Chevron has earned its stripes as the #2 integrated oil company in the US, behind Exxon Mobil. In 2016 it reported proved reserves of 11.1 billion barrels of oil equivalent and a daily production of 2.6 million barrels of oil equivalent, 4,100 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 7,800 gas stations in the US (and 6,000 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 downstream operations (71% of the company's total revenues in 2016) 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.

Upstream operations (25%) 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 2016 were 66,158 (49,968 net) and productive gas wells 12,898 (6,101 net).

Net daily production averaged 123,000 barrels of crude oil, 576 million cubic feet of natural gas and 40,000 barrels of NGLs.

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.

The US accounts for more than 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.

International sales account for about 55% 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 US coastal waters. 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 US, Europe, Australia and Asia, as well as refined products and feedstocks to and from various locations around the world.

Financial Performance

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

In 2016 net revenues decreased by 17% to $114.5 billion 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 also seen its net income decline over the last five years.

In 2016 the company reported a net loss of $497 million, compared to net income of $4.6 billion in 2015 as lower expenses could not outpace the drag of lower revenues. Despite lower overall expenses, Chevron reported higher selling, general, and administrative expenses, and the presence of interest and debt expense.

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. In 2016, the company added 900 million barrels of net reserves, primarily from a project in the Tengiz Field (Kazakhstan), the Permian Basin (US), and the Wheatstone Project (Australia).

The company announced a 2017 capital and exploratory budget of $19.8 billion (down 15% on 2016 due to the weak energy price environment). More than 70% of this capital budget is targeted to complete and ramp up projects under construction, and fund high-return, short-cycle investments.

To deal with the prolonged slump in oil and gas prices, in 2016 the company cut capital and operating expenses by $14 billion. That year, the company announced plans to sell some of its Asia operations, (assets worth up to $5 billion) in an effort to raise cash. It also 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 was 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 was 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.

Company Background

Thirty years after the California gold rush, a small firm began digging for a new product -- oil. The crude came from wildcatter Frederick Taylor's well located north of Los Angeles. In 1879 Taylor and other oilmen formed Pacific Coast Oil, attracting the attention of John D. Rockefeller's Standard Oil. The two competed fiercely until Standard took over Pacific Coast in 1900.

When Standard Oil was broken up in 1911, its West Coast operations became the stand-alone Standard Oil Company (California), which was nicknamed Socal and sold Chevron-brand products. After winning drilling concessions in Bahrain and Saudi Arabia in the 1930s, Socal summoned Texaco to help, and they formed Caltex (California-Texas Oil Company) as equal partners. In 1948 Socony (later Mobil) and Jersey Standard (later Exxon) bought 40% of Caltex's Saudi operations, and the Saudi arm became Aramco (Arabian American Oil Company).

Socal exploration pushed into Louisiana and the Gulf of Mexico in the 1940s. In 1961 it bought Standard Oil Company of Kentucky (Kyso). The 1970s brought setbacks: Caltex holdings were nationalized during the OPEC-spawned upheaval, and the Saudi Arabian government claimed Aramco in 1980.

In 1984 Socal was renamed Chevron and doubled its reserves with its $13 billion purchase of Gulf Corp., which had origins in the 1901 Spindletop gusher in Texas. Gulf became an oil power by developing Kuwaiti concessions but was hobbled when those assets were nationalized in 1975. After Gulf was rocked by disclosures that it had an illegal political slush fund, Socal stepped in. The deal loaded the new company with debt, and it cut 20,000 jobs and sold billions in assets.

Chevron bought Tenneco's Gulf of Mexico properties in 1988 and in 1992 swapped fields valued at $1.1 billion for 15.7 million shares of Chevron stock owned by Pennzoil. It also moved into the North Sea in 1994.

In the 1990s Chevron gave its retailing units a tune-up. It allied with McDonald's (1995) to combine burger stands and gas stations in 12 western states. In addition, the company sold 450 UK gas stations and a refinery to Shell (1997). Meanwhile, Chevron sold its natural gas operation in 1996 for a stake in Houston-based NGC (later Dynegy; sold in 2007), and it signed an onshore exploration contract in China the next year.

Poor economic conditions in Asia and slumping oil prices in 1998 forced Chevron to shed some US holdings, including California properties. Looking for growth overseas, in 1999 it bought Rutherford-Moran Oil, increasing its interests in Thailand, and Petrolera Argentina San Jorge, Argentina's #3 oil company.

