Danstrup Daniel Sitch State Authorised Public Accountant State Authorised Public Accountant mne32201 mne47889 Copenhagen, CC (Indonesia) 1 ApS Nybrogade 12 1203 København K 26318149 21 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.Development in activities and financial circumstancesThe loss for 2022 amounted to DKK 83,237k after tax which is an increase of DKK 113,101k compared to 2021.Loss before tax amounts to DKK 81,151k and is in line with expectations. The investment in PT Chevron PacificIndonesia amounts to DKK 1,331,460k per 31 December 2022.Uncertainties regarding recognition and measurementThe Danish Tax Authorities have in the financial year 2023 issued a draft decision claiming that withholding taxes ondividends distributed by the Company to the parent company in the period 2013-2018 should have been retained andpaid to the Danish Tax Authorities. There is uncertainty regarding the outcome of this claim, which has beendisclosed in the financial statements as contingent liability. Please refer to note 8 Contingent liabilities for more details.Significant EventsThe Rokan Production Sharing Contract expired on 9 August 2021, and the operatorship was transferred from PTChevron Pacific Indonesia. Currently there are no plans in place for future activities.The financial position at 31 December 2022 of the Company and the results 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 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) 1 ApS is included in the Consolidated Financial Statements ofChevron Corporation, USA.The Consolidated Financial Statements may be obtained at the following address:Chevron Corporation 6001 Bollinger Canyon Road San Ramon, CA 94583-2324, 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. 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 associatesThe item "Income from investments in associates" in the income statement includes the proportionate share of theprofit before 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 "Investment 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 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 associates stated in proportionto the oil reserves 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 -62434000 -62345000 845000 3371000 -63279000 -65716000 19028000 22178000 36900000 45181000 -81151000 -88719000 2086000 107619000 -83237000 -196338000 11671000 11671000 966265000 966257000 1331460000 1312735000 1331460000 1312735000 1331460000 1312735000 269809000 253905000 52000 49000 269861000 253954000 4947000 4277000 274808000 258231000 1606268000 1570966000 224000 224000 11671000 11671000 966265000 966257000 978160000 978152000 266000 549000 627842000 592265000 628108000 592814000 628108000 592814000 1606268000 1570966000 224000 11671000 0 966257000 978152000 0 0 83245000 0 83245000 0 0 -83245000 8000 -83237000 224000 11671000 0 966265000 978160000 1Going concernThe Danish Tax Authorities have in the financial year 2023 issued a draft decision claiming that withholding taxeson dividends distributed by the Company to the parent company in the period 2013-2018 should have beenretained and paid to the Danish Tax Authorities. The withholding taxes over these years amount to DKK 1.9billion plus potential interests, which may also be significant.If the matter is closed fully in accordance with the draft decision presented by the Danish Tax Authorities, thiscould materially affect the Company’s financial position. This indicates that a material uncertainty exists that maycast doubt upon the Company’s ability to continue as a going concern.Chevron Management, together with external counsel, disagrees with the draft decision which is why the financialstatements have been prepared on the basis of going concern.2022 2021DKK 1,000 DKK 1,000 2Income from investments in associatesShare in profit in associates-62,434 -62,345-62,434 -62,345 3Financial incomeExchange adjustments16,053 19,732Interest income, group enterprises71 4Interest on loans, group enterprises 2,904 2,44219,028 22,178 4Financial expensesExchange adjustments-36,900 -45,181-36,900 -45,181 5Tax on profit/loss for the yearCurrent tax for the year0 -85Withholding tax-2,086 -107,534-2,086 -107,619 6Investments 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 -6,744,620 -6,681,728Exchange adjustments at year-end exchange rate83,245 106,987Shares of profit/loss of the year -62,434 -62,345Withholding tax -2,086 -107,534Value adjustments at 31 December -6,725,895 -6,744,620Carrying amount1,331,460 1,312,735Voting 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 1,331,460k per 31 December 2022. 7Share capitalThe share capital, DKK 224,400 consists of 1,130 shares of a nominal value of DKK 198.58 or multiples hereof.No shares carry any special rights.Changes in the share capital during the last 5 years:DKKShare capital at 1 January 2017224,800Capital reduction 6 March 2017-100Capital reduction 11 October 2017-100Capital reduction 27 February 2018-100Capital reduction 26 July 2018-100Share capital at 31 December 2022224,400 8Contingent liabilitiesThe Danish Tax Authorities have in the financial year 2023 issued a draft decision claiming that withholding taxeson dividends distributed by the Company to the parent company in the period 2013-2018 should have beenretained and paid to the Danish Tax Authorities. The withholding taxes over these years amount to DKK 1.9billon, plus potential interests, which may also be significantChevron Management, together with external counsel, disagrees with the draft decision. Therefore, no provisionrelating to this claim has been recognized in the balance sheet as at 31 December 2022.If the matter is closed fully in accordance with the draft decision presented by the Danish Tax Authorities, thiscould materially affect the Company’s financial position. The Company is currently evaluating the draft decision,which it expects this matter to be resolved in its favor.The Group's Danish companies are jointly and severally liablefor 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 an interest, royalties and dividends for these companies. 9Related parties and ownershipControlling interestBasisChevron Singapore Overseas Holdings Pte. Ltd. 100% Controlling shareholder3 Fraser StreetDUO Tower, SingaporeChevron 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 Singapore Overseas Holdings Pte. Ltd.3 Fraser StreetDUO Tower, Singapore 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 6001 Bollinger Canyon RoadSan Ramon, CA 94583-2324, USA 11 Significant EventsThe Rokan Production Sharing Contract of subsidiary PT Chevron Pacific Indonesia expired on 9 August 2021,and the operatorship was transferred from PT Chevron Pacific Indonesia. Currently there are no plans in place forfuture activities.No significant events have occurred during 2022. 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 2001-11-08 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