About Texaco Inc.

Chevron has earned its stripes as the #2 integrated oil company in the US, behind Exxon Mobil. In 2014 it reported proved reserves of 11.1 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 2 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 (and 8,600 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 2014 the US accounted for 40% 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.

Operations

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 revenues decreased by 7% in 2014 due to a drop in downstream and upstream sales as a result of lower crude oil volumes, and lower refined product and crude oil prices.

In 2014 the company’s net income decreased by 10% due to lower net revenues, higher purchased crude oil and products, and depreciation, depletion, and amortization.

Chevron's cash inflow decreased by 10% in 2014 as the result of lower net income and changes in working capital.

Strategy

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 2017.

In 2015, the company announced today 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.

Streamlining its businesses and raising cash, in 2015 the company agreed to sell 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.

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 and 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.

In 2013 50%-owned affiliate GS Caltex, opened a 53,000-barrel-per-day gas oil fluid catalytic cracking unit at the Yeosu Refinery in South Korea.

The company consolidated the supply and trading functions in 2013 into a single supply and trading group within Chevron’s Gas and Midstream organization.

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.

In 2013 company acquired exploration interests in offshore Blocks EPP44 and EPP45 (more than 8 million acres in the Bight Basin off the South Australian coast).

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.

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Texaco Inc.

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

Stats

  • Employer Type: Public
  • Pres: C R Black
  • Ceo: K H Endries
  • Chairman: David O'Reilly

Major Office Locations

  • San Ramon, CA

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