Chevron trimmed about 10% of its workforce in 1999 and 2000 in an effort to cut costs. As the rest of the industry consolidated, Chevron discussed merging with Texaco, but the talks collapsed in 1999. Later that year CEO Ken Derr retired, and vice chairman Dave O'Reilly replaced him.

In 2000 Chevron formed a joint venture with Phillips Petroleum (later ConocoPhillips) that combined the companies' chemicals businesses as Chevron Phillips Chemical. That year talks with Texaco were revived and Chevron agreed to acquire its Caltex partner for about $35 billion in stock and about $8 billion in assumed debt. The deal, completed in 2001, formed ChevronTexaco.

Part of the 2001 deal to acquire Texaco required Chevron to sell exclusive rights to the Texaco brand for a period of three years. A division of Royal Dutch Shell owned rights to the Texaco brand until 2004 and changed the name of the service stations to Shell. Once Chevron regained the rights to the Texaco name, it revitalized the brand name by adding about 400 Texaco stations in the western US.

In 2002 ChevronTexaco divested its stakes in US downstream joint ventures Equilon (to Shell) and Motiva (to Shell and Saudi Aramco). It also sold part of a Gulf of Mexico pipeline and two natural gas plants in Louisiana to Duke Energy, and its 12.5% stake in a natural gas liquids fractionator to Enterprise Products Partners. In 2004 ChevronTexaco sold 150 US natural gas and oil properties to XTO Energy for $912 million. The company changed its name to Chevron Corporation in 2005.

Chevron acquired Unocal in 2005 for more than $16 billion, boosting its proved reserves by about 15%. Equally attractive to Chevron was the strategic position of Unocal's operations; at a time when industries are trying to get a foothold in China, the reserves in Southeast Asia could easily be transported not only there but also to a surging India as well. Unocal's other operations easily supplied the US (from the Gulf of Mexico) and Europe (Caspian Sea) with gas and oil. Chevron bought a 5% stake in Indian refiner Reliance Petroleum for about $300 million in 2006. That year a company-led group of exploration firms announced a new successful oil strike in the Gulf of Mexico.

The company has also been growing its natural gas assets. In 2008 it announced plans to construct a $3.1 billion natural gas project in the Gulf of Thailand. The project will have the capacity to meet 14% of Thailand's natural gas needs.

Ultrapar acquired Chevron's Texaco-branded fuel distribution business in Brazil for $720 million in 2008, and the next year Chevron sold its Nigerian fuel marketing business.

A leading producer of viscous, heavy oil, in 2010 a Chevron-led consortium was awarded the rights to 40% of a heavy oil project in Venezuela's Orinoco Oil Belt.

In 2010, in the wake of the BP oil rig disaster in the Gulf of Mexico, Chevron announced it was forming a $1 billion joint venture with Exxon Mobil, Royal Dutch Shell, and ConocoPhillips to create a rapid-response system capable of capturing and containing up to 100,000 barrels of oil from an oil spill in water depths of 10,000 feet.

Looking to develop a deepwater area unaffected by US regulations, in 2010 the company acquired a 70% stake in three concessions in Liberia, in West Africa. Other deepwater exploration asset acquisitions that year included purchases in China and the Turkish Black Sea.

In 2010 the company began to cut its US refining and marketing business staff by 20%, and as part of this realignment, it sold its 23% stake in Colonial Pipeline to a KKR affiliate.

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.

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 gave 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.)

An earlier chapter of Chevron's history reemerged in 2011 when the company was slapped with a bill for $18 billion in fines and charges by a court in Ecuador regarding environmental damages allegedly caused by Texaco (acquired in 2001) in the 1970s and 1980s. Chevron challenged the findings as illegitimate and unenforceable.

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.

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.

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.

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1500 Louisiana St
Houston, TX 77002-7308
Phone: 1 (800) 962-1223


  • Employer Type: Public
  • Pres: John Abadie
  • Pres: Terry F Hudgins
  • Pres: C H Kosub
  • Employees: 7,000

Major Office Locations

  • Houston, TX

Other Locations

  • Goleta, CA
  • San Ardo, CA
  • Santa Maria, CA
  • Lady Lake, FL
  • Atlanta, GA
  • Hazlehurst, MS
  • Heidelberg, MS
  • Bloomfield, NJ
  • Aztec, NM
  • Farmington, NM
  • Hobbs, NM
  • Bend, OR
  • Austin, TX
  • Big Spring, TX
  • Odessa, TX
  • Ozona, TX
  • Sundown, TX
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