Chevron Corporation, through its subsidiaries (Chevron), engages in the integrated energy and chemicals operations in the United States and internationally. The company manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries.
Upstream operations consist primarily of exploring for, developing, producing, and transporting crude oil and natural gas; processing, liquefaction, transportati...
Chevron Corporation, through its subsidiaries (Chevron), engages in the integrated energy and chemicals operations in the United States and internationally. The company manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries.
Upstream operations consist primarily of exploring for, developing, producing, and transporting crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage, and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant.
Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives.
Strategy
Chevron’s strategy is to leverage its strengths to safely deliver lower carbon energy to a growing world. The company is leveraging its capabilities, assets, and customer relationships as it aims to lead in lower carbon intensity oil, products, and natural gas, as well as advance new products and solutions that reduce the carbon emissions of major industries.
Business and Properties
The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects in North America, South America, Europe, Africa, Asia, and Australia. These activities are managed by the Oil, Products, and Gas organization.
Upstream
Delivery Commitments
The company sells crude oil, natural gas, and NGLs from its producing operations under a variety of contractual obligations. Most contracts generally commit the company to sell quantities based on production from specified properties, but some NGLs and natural gas sales contracts specify delivery of fixed and determinable quantities.
In the United States, the company is contractually committed to deliver approximately 25 million barrels of NGLs and 813 billion cubic feet of natural gas to third parties and affiliates from 2025 through 2027.
Outside the United States, the company is contractually committed to deliver trillions of cubic feet of natural gas to third parties and affiliates from 2025 through 2027, mainly from operations in Australia and Israel.
Review of Ongoing Activities in Key Areas
Chevron has exploration and production activities in many hydrocarbon basins.
The United States
Upstream activities in the United States are primarily located in Texas, New Mexico, Colorado, California, and the Gulf of America.
As a producer in the Permian Basin, Chevron continues to develop its advantaged portfolio of 1,780,000 net acres in the Delaware and Midland basins in west Texas and southeast New Mexico. The asset comprises stacked formations enabling production from multiple geologic zones from single surface locations, staging the development for optimized capacity utilization of facilities and infrastructure. The company has implemented a factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed using hydraulic fracture stimulation. This manufacturing-style process, combined with advantaged acreage holdings and technological advancements, has enabled productivity improvements across unique geological locations throughout the basin. Acreage transactions enabling longer laterals and the company’s diversified land assets via non-operated joint ventures and royalty positions have also contributed to returns. The company continued to progress water handling initiatives and ongoing emission reductions, including the partial or full electrification of drilling and hydraulic fracturing fleets, and the expansion of electricity sources with two new solar projects reaching final investment decision in 2024. Chevron’s 2024 net daily production in the Permian Basin averaged 405,000 barrels of crude oil, 251,000 barrels of NGLs, and 1.6 billion cubic feet of natural gas.
Chevron also holds approximately 72,000 net acres in the Haynesville Shale in east Texas. The company continues to pursue strategic opportunities for these assets.
Chevron is an oil and natural gas producer in Colorado, where development is focused across approximately 580,000 net acres in the Denver-Julesburg (DJ) Basin. Chevron follows a factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed using hydraulic fracture stimulation. It has also implemented facility design and electrification improvements to consolidate assets and remove facilities, reducing surface footprint and greenhouse gas emissions. In 2024, Chevron’s net daily production in Colorado averaged 132,000 barrels of crude oil, 107,000 barrels of NGLs, and 930 million cubic feet of natural gas. Chevron also has operations in Colorado’s Piceance Basin, as well as an acreage position in Wyoming.
In 2024, Chevron’s California average net daily oil-equivalent production was 71,000 barrels. Chevron owns and operates between 87 and 100 percent interests in six fields, including Kern River, Cymric/McKittrick, Midway Sunset, San Ardo, Coalinga, and Lost Hills. The company announced its first solar-to-hydrogen production project in Kern County.
During 2024, net daily production in the Gulf of America averaged 168,000 barrels of crude oil, 10,000 barrels of NGLs, and 86 million cubic feet of natural gas. Chevron is engaged in various operated and non-operated exploration, development, and production activities in the deepwater Gulf of America. Chevron also holds non-operated interests in several shelf fields.
