CHEVRON CORP

Overview

Chevron Corp. is an integrated energy and chemicals company whose subsidiaries and affiliates operate across the oil, natural gas, fuels and petrochemicals value chain. Its upstream activities include exploring for, developing, producing and transporting crude oil and natural gas, as well as LNG, natural gas marketing and storage, carbon capture and storage, and gas-to-liquids operations. Its downstream activities include refining crude oil into petroleum products, marketing fuels and lubricants, manufacturing and marketing renewable fuels, and producing commodity petrochemicals, plastics and fuel and lubricant additives. Chevron also identifies lower-carbon businesses such as renewable fuels, carbon capture, offsets, hydrogen, power generation and emerging technologies as areas for growth.[1][2]

The company has a broad international footprint, with operations and employees across the United States, the rest of the Americas, Africa, Asia, Australia and Europe. Chevron says its strategic objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment, and it describes “The Chevron Way” as the framework for its beliefs, vision, purpose and values. As general indicators of scale, Chevron reported 45,298 employees at year-end 2024 and about $193.4 billion in 2024 sales and other operating revenues.[3]+4 [1]+5

Products & services

Chevron’s product portfolio spans hydrocarbons, fuels, lubricants, additives and petrochemicals. Its upstream offerings include crude oil, natural gas, liquefied natural gas services covering processing, liquefaction, transportation and regasification, natural-gas transportation, storage and marketing, carbon capture and storage services, and output from a gas-to-liquids plant. Its downstream offerings include refined petroleum products, lubricants, renewable fuels, commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives, supported by transportation of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.[1]

Chevron’s reported refined-product categories are gasoline, jet fuel, diesel/gas oil, fuel oil and other petroleum products; the latter are principally naphtha, lubricants, asphalt and coke. In 2024, worldwide refined-product sales were 2,781 thousand barrels per day, with gasoline at 1,049 (37.7%), diesel/gas oil at 692 (24.9%), jet fuel at 484 (17.4%), fuel oil at 236 (8.5%) and other petroleum products at 320 (11.5%). Renewable fuel sales are included within the gasoline and diesel/gas-oil categories and totaled 40 thousand barrels per day in 2024.[7]

In branded consumer and commercial products, Chevron markets fuels under the Chevron, Texaco and Caltex brands. Its lubricants and base-oils business supplies finished lubricants and premium base oils worldwide under those same brands, with Havoline positioned around motor oils, fluids and coolants for gasoline-powered vehicles and equipment, and Delo focused on heavy-duty diesel and industrial applications such as engine oils, coolants/antifreeze, transmission fluids, gear oils, greases and hydraulic oils. Techron is Chevron’s fuel-additive line, including fuel system cleaners such as Techron Complete Fuel System Cleaner, which is marketed as a one-tank treatment for cleaning carbon deposits in gasoline engines.[8]+5

Chevron also sells additive and chemical products through specialized businesses. Chevron Oronite develops, manufactures and markets fuel additives and lubricant additives for refinery, branded-gasoline, aftermarket, marine, heavy-duty engine oil and driveline applications. Through Chevron Phillips Chemical, it participates in product lines including aromatics, olefins, normal alpha olefins, polyalphaolefins and polyethylene, supplying petrochemicals, plastics and polymer materials used in consumer and industrial applications.[14]+2 [1]+10

Geographic presence

Chevron reports its business geographically mainly as United States and International, while its operating data further groups activity into the U.S., Other Americas, Africa, Asia, Australia and Europe. Countries specifically identified within those regional groupings include Argentina and Canada in Other Americas; Angola, Equatorial Guinea, Nigeria and Republic of Congo in Africa; Bangladesh, China, Indonesia, Israel, Kazakhstan, Myanmar, the Partitioned Zone and Thailand in Asia; Australia; and the United Kingdom in Europe.[17]+2

