Chevron Corp.

Company Overview

Chevron, founded in 1879, is an integrated energy company with businesses across the world: Angola, Argentina, Australia, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Israel, Kazakhstan, Kurdistan Region of Iraq, Mexico, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Republic of Congo, Singapore, South Korea, Thailand, the United Kingdom, the United States, and Venezuela. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives. The company says that its El Segundo refinery in the US was the first to co-produce biofuels for transportation. The company’s major business areas are Upstream, Downstream, and Others.

Chevron supports the Paris Agreement and has committed to lowering its carbon intensity. The company has planned to spend $10 billion through 2028 on lower carbon investments. Fossil fuel will remain its main business, but at the same time, it has plans to grow lower carbon businesses in renewable fuels, hydrogen, and carbon capture. In this regard, the company has formed Chevron New Energies, to produce renewable diesel, sustainable aviation fuel, renewable natural gas, biodiesel and renewable base oil. In June 2022, Chevron acquired Renewable Energy Group (REG), the largest biofuel producer in the U.S.

Financial Highlights (FY 2023)

Company's Business Segments

• Upstream : This segment includes exploring for, developing, producing, and transporting crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas (LNG); processing, transporting, storage and marketing of natural gas; transporting crude oil by major international oil export pipelines; and gas-to-liquids plant and carbon capture and storage.
• Downstream : This segment includes refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transportion of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; manufacturing and marketing of commodity petrochemicals, plastics, fuel, and lubricant additives.