About Unocal Corporation

Chevron has earned its stripes as the #2 integrated oil company in the US, behind Exxon Mobil . In 2015 it reported proved reserves of 11.2 billion barrels of oil equivalent and a daily production of 2.6 million barrels of oil equivalent, 5,550 miles of oil and gas pipeline, and a refining capacity of 1.8 million barrels of oil per day. Chevron also owns interests in chemicals, mining, and power production businesses. The company owns or has stakes in 7,860 gas stations in the US (and 6,090 outside the US) that operate mainly under the Chevron, Texaco, and Caltex brands. Chevron also owns 50% of chemicals concern Chevron Phillips Chemical .


Chevron's upstream operations (25% of the company's total revenues in 2015) 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.

Total gross productive oil wells in 2015 were 70,763 (48,485 net) and productive gas wells 17,521 (9,461 net).

Net daily production averaged 116,000 barrels of crude oil, 600 million cubic feet of natural gas and 34,000 barrels of NGLs.

Downstream operations (69%) 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.

Geographic Reach

The company has operations in Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Cambodia, Canada, China, Colombia, Democratic Republic of the Congo, Denmark, Indonesia, Kazakhstan, Myanmar, Nigeria, 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, and Venezuela.

In 2015 the US accounted for 42% of Chevron's revenues. Upstream (exploration and production) activities in the US are primarily located in California, the Gulf of Mexico, Colorado, Louisiana, Michigan, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas, West Virginia, and Wyoming.

In 2015 international sales accounted for 53% of total revenues.

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.

Chevron markets commercial aviation fuel at 100 airports worldwide. The company also markets an extensive line of lubricant and coolant products under the product names Havoline, Delo, Ursa, Meropa, Rando, Clarity and Taro in the US and worldwide under the Chevron, Texaco, and Caltex brands.

The company's marine fleet includes both US and foreign-flagged vessels. The US-flagged vessels are engaged in transporting refined products, primarily in the coastal waters of the United States. The foreign-flagged vessels transport crude oil from the Middle East, Southeast Asia, the Black Sea, South America, Mexico and West Africa to ports in the United States, Europe, Australia and Asia, as well as refined products and feedstocks to and from various locations worldwide.

Financial Performance

The company has recorded a decreasing trend in net revenues over the last five years.

In 2015 net revenues decreased by 35% due to a drop in downstream and upstream sales driven by lower crude oil and natural gas realizations, and lower crude oil prices and sales volumes.

Chevron has seen its net income decline over the last five years.

In 2015 net income dropped by 76% due to the decrease in net sales and an increase in depreciation, depletion, and amortization.

Cash from operating activities decreased by 38%.


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. It is targeting production of 3.1 million barrels of oil-equivalent per day by the end of 2017.

The company announced a 2016 capital and exploratory budget of $26.6 billion. This capital budget will enable Chevron to complete and ramp up projects under construction, fund high-return, short-cycle investments, preserve options for viable long-cycle projects, and ensure safe, reliable operations.

In 2016 the company announced plans to sell some of its Asia operations, selling assets worth up to $5 billion in an effort to raise cash. That year Chevron sold its interest in a refinery in New Zealand. In 2017 Chevron agreed to sell its major natural gas fields in Bangladesh to China's Zhenhua Oil, a state-run oil and gas explorer, for about $2 billion.

The company also signed an agreement for the sale of its interest in a refinery in Pakistan and is evaluating the sale of its interests in the Cape Town Refinery in South Africa. Chevron also completed the sale of its entire interest in Vietnam.

In addition, Chevron is pursuing the possible divestment of the Hawaii Refinery and related assets.

In 2015, the company announced that Unocal Myanmar Offshore Centered into a Production Sharing Contract with Myanma Oil & Gas Enterprise, to explore for oil and gas in the Rakhine Basin. In the US, that year Chevron teamed up with BP and ConocoPhillips to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico.

In 2015, the company signed a deal with SK LNG Trading to supply the Korean company with 4.15 million tons of LNG over a five-year period starting in 2017. This will help in the commercialization of Chevron's significant natural gas holdings in Australia.

In 2015 the company sold its 50% stake in Caltex Australia . In 2014 sold its 25% non-operated interest in a producing oil concession in southern Chad and the related export pipeline interests to the Republic of Chad for $1.3 billion. This will help to focus on strategically managing the portfolio to maximize the value of global upstream businesses.

Mergers and Acquisitions

In 2015 Chevron Mauritania Exploration agreed to acquire a 30% non-operated working interest in Blocks C8, C12 and C13 offshore Mauritania from Kosmos Energy.

In 2014 Chevron New Zealand Exploration was granted exploration rights to three blocks located offshore New Zealand, in a frontier basin with water depths ranging from 2,600 feet to 9,800 feet.

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Unocal Corporation

6001 Bollinger Canyon Rd
San Ramon, CA 94583-2324
Phone: 1 (310) 726-7600
Fax: 1 (310) 726-7872


  • Employer Type: Public
  • Operations And Maintenance Training Manager: Robert Duncan
  • Employees: 6,700

Major Office Locations

  • San Ramon, CA