Chevron has a 62.9 percent-owned and operated interest in the unit areas containing the Anchor Field, located in the Green Canyon area. Stage 1 of the Anchor development, which consists of a seven-well subsea development and a semi-submersible floating production unit, achieved first oil in August 2024 utilizing an industry-first 20,000 pounds per square inch deepwater technology. Two producing wells were brought online, and development drilling is progressing on subsequent wells.
Chevron has a 60 percent-owned and operated interest in the Ballymore Field located in the Mississippi Canyon area, which is being developed as a subsea tieback to the existing Chevron 75 percent-owned and operated Blind Faith facility. The development includes three production wells. Proved reserves have been recognized for this project.
Chevron has a 60 percent-owned and operated interest in the Big Foot Field, located in the deepwater Walker Ridge area.
Chevron has a 50 percent-owned and operated interest in the Jack Field, a 51 percent-owned and operated interest in the St. Malo Field, and a 40.6 percent-owned and operated interest in the production host facility used for the joint development of both fields, all located in the Walker Ridge area. In 2024, the St. Malo Stage 4 waterflood project delivered first water injection and completed the installation of a second multi-phase subsea pump module within the St. Malo Field. An additional St. Malo well delivered first oil, and further development drilling commenced in the Jack Field. The Jack/St. Malo Stage 5 project reached final investment decision (FID). The Jack and St.
The company has a 58 percent-owned and operated interest in the deepwater Tahiti Field, located in the Green Canyon area. In 2024, the company’s first deepwater Gulf of America producer-to-injector conversion well started water injection, and an additional water injector well reached FID.
The company has a 15.6 percent non-operated working interest in the deepwater Mad Dog Field, located in the Green Canyon area. In 2024, first water injection was achieved from the Mad Dog 2 project, and additional producing wells were brought online.
Chevron has a 37.5 percent non-operated working interest in the Perdido Regional Host, which accommodates production from the Great White, Silvertip, and Tobago fields in the Alaminos Canyon area. In 2024, the Silvertip Expansion Project, in which Chevron has a 60 percent non-operated working interest, reached FID. Additional development drilling in the Great White Field is currently ongoing.
Chevron has a 25 percent non-operated working interest in the Stampede Field, which is located in the Green Canyon area. In 2024, development drilling on a new well with tie back to the host facility commenced.
The company has a 40 percent non-operated working interest in the Whale discovery located in the Alaminos Canyon area. Whale consists of a fifteen-well subsea development and floating production unit. In January 2025, first production was achieved with two producing wells brought online, and development drilling is in progress on subsequent wells.
During 2024, Chevron was formally awarded 26 exploration blocks as a result of Gulf of America lease sale 261.
Chevron has a 50 percent interest in Bayou Bend, a carbon dioxide transportation and sequestration affiliate that holds approximately 140,000 acres for carbon dioxide storage. In 2024, onshore and offshore stratigraphic wells were drilled to delineate carbon dioxide storage potential.
Chevron owns a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage Project in Delta, Utah. The project, currently under construction, is designed to produce hydrogen made from renewable energy, store that hydrogen in two salt caverns, and deliver it as needed to hydrogen-capable gas turbines to generate power.
Other Americas
‘Other Americas’ includes Argentina, Brazil, Canada, Colombia, Mexico, Suriname, Uruguay, and Venezuela.
Argentina: Chevron has a 50 percent non-operated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta shale. At Loma Compana, 48 horizontal wells were drilled in 2024, with 46 wells in total put on production. This concession expires in 2048, and the Narambuena concession expires in 2027.
Chevron owns and operates a 100 percent interest in the El Trapial Field with conventional waterflood. The conventional field concession expires in 2032. Chevron also owns and operates a 100 percent interest in the east area of the El Trapial Field in the Vaca Muerta shale formation for unconventional development. In 2024, Chevron continued development on its unconventional resources with one drilling rig. The unconventional concession expires in 2057.
Chevron has a 14 percent interest in a pipeline system that provides an important export route for Argentina’s crude oil. During 2024, a majority of the company’s exported crude oil was transported through this pipeline system. Chevron is currently evaluating other strategic alternatives to increase its export capacity in the country.
