in 2014, $7.5 billion in 2013 and $6.8 billion in 2012. In April 2014, the company increased its quarterly dividend by 7 percent to $1.07 per common share.

Debt and Capital Lease Obligations Total debt and capital lease obligations were $27.8 billion at December 31, 2014, up from $20.4 billion at year-end 2013.

The $7.4 billion increase in total debt and capital lease obligations during 2014 was primarily due to funding the company’s capital investment program, which included several large projects in the construction phase. The company completed a $4 billion bond issuance in November 2014, timed in part to take advantage of historically low interest rates. The company’s debt and capital lease obligations due within one year, consisting primarily of commercial paper, redeemable long-term obligations and the current portion of long-term debt, totaled $11.8 billion at December 31, 2014, compared with $8.4 billion at year-end 2013. Of these amounts, $8.0 billion was reclassified to long-term at the end of both periods. At year-end 2014, settlement of these obligations was not expected to require the use of working capital in 2015, as the company had the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis.

Chevron has an automatic shelf registration statement that expires in November 2015 for an unspecified amount of nonconvertible debt securities issued or guaranteed by the company.

The major debt rating agencies routinely evaluate the company’s debt, and the company’s cost of borrowing can increase or decrease depending on these debt ratings. The company has outstanding public bonds issued by Chevron Corporation and Texaco Capital Inc. All of these securities are the obligations of, or guaranteed by, Chevron Corporation and are rated AA by Standard & Poor’s Corporation and Aa1 by Moody’s Investors Service. The company’s U.S. commercial paper is rated A-1+ by Standard & Poor’s and P-l by Moody’s. All of these ratings denote high-quality, investment-grade securities.

The company’s future debt level is dependent primarily on results of operations, the capital program and cash that may be generated from asset dispositions. Based on its high-quality debt ratings, the company believes that it has substantial borrowing capacity to meet unanticipated cash requirements. During extended periods of low prices for crude oil and natural gas and narrow margins for refined products and commodity chemicals, the company can also modify capital spending plans to provide flexibility to continue paying the common stock dividend and with the intent to maintain the company’s high-quality debt ratings.

Committed Credit Facilities Information related to committed credit facilities is included in Note 18 to the Consolidated Financial Statements, Short-Term Debt, on page FS-49.

Common Stock Repurchase Program In July 2010, the Board of Directors approved an ongoing share repurchase program with no set term or monetary limits. During 2014, the company purchased 41.5 million common shares for $5.0 billion. From the inception of the program through 2014, the company had purchased 180.9 million shares for $20.0