Chevron

Chevron (NYSE: CVX) is one of the world’s leading integrated energy companies, responsible for extracting crude oil and natural gas, manufacturing fuels, lubricants, petrochemicals, additives, and innovating technologies. Headquartered in California, Chevron was the second-largest oil and gas company in the US based on revenue in 2023. The company’s upstream operations produced an average of 3.1 million oil-equivalent barrels (BOE) per day in 2023. Chevron has been on the Fortune 500 list every year since its inception and re-entered the top 10 in 2023 for the first time since 2015. The company generated USD 197 billion in revenue in 2023.

Chevron’s upstream activities involve exploring, developing, producing, and transporting crude oil and natural gas, as well as activities related to liquefied natural gas. Downstream operations focus on refining crude oil, marketing petroleum products, manufacturing renewable fuels, and transporting products via various means. Additionally, downstream includes the production and marketing of petrochemicals, industrial plastics, and fuel/lubricant additives.

Chevron’s primary country of operation was the US, accounting for ~45% of total revenue. The company aims to expand its conventional oil and gas operations, reduce the carbon intensity of its activities, and support new, environmentally friendly ventures in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies. Chevron plans to increase its upstream earnings by over 50% (at flat prices) over 2023–2027 and exceed its five-year annual production growth target of over 3% CAGR by 2027.