Chevron Corporation Company Profile

Chevron has earned its stripes as the #2 integrated oil company in the US, behind Exxon Mobil. In 2012 it reported proved reserves of 11.3 billion barrels of oil equivalent and a daily production of 2.6 million barrels of oil equivalent, 11,600 miles of oil and gas pipeline, and a refining capacity of 1.95 million barrels of oil per day. Chevron also owns interests in chemicals, mining, and power production businesses. The company owns or has stakes in 8,060 gas stations in the US (8,700 outside the US) that operate mainly under the Chevron and Texaco brands. Chevron also owns 50% of chemicals concern Chevron Phillips Chemical

Geographic Reach

The company has operations in Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Cambodia, Canada, Chad, China, Colombia, Democratic Republic of the Congo, Denmark, Indonesia, Kazakhstan, Myanmar, the Netherlands, Nigeria, Norway, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Republic of the Congo, Singapore, South Africa, South Korea, Thailand, Trinidad and Tobago, the UK, the US, Venezuela, and Vietnam.

In 2012 the US accounted for 43% of Chevron’s revenues.


Chevron's upstream operations consist primarily of exploring for, developing, and producing crude oil and natural gas; liquefaction, transportation and regasification of liquefied natural gas; transporting crude oil via pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids project.

Downstream operations include the refining of crude oil into petroleum products; marketing oil and refined products; transporting products by pipeline, ship, truck and rail; the making and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives.

Other activities include mining, power generation, energy services, alternative fuels, and technology development, as well as corporate administration, financing, insurance, real estate management.

Sales and Marketing

The company sells crude oil, natural gas, and natural gas liquids from its producing operations under a variety of contractual arrangements. In addition, Chevron also makes third-party purchases and sales of crude oil, natural gas, and natural gas liquids in connection with its trading activities.

Financial Performance

Chevron's revenue dropped by 5% in 2012 as the result of the company selling its refining and marketing assets in the UK and Ireland, and lower crude oil volumes. Income from equity affiliates decreased due to lower upstream-related earnings from Tengizchevroil in Kazakhstan (the result of lower crude oil production), and higher operating expenses at Angola LNG Limited and Petropiar in Venezuela. By contrast, downstream-related earnings were up thanks to higher margins at CPChem.

The company reported $26.2 million in net income in 2012, a 3% decrease compared to the previous year, due to lower revenues as the result of asset sales.


Chevron seeks to grow its core areas, build new legacy positions and commercialize its natural gas resource base while growing a high-impact global natural gas business, and investing in profitable renewable energy and energy efficiency businesses.

Growing its shale assets, in 2013 Chevron agreed to a $1.24 billion investment in YPF to help YPF develop the world’s second-largest shale gas deposit and fourth-largest shale oil reservoir, located in Argentina's Vaca Muerta region. In 2013 ad 2012 the company also announced new exploration and production deals to expand its assets in China, Kurdistan, the Republic of Congo, Surinam, and the US.

Streamlining its gas businesses, in 2013 the company consolidating the supply and trading functions into a single supply and trading group within Chevron’s Gas and Midstream organization.

In 2012 the company signed a 20-year deal with Tohoku Electric Power for the delivery of liquefied natural gas (LNG) from the Chevron-operated Wheatstone natural gas project in Australia.

Restructuring its refinery and retail businesses to cut costs, in 2011 Chevron sold its Chevron Ltd. UK unit, which operated the Pembroke refinery, to Valero for $730 million. In addition Valero agreed to pay more that $1 billion for other Chevron Ltd. assets, including 1,000 gas stations. That year Chevron also sold its fuels marketing and aviation businesses in 16 countries in the Caribbean and Latin America and some marketing businesses in five African countries.

Mergers and Acquisitions

Growing its LNG supply and export capacity, in 2013 Chevron acquired a 50% operating interest in the Kitimat liquefied natural gas project and proposed Pacific Trail Pipeline, and a 50% stake in 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada. The company bought the assets from Apache for $405 million.

In a major move, in 2011 Chevron acquired Atlas Energy in a $4.3 billion deal. The acquisition is part the company's strategy of finding new reserves to replace reserves lost from declining fields. It also marked Chevron's move to become a major player in the prolific Marcellus Shale play in Pennsylvania, where a number of majors are seeking to cash in on the improved drilling technology that has made the exploitation of unconventional gas finds more commercially viable. The purchase gives Chevron Atlas Energy's 850 billion cu. ft. of proved natural gas reserves and 80 million cu. ft. of daily natural gas production. It also complements Chevron's earlier acquisitions of shale gas assets in Canada, Poland, and Romania, as well as its purchase of an additional 228,000 acres in the Marcellus Shale from Chief Oil & Gas LLC and Tug Hill, Inc. (The acquisitions added up to 5 trillion cubic feet of natural gas resources to Chevron's existing Marcellus Shale operations.)

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6001 Bollinger Canyon Rd.
San Ramon, CA 94583-2324
Phone: 1 (925) 842-1000
Fax: 1 (925) 8940583


  • Employer Type: Public
  • Stock Symbol: CVX,
  • Stock Exchange: , NYSE
  • Chairman and CEO: John Watson
  • Chairman and CEO: John Watson
  • VP and CFO: Patricia Yarrington

Major Office Locations

  • San Ramon, CA

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