Long-Term Debt

12 Months Ended

Dec. 31, 2011

Short-Term Debt and Long-Term Debt [Abstract]

Long-term Debt

Note 17

Long-Term Debt

Total long-term debt, excluding capital leases, at December 31, 2011, was $9,684. The company’s long-term debt outstanding at year-end 2011 and 2010 was as follows:

	At December 31
	2011			2010
3.95% notes due 2014	$	1,998		$	1,998
3.45% notes due 2012		–			1,500
4.95% notes due 2019		1,500			1,500
8.625% debentures due 2032		147			147
8.625% debentures due 2031		107			107
7.5% debentures due 2043		83			83
8% debentures due 2032		74			74
7.327% amortizing notes due 20141		59			72
9.75% debentures due 2020		54			54
8.875% debentures due 2021		40			40
Medium-term notes, maturing from 2021 to 2038 (6.02%)2		38			38
Fixed interest rate notes, maturing 2011 (9.378%)2		–			19
Other long-term debt (8.07%)2		1			4
Total including debt due within one year		4,101			5,636
Debt due within one year		(17	)		(33	)
Reclassified from short-term debt		5,600			5,400
Total long-term debt	$	9,684		$	11,003

1	Guarantee of ESOP debt.
2	Weighted-average interest rate at December 31, 2011 and 2010.

     In March 2010, the company filed with the SEC an automatic registration statement that expires on February 28, 2013. This registration statement is for an unspecified amount of non-convertible debt securities issued or guaranteed by the company.

     Long-term debt of $4,101 matures as follows: 2012 – $17; 2013 – $20; 2014 – $2,021; 2015 - $0; 2016 – $0; and after 2016 – $2,043.

     In September 2011, $1,500 of Chevron Corp. bonds were redeemed early. In June 2010, $30 of Texaco Capital Inc. bonds matured.

     See Note 9, beginning on page FS-34, for information concerning the fair value of the company’s long-term debt.