Chevron

Chevron is a global energy company headquartered in the US and with operations in around 180 countries. It is one of the oil and gas “supermajors,” with vertically integrated oil operations spanning exploration, refining, transportation and marketing.

Chevron divides its activities into upstream and downstream operations.

Upstream operations consist primarily of exploration, development, production and transportation of crude oil and natural gas, as well as activities related to the processing and transportation of LNG. The company also engages in the transportation of oil by international export pipelines and in various activities related to the storage and marketing of natural gas.

Downstream operations include refining crude oil into petroleum products, marketing crude oil, petroleum products and lubricants, and transporting crude oil and refined products by pipeline, marine vessel and other vehicles. Chevron also manufactures and markets renewable fuels, as well as commodity petrochemicals, industrial plastics and a range of additives for fuel and lubricants.

The upstream business accounts for the majority of Chevron’s assets and revenues. In 2022 Chevron had total proved reserves of about 11 billion boe and the company’s upstream operations produced about 3 million boepd. Chevron has a significant portfolio of deepwater assets, with fields offshore Angola, Australia, Equatorial Guinea, Indonesia, Israel, Nigeria, Republic of Congo and in the US Gulf of Mexico, and deepwater explorations ongoing offshore 12 countries.

Downstream, Chevron owns refineries capable of processing 1.8 million bopd. Most of the company’s refining capacity is located in the US, although the company has interests in three large refineries in Singapore, South Korea and Thailand. The company markets branded petroleum products through retailers and a network of 13,800 service stations worldwide.