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Chevron Corporation

Chevron Corporation

Chevron Corporation is a multinational, integrated energy company.

Chevron is one of the largest publicly traded oil and gas companies in the world with operations that span almost every corner of the globe. The only energy component of the Dow Jones Industrial Average, San Ramon, CA-based Chevron is fully integrated, meaning it participates in every aspect related to energy – from oil production, to refining and marketing. The company generates around $95 billion in annual revenues and produces in excess of three million barrels per day of oil equivalent. Chevron currently churns out oil and natural gas at a 59/41 ratio. As of the end of 2021, the company had proved reserves of approximately 12.4 billion barrels of oil-equivalent.

The energy sector's revival from the pandemic-induced lows have significantly buoyed Chevron’s stock price and it is currently the 22-largest company in the S&P 500 Index. With its relatively low-risk energy business structure, robust financial health, and ample free cash flows, Chevron remains well positioned to navigate the volatility in oil and gas prices.

Being an integrated firm engaged in all aspects of the oil and gas business, Chevron often finds itself in the crossfire of political debates over climate change policy. Notwithstanding these distractions, Chevron has improved its cash from operations, allowing management to raise the dividend regularly. One of only two energy stocks on the list of Dividend Aristocrats, the supermajor’s balance sheet is reasonably healthy indicating that the dividend should remain safe going forward.

Chevron has a market cap of more than $250 billion and divides its operations into two main segments: Upstream (exploration & production) and Downstream (refining). In 2021, the Upstream unit reported a profit of $15.8 billion, while the Downstream segment generated earnings of $2.9 billion. Chevron’s other activities include transportation (pipelines, shipping) and chemicals (handled by Chevron Phillips Chemicals Company, a 50/50 joint venture with partner Phillips 66). Chevron’s current oil and gas development project pipeline is among the best in the industry - projected to grow its output by up to 2-5% this year (excluding contract expirations and asset sales). This production growth will primarily come from Chevron’s showpiece Permian Basin assets, where it has substantial holdings of 2.2 million net acres.

Chevron's marketing retail outlets numbered 13,727 as of December 31, 2020.

Downstream financial and operating data

2020
2019

Earnings (US$ million)

47

2,481

Motor gasoline sales (thousand B/D)

845

956

Olefin and polyolefin sales thousand metric tons per year

5,143

4,261

Refined product sales (thousand B/D)

2,224

2,577

Refinery crude oil inputs (thousand B/D)

1,377

1,564

Refined product sales in the US (thousands of barrels per day)

2020
2019
2018
2017
2016

Diesel/Gas oil

167

191

188

179

182

Gasoline

581

667

627

625

631

Jet fuel

139

256

255

242

242

Other petroleum products

83

94

100

103

99

Residual fuel oil

33

42

48

48

59

Downstream earnings (US$ million) (loss)

2021
2020

International

135

653

United States

(130)

450

Timeline

January 21, 2022
Chevron announced it would end all operations in Myanmar, citing rampant human rights abuses and deteriorating rule of law since the 2021 Myanmar coup d'état. A statement released by the company on its website stated while Chevron was committed to an orderly exit which ensures it can still provide energy to Southeast Asia, Chevron remains firmly opposed to the human rights violations committed by the current military rule in Myanmar.
January 5, 2022
Chevron temporarily decreased production in Kazakhstan's Tengiz Field due to the 2022 Kazakh protests, which were motivated by heavy oil price increases.
January 2022
Chevron made headlines for placing an order for fully automated drones supplied by American Robotics, a subsidiary of Ondas Holdings. Chevron's order is Ondas' second order made by a Fortune 100 oil and gas company.
August 2021
Chevron began requiring some employees, namely expatriate employees, those working overseas, and workers on U.S.-flagged ships, to receive COVID-19 vaccinations after having some key operations, the off-shore platforms off the Gulf of Mexico and Permian Basin for example. The requirement will begin for workers off the Gulf of Mexico on the first of November.
July 20, 2020
Chevron announced that it would acquire Noble Energy for $5 billion.
February 2020
Chevron joins Marubeni Corporation and WAVE Equity Partners in investing in Carbon Clean Solutions, a company that provides portable carbon capture technology for the oil field and other industrial facilities. Because of the COVID-19 pandemic and 2020 Russia–Saudi Arabia oil price war, Chevron announced reductions of 10–15% of its workforce.
April 2019
Chevron announced their intention to acquire Anadarko Petroleum in a deal valued at $33 billion, but decided to focus on other acquisitions shortly afterwards when a deal could not be reached.
December 31, 2018
Chevron had approximately 48,600 employees (including about 3,600 service station employees). Approximately 24,800 employees (including about 3,300 service station employees), or 51 percent, were employed in U.S. operations.
September 2018
International tribunal ruled in favor of Chevron Corp finding that Ecuador had violated its obligations under international treaties. The tribunal held that a $9.5 billion pollution judgment by Ecuador's Supreme Court against Chevron "was procured through fraud, bribery and corruption and was based on claims that had been already settled and released by the Republic of Ecuador years earlier." Ecuador's attorney general plans to appeal the tribunal's ruling saying, "It worries us that the tribunal is asking a country to lift a sentence of one of its courts that was issued as part of a dispute between private parties."
2016
Chevron announced it was planning to exit South Africa, where it had had a presence for over a century.

Products

Acquisitions

Patents

Further Resources

Title
Author
Link
Type
Date

Chevron Corporation success story | American multinational oil industry company | Mike Wirth

Web

January 17, 2021

fuels of the future | chevron

Web

February 17, 2022

Inside Chevron: Behind the Doors of the Oil Giant | ENDEVR Documentary

Web

September 30, 2020

News

Title
Author
Date
Publisher
Description
GlobalInvestmentDaily.com
June 25, 2021
www.prnewswire.com:443
/PRNewswire/ -- It's being called the "fuel of the future" in the new age of electric vehicles, but this common household chemical was already being used as a...
May 11, 2021
WebWire
Chevron Corporation (NYSE: CVX) announced today that its wholly owned subsidiary Chevron U.S.A. Inc. (Chevron) is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp. (NASDAQ: CLNE). Chevron has now invested a total of $28 million in the initiative, which provides truck operators - large fleets and owner-operators - serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative RNG to...
April 7, 2021
WebWire
Chevron Corporation (NYSE: CVX) today announced its wholly-owned subsidiary Chevron U.S.A. Inc. (Singapore Branch) ("CUSA") has signed a binding Sale and Purchase Agreement (SPA) with Hokkaido Gas Co., Ltd. for the delivery of liquefied natural gas (LNG) from Chevron's global LNG portfolio to the Hokkaido area. Under the agreement, CUSA will supply Hokkaido Gas with about a half million tons of LNG over a period of five years starting April 2022. "We are delighted to design and execute a...
WeissLaw LLP
March 9, 2021
www.prnewswire.com:443
/PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Noble Midstream...
March 1, 2021
WebWire
Chevron Corporation (NYSE: CVX) announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets. Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB. The Ba...
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References

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