Brazil: Chevron holds 35 percent non-operated interests in two blocks in the Campos Basin, following the relinquishment of two blocks in 2024. Chevron secured 15 additional exploration blocks in the South Santos and Pelotas basins in 2024.
Canada: Upstream interests in Canada are concentrated in the offshore Atlantic region of Newfoundland and Labrador. The company also has interests in the Northeast British Columbia and the Beaufort Sea region of the Northwest Territories.
Chevron has a 26.9 percent non-operated working interest in the Hibernia Field and a 24.1 percent non-operated working interest in the unitized Hibernia Southern Extension areas offshore Atlantic Canada. The company has a 29.6 percent non-operated working interest in the Hebron Field, also offshore Atlantic Canada.
In December 2024, the company sold its 20 percent non-operated working interest in the Athabasca Oil Sands Project and associated Quest carbon capture and storage project in Alberta, as well as its operated assets in the Duvernay shale.
Colombia: Chevron has a 40 percent-owned and operated interest in the offshore Colombia-3 Block.
Mexico: All blocks in which Chevron has a participating interest are in the process of being relinquished to the government.
Suriname: Chevron has a 40 percent-owned and operated working interest in Block 5 and an 80 percent-owned and operated interest in the shallow water Block 7. Chevron also holds a 33.3 percent non-operated working interest in deepwater Block 42.
Uruguay: In 2024, Chevron acquired a 60 percent-owned and operated interest in offshore exploration Block OFF-1, with plans to initiate a 3D seismic campaign in 2025.
Venezuela: Chevron’s interests in Venezuela are located in western Venezuela, the Orinoco Belt, and offshore Venezuela. As of December 31, 2024, no proved reserves are recognized for these interests. In 2024, the company conducted activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.
Chevron has a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela, as well as a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo with licenses that expire in 2041. Chevron has a 30 percent interest in Petropiar, which operates the heavy oil Huyapari Field under an agreement expiring in 2047, and a 35.8 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt under a contract expiring in 2050.
Chevron also operates and holds a 60 percent interest in the Loran gas field offshore Venezuela. This is part of a cross-border field that includes the Manatee Field in Trinidad and Tobago. This license expires in 2039.
Africa
In Africa, the company is engaged in upstream activities in Angola, Cameroon, Egypt, Equatorial Guinea, Namibia, and Nigeria.
Angola: The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline that expires in 2050. The Block 0 Sanha Lean Gas Connection Project (SLGC) was completed in 2024 and added a new platform that ties the existing complex to new connecting pipelines for gathering and exporting gas from Blocks 0 and 14 to Angola LNG.
In 2024, construction continued at the South N’Dola project located in Area B of Block 0.
Chevron also operates and holds a 31 percent interest in a production sharing contract (PSC) for deepwater Block 14 that expires in 2028.
In 2024, Chevron added frontier exploration acreage positions for Blocks 49 and 50 offshore Angola in the deepwater lower Congo Basin.
Chevron has a 36.4 percent shareholding in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, Angola. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day. This is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators.
Chevron owns a 31 percent non-operated working interest in the New Gas Consortium Project (NGC). The Q&M development includes two wellhead platforms and an onshore gas treatment plant with connections to the Angola LNG plant. Proved reserves were recognized for this project in 2024.
Angola-Democratic Republic of Congo (DRC) Joint Development Area: Chevron has a 31 percent interest in a production sharing agreement (PSA) with the Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established between the Republic of Angola and DRC maritime area.
Angola-Republic of Congo (ROC) Joint Development Area: Chevron operates and holds a 15.5 percent interest in the Lianzi Unitization Zone (Lianzi), which is located in an area shared equally by Angola and the ROC. This interest expires in 2031. In January 2025, the company sold its interest in the ROC portion of Lianzi while retaining the Angolan portion.
Republic of Congo: In January 2025, the company sold its 31.5 percent non-operated interest in the offshore Haute Mer permit area.
Cameroon: Chevron has a 100 percent interest in the YoYo Block in the Douala Basin. Preliminary development plans include a possible joint development between YoYo and the Yolanda fields located in Equatorial Guinea Block I.
