included the following:

Upstream

Angola Restarted LNG production and cargo shipments at the Angola LNG plant.

Australia Achieved start-up of Trains 1 and 2 at the Gorgon Project and progressed commissioning of Train 3.

Progressed commissioning and testing of subsea and platform facilities and production wells at the Wheatstone Project. Progressed commissioning of LNG Train 1 and common facilities, and received and installed all Train 2 modules at the site.

Indonesia Commenced production at the Bangka Field, the first stage of the Indonesia Deepwater Development.

Reached agreement to sell the company's geothermal assets.

Kazakhstan Announced final investment decision on the Future Growth and Wellhead Pressure Management Project at the company's 50 percent-owned affiliate, Tengizchevroil, which is expected to increase crude oil production at the Tengiz Field by about 260,000 barrels per day and maintain production levels as reservoir pressure declines.

Philippines Reached agreement to sell the company's geothermal assets.

United Kingdom Announced first gas from the Alder Field in the Central North Sea.

Downstream

Completed the sales of the company's marketing and lubricants assets in New Zealand, and its refining and marketing assets in Hawaii.

Other

Common Stock Dividends The quarterly common stock dividend was increased by $0.01 per share in October 2016, making 2016 the 29th consecutive year that the company increased its annual dividend payout.

Results of Operations

The following section presents the results of operations and variances on an after-tax basis for the company’s business segments – Upstream and Downstream – as well as for “All Other.” Earnings are also presented for the U.S. and international geographic areas of the Upstream and Downstream business segments. Refer to Note 15, beginning on page FS-40, for a discussion of the company’s “reportable segments.” This section should also be read in conjunction with the discussion in “Business Environment and Outlook” on pages FS-2 through FS-6.

U.S. upstream operations incurred a loss of $2.05 billion in 2016 compared to a loss of $4.06 billion in 2015. The improvement was due to lower depreciation expense of $1.2 billion and lower exploration expense of $780 million primarily reflecting a decrease in impairments and project cancellations. Also contributing to the improvement were lower operating expenses of $600 million and lower tax items of $190 million. Partially offsetting these effects were lower crude oil and natural gas realizations of $920 million.

U.S. upstream operations incurred a loss of $4.06 billion in 2015 compared to earnings of $3.33 billion from 2014. The decrease was primarily due to lower crude oil and natural gas realizations of $4.86 billion and $570 million, respectively, higher depreciation expenses of $2.19 billion, and higher exploration expenses of $650 million. The increase in depreciation and exploration expenses was primarily due to impairments and project cancellations. Lower gains on asset sales also contributed to the decrease with 2015 gains of $110 million compared with $700 million in 2014. Partially offsetting these effects were