In 2024, segmented sales and other operating revenues before eliminations were broadly split between U.S. and international markets: Upstream U.S. $44.3 billion, Upstream International $43.5 billion, Downstream U.S. $80.4 billion, and Downstream International $77.4 billion, versus $246.2 billion in total segmented revenue.[19] At year-end 2024, segment assets were weighted more heavily outside the U.S., with $148.8 billion of international assets versus $103.5 billion in the United States.[20] Chevron’s refining footprint includes U.S. sites in Pascagoula, Mississippi; El Segundo and Richmond, California; Pasadena, Texas; and Salt Lake City, Utah, along with international refinery interests in Map Ta Phut, Thailand; Yeosu, South Korea; and Pulau Merlimau, Singapore.[21][22]

Chevron’s principal executive offices are in Houston, Texas.[23] As of December 31, 2024, it had 45,298 employees, including 21,326 in the U.S. (47%), 7,066 in Asia (16%), 3,874 in Other Americas (9%), 3,816 in Africa (8%), 2,095 in Australia (5%), and 1,565 in Europe (3%); a further 5,556 employees, or 12% of the total workforce, worked at service stations.[4][24] In fuels marketing, Chevron supplied approximately 8,500 Chevron- and Texaco-branded service stations in the United States, primarily in the southern and western states, and about 5,200 branded service stations outside the United States, including affiliates.[25][26] [17]+11

Business segments

Chevron officially reports two operating/reportable segments: Upstream and Downstream; “All Other” is a separate corporate and support category rather than a core operating segment. Upstream covers exploration, development, production and transportation of crude oil and natural gas, LNG-related liquefaction/transportation/regasification, natural-gas processing and marketing, carbon capture and storage, and a gas-to-liquids plant. Downstream covers refining crude oil into petroleum products, marketing crude oil, refined products and lubricants, renewable fuels, transportation and trading of crude oil and refined products, and the manufacture and sale of commodity petrochemicals, plastics, and fuel and lubricant additives. All Other includes worldwide cash management and debt financing, corporate administrative functions, insurance, real estate, and technology activities, so Chevron does not report a separate “Chemicals” segment on its own [27]+3.

Using Chevron’s 2024 segment disclosures, Downstream represented about 73% of sales and other operating revenues ($172.3 billion of $235.7 billion), while Upstream represented about 27% ($63.3 billion); All Other was negligible [18]. The profit mix was much more upstream-weighted: Upstream contributed about 85% of net income attributable to Chevron ($30.3 billion of $35.5 billion), Downstream about 23% ($8.2 billion), with All Other posting a loss that reduced the total [18]. Chevron also shows U.S. and International sub-results within both Upstream and Downstream in its segment tables, but these are subcategories rather than separate reportable segments [27][18]. Total assets were likewise concentrated in Upstream at about 73% ($188.5 billion of $256.9 billion), versus about 22% in Downstream ($56.8 billion) and about 5% in All Other ($11.7 billion) [20]. [27]+5

Company history

Chevron traces its origins to Pacific Coast Oil Co., which was established in San Francisco on September 10, 1879; Standard Oil acquired the business in 1900, and it was renamed Standard Oil Company (California) in 1906.[30][31] The present corporation was incorporated in Delaware in 1926 as Standard Oil Company of California.[32]

In the 1930s, Standard Oil of California expanded internationally, signing the Saudi oil concession in 1933 and selling half of its Bahrain interest to Texaco in 1936, an early step in a relationship that later culminated in a full merger.[33][34] A major turning point came in 1984, when Standard Oil of California merged with Gulf Oil and adopted the Chevron Corporation name.[35][36] Chevron then merged with Texaco in 2001 to form ChevronTexaco, and in 2005 it changed its name back to Chevron Corporation and agreed to acquire Unocal, further reshaping the company into its modern form.[32]+2 [32]+7

Sources

• CHEVRON CORP — Full financial report (2024 Y)
  20 citations

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• www.chevron.com[6]
• www.chevron.com[8]
• www.chevron.com[9]
• www.chevronlubricants.com[10]
• www.chevronlubricants.com[11]
• www.chevronlubricants.com[12]
• www.chevronlubricants.com[13]
• www.oronite.com[14]
• www.oronite.com[15]
• cpchem.com[16]
• www.chevron.com[30]
• elsegundo.chevron.com[31]
• chevron.com[33]
• www.aramcolife.com[34]
• www.chevron.com[35]
• www.upi.com[36]
• chevroncorp.gcs-web.com[37]
• chevroncorp.gcs-web.com[38]