Egypt: Chevron has interests in Egypt blocks in both the Mediterranean and Red Sea. In the Mediterranean Sea, Chevron holds a 63 percent-owned and operated interest in North El Dabaa (Block 4), a 45 percent-owned and operated interest in the Nargis Block, and a 27 percent non-operated working interest in North Cleopatra (Block 7). In 2024, Chevron relinquished its 63 percent-owned and operated interest in North Sidi Barrani (Block 2) and its 27 percent non-operated interest in North Marina (Block 6).
In the Red Sea, the company holds a 45 percent-owned and operated interest in Block 1.
Equatorial Guinea: Chevron has a 38 percent-owned and operated interest in the Aseng Field and the Yolanda Field in Block I, and a 45 percent-owned and operated interest in the Alen Field in Block O. The Yolanda field is a discovered natural gas field that straddles the Equatorial Guinea and Cameroon maritime border, for which development options are being reviewed with both governments.
The company also holds a 32 percent non-operated interest in the Alba natural gas and condensate field. Chevron holds interests in two processing facilities located in Punta Europa. These include a 28 percent non-operated interest in the Alba LPG Plant and a 45 percent non-operated interest in the Atlantic Methanol Production Company.
In 2024, Chevron added two exploration acreage positions for Blocks EG-06 and EG-11, offshore Bioko Island.
Namibia: Chevron has an 80 percent-owned and operated interest in Petroleum Exploration License (PEL) 90 (Block 2813B) in the Orange Basin, offshore Namibia. In early 2025, Chevron acquired an 80 percent-owned and operated interest in PEL82 (Blocks 2112B and 2212A) in the Walvis Basin.
Nigeria: Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta, most of which were converted in 2024 to the terms of the Petroleum Industry Act of 2021. The company also holds acreage positions in five operated and six non-operated deepwater blocks, with working interests ranging from 20 to 100 percent.
Chevron operates and holds a 67.3 percent working interest in the Agbami Field, which straddles deepwater Petroleum Mining Lease (PML) 52 (previously known as Oil Mining License (OML) 127) and OML 128. PML 52 expires in 2044, and OML 128 expires in 2042. Additionally, Chevron holds a 30 percent non-operated working interest in the Usan Field in OML 138 that expires in 2042.
In deepwater exploration, Chevron operates and holds a 55 percent working interest in the Nsiko discovery in OML 140 and a 100 percent working interest in the Aparo discovery in OML 132. Chevron also holds a 27 percent non-operated working interest in OML 139 and OML 154, and the company continues to work with the operator to evaluate development options for the multiple deepwater discoveries in the Usan area, including the Owowo Field, which straddles OML 139 and OML 154. The development plan for the Owowo Field involves a subsea tie-back to the existing Usan floating, production, storage, and offloading vessel. The field development plan for the Owowo Stage 1 development project was approved in August 2024. At the end of 2024, no proved reserves were recognized for this project.
Also, in the deepwater area, the third-party-operated Bonga South West Aparo Field in OML 118 straddles both OML 132 and OML 140. Chevron holds a 16.6 percent non-operated working interest in the unitized area. The development plan involves subsea wells tied back to a floating production, storage, and offloading vessel. At the end of 2024, no proved reserves were recognized for this project.
Chevron holds a 40 percent-owned and operated working interest in Oil Prospecting License (OPL) 215 that covers 256,000 net acres.
In 2024, Chevron discovered new oil in the Niger Delta at Petroleum Mining Lease 49 (previously within OML 90).
Chevron operates the Escravos Gas Plant, which has a total processing capacity of 680 million cubic feet per day of natural gas and liquefied petroleum gas, and condensate export capacity of 58,000 barrels per day. The company operates the 33,000-barrel-per-day Escravos Gas to Liquids facility. In addition, the company holds a 36.9 percent interest in the West African Gas Pipeline Company Limited affiliate, which supplies Nigerian natural gas to customers in Benin, Togo, and Ghana.
Asia
In Asia, the company is engaged in upstream activities in Bangladesh, China, Cyprus, Indonesia, Israel, Kazakhstan, the Partitioned Zone between Saudi Arabia and Kuwait, Russia, and Thailand.
Bangladesh: Chevron Bangladesh operates and holds 100 percent interest in Block 12 (Bibiyana field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields) under two PSCs. The rights to produce from Bibiyana and Jalalabad expire in 2034, and from Moulavi Bazar in 2038.
China: Chevron has a 49 percent non-operated working interest in the Chuandongbei project, including the Luojiazhai and Gunziping natural gas fields located onshore in the Sichuan Basin, with the PSC expiring in 2038. The company also has a 32.7 percent non-operated working interest in Block 16/19 in the Pearl River Mouth Basin, with the PSC expiring in 2028.
In the Bohai Bay, the company previously held a 24.5 percent non-operated working interest in the Qinhuangdao (QHD) 32-6 PSC, which expired in November 2024.
Cyprus: The company holds a 35 percent-owned and operated interest in the Aphrodite gas field in Block 12 under a PSC, with an exploitation license that expires in 2044. In February 2025, the government and the joint venture agreed to a development and production plan with revised PSC project milestones.
Indonesia: In 2024, Chevron commenced an exploration project managed by its joint venture at the Way Ratai geothermal working area in Lampung.
Israel: Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044. A third gathering pipeline is under construction. This pipeline is scheduled for completion in early 2026.
Chevron is also undergoing front-end engineering design (FEED) and procurement for long lead items to further expand the installed capacity at the Leviathan Field from 1.4 to up to 2.1 billion cubic feet per day. This expansion aims to increase production and improve the monetization of the asset, including opportunities via existing and planned regional infrastructure, as well as potential avenues for entry into the global LNG market. The FEED work is critical to reach FID and is contingent upon meeting certain commercial and regulatory conditions.
The company also holds a 25 percent-owned and operated interest in the Tamar gas field, which operates under a concession that expires in 2038. Phase 1 of the Tamar Optimization Project includes installation of a new pipeline to increase delivery capacity to the processing platform, allowing for production at the platform to increase from approximately 1.0 billion to 1.2 billion cubic feet per day. This project is scheduled for completion in 2025.
Chevron reached FID on Phase 2 of the Tamar Optimization Project in February 2024. This project is scheduled for completion in 2026.
Kazakhstan: Chevron has a 50 percent interest in the Tengizchevroil (TCO) affiliate and an 18 percent non-operated working interest in the Karachaganak field.
TCO is developing the Tengiz and Korolev crude oil fields in western Kazakhstan under a concession agreement that expires in 2033. Most of TCO’s 2024 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.
TCO completed the Wellhead Pressure Management Project (WPMP) in 2024 while also completing two major train turnarounds. In early 2025, TCO started oil production at the Future Growth Project (FGP). FGP is the third processing plant in operation at the Tengiz oil field.
The Karachaganak field is located in northwest Kazakhstan, and operations are conducted under a PSA that expires in 2038. During 2024, a majority of the exported liquids were transported through the CPC pipeline. In 2024, the Karachaganak Expansion Project Stage 1A facility scope was completed, with the final associated injector well to be completed in the first half of 2025, and Stage 1B continued development. Both projects increase gas re-injection capacity and extend stable field production. Proved reserves have been recognized for both projects.
Kazakhstan/Russia: Chevron has a 15 percent interest in the CPC. Through 2024, CPC transported an average of 1.4 million barrels of crude oil per day, composed of 1.2 million barrels per day from Kazakhstan and 0.2 million barrels per day from Russia.
Kurdistan Region of Iraq: After relinquishment of the company's interests in Sarta and Qara Dagh PSCs in 2023, Chevron continues to work with the government and joint venture partner on final exit agreements.
Myanmar: Chevron withdrew from Myanmar, effective April 2024.
Partitioned Zone: Chevron holds a concession to operate the Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon resources in the onshore area of the Partitioned Zone between Saudi Arabia and Kuwait. The concession expires in 2046. In 2024, the NWWB-1 exploration well reached total depth and was placed on production. Current activities focus on optimizing base business, further exploration and development drilling, and delivering new technology that enables production growth.
Thailand: Chevron holds operated interests in the Pattani Basin, located in the Gulf of Thailand, with ownership ranging from 35 percent to 71.2 percent. Concessions for producing areas within this basin expire between 2028 and 2035. Chevron has a 35 percent-owned and operated interest in the Pailin field in Block 12/27. Chevron also has a 16 percent non-operated working interest in the Arthit field located in the Malay Basin. Concessions for the producing areas within this basin expire between 2036 and 2040. Chevron also has an exploration and production license for Block G2/65, which covers 3.7 million net acres.
Chevron holds between 30 to 80 percent operated and non-operated working interests in the Thailand-Cambodia Overlapping Claims Area that are inactive, pending resolution of border issues between Thailand and Cambodia.
Australia
Chevron is a producer of LNG in Australia.
Upstream activities in Australia are concentrated offshore Western Australia, where the company is the operator of two major LNG projects, Gorgon and Wheatstone, and has a non-operated working interest in the North West Shelf (NWS) Venture and exploration acreage in the Carnarvon Basin.
Chevron holds a 47.3 percent-owned and operated interest in Gorgon on Barrow Island, which includes the development of the Gorgon and Jansz-Io fields, a three-train 15.6 million-metric-ton-per-year LNG facility, a carbon capture and underground storage facility, and a domestic gas plant. Progress on the Jansz-Io Compression project continued during 2024. Proved reserves have been recognized for this project.
Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone. Wheatstone includes the development of the Wheatstone and Iago fields, a two-train, 8.9 million-metric-ton-per-year LNG facility, and a domestic gas plant. The onshore facilities are located at Ashburton North on the coast of Western Australia.
Chevron has a 16.7 percent non-operated working interest in the NWS Venture in Western Australia. In 2024, the company agreed to an asset swap of its 16.7 percent interest in the NWS Project, NWS Oil Project, and its 20 percent interest in the Angel Carbon Capture and Storage Project with Woodside’s 13 percent non-operated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello fields and related infrastructure.
The company continues to evaluate exploration and appraisal activity across the Carnarvon Basin, in which it holds more than 2.6 million net acres. In 2024, Chevron was awarded the WA-553-P exploration permit in the North Carnarvon Basin, which covers approximately 800,000 net acres. Chevron owns and operates the Clio, Acme, and Acme West fields. The company is collaborating with other Carnarvon Basin participants to assess the possibility of developing Clio and Acme through shared utilization of existing infrastructure.
Chevron holds operated and non-operated working interests ranging from 20 to 70 percent in five greenhouse gas assessment permits to evaluate the potential of carbon dioxide storage. The blocks, including four in the Carnarvon Basin off the northwestern coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total nearly 10.2 million gross acres. This acreage includes Block G-18-AP and Block G-20-AP, both awarded in 2024, and the Angel Carbon Capture and Storage Project.
The United Kingdom
Chevron holds a 19.4 percent non-operated working interest in the Clair Field, located west of the Shetland Islands. The Clair Field currently consists of two platform drilling centers: the original Clair Phase 1 and a later added Clair Ridge center. The company is assessing a third drilling center to develop further resources in the area.
Sales of Natural Gas Liquids and Natural Gas
The company sells NGLs and natural gas from its producing operations under a variety of contractual arrangements. In addition, the company also makes third-party purchases and sales of NGLs and natural gas in connection with its supply and trading activities.
The U.S. and international sales of NGLs averaged 511,000 and 268,000 barrels per day, respectively, in 2024.
During 2024, the U.S. and international sales of natural gas averaged 5.2 billion and 5.7 billion cubic feet per day, respectively, which includes the company’s share of equity affiliates’ sales. Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Australia, Bangladesh, Canada, Equatorial Guinea, Kazakhstan, Israel, Nigeria, and Thailand.
Downstream
Refining Operations
At the end of 2024, the company had a refining network capable of processing 1.8 million barrels per day. Operable capacity as of December 31, 2024, and daily refinery inputs for the company and affiliate refineries for 2022 through 2024. Average crude unit distillation capacity utilization was 87.9 percent in 2024 and 89.8 percent in 2023.
At the U.S. refineries, crude unit distillation capacity utilization, which includes all crude oil and other inputs, averaged 86.6 percent in 2024, compared with 90.8 percent in 2023. Chevron processes both imported and domestic crude oil in its U.S. refining operations. Imported crude oil accounted for approximately 60 percent of Chevron’s U.S. refinery inputs in both 2024 and 2023.
In the United States, the company continued work on projects aimed at improving refinery flexibility and reliability. In 2024, the company completed the upgrade of the Pasadena Refinery. This project should allow the company to process more equity crude from the Permian Basin, supply more products to customers in the U.S. Gulf Coast, and realize synergies with the company’s Pascagoula Refinery.
Outside the United States, the company has interests in three refineries in Singapore, South Korea, and Thailand. Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products. The 50 percent-owned GS Caltex (GSC) Yeosu Refinery in South Korea remains a refinery with a total crude capacity of 800,000 barrels per day. The company’s 60.6 percent-owned refinery in Thailand, Star Petroleum Refining Public Company Limited (SPRC), continues to supply quality petroleum products into regional markets.
Renewable Fuels
The company develops and produces renewable fuels, including but not limited to renewable diesel, renewable gasoline, biodiesel, sustainable aviation fuel, and renewable natural gas (RNG).
Chevron owns and operates 11 biofuel refineries located in the U.S. and Germany, eight biofuel refineries producing biodiesel and one producing renewable diesel, with two refineries idled in 2024. Expansion work at the Geismar renewable diesel plant in Louisiana to increase production capacity from 7,000 to 22,000 barrels per day is in the final commissioning stage.
Chevron holds a 50 percent working interest in Bunge Chevron Ag Renewables LLC, which produces soybean oil from processing facilities in Destrehan, Louisiana, and Cairo, Illinois. In 2024, FID was taken to build a new oilseed processing plant in Louisiana.
The company continues to advance its dairy biomethane activities through Brightmark RNG Holdings LLC (Brightmark), CalBioGas LLC, and CalBioGas Hilmar LLC. In 2024, Brightmark announced the inauguration of its Eloy Renewable Natural Gas center in Arizona and also achieved commercial operations at ten additional projects across Iowa, Michigan, Ohio, South Dakota, and Wisconsin. These facilities utilize anaerobic digesters to capture methane from dairy farms and transform manure into pipeline quality fuel, fertilizer, and water. In California, commercial operations began in 2024 at the central gas processing facility for CalBioGas Hilmar LLC, the company’s newest partnership with California Bioenergy LLC, which includes seven new anaerobic digestion dairy farm projects.
Chevron markets RNG through its nationwide network of 66 compressed natural gas (CNG) stations under the Chevron and Beyond brands. In 2024, Chevron opened a few CNG stations across California, Florida, Georgia, and Texas.
Marketing Operations
The company markets petroleum products under the principal brands of ‘Chevron,’ ‘Texaco,’ and ‘Caltex’ throughout many parts of the world.
In the United States, the company markets primarily under the principal brands of ‘Chevron’ and ‘Texaco.’ At year-end 2024, the company supplied directly or through retailers and marketers approximately 8,500 Chevron- and Texaco-branded service stations, primarily in the southern and western states. Approximately 370 of these outlets are company-owned or -leased stations.
Outside the United States, Chevron supplied directly or through retailers and marketers approximately 5,200 branded service stations, including affiliates. The company markets using the Chevron and Texaco brands in Latin America and the Caltex brand in the Asia-Pacific region. In South Korea, the company operates through its 50 percent-owned affiliate, GSC. The rebranding project to transition service stations in Australia from Puma.
Chevron markets commercial aviation fuel to 64 airports worldwide. The company markets base oil globally under the Chevron and Nexbase brands and markets lubricant and coolant products under the Chevron, Texaco, and Caltex brands.
Chemicals Operations
Chevron Oronite Company develops, manufactures, and markets performance additives for lubricating oils and fuels and conducts research and development for additive components and blended packages. At the end of 2024, the company manufactured, blended, or conducted research at multiple locations around the world.
Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC (CPChem). CPChem produces olefins, polyolefins, and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the specialty chemical and specialty plastics markets. At the end of 2024, CPChem owned or had joint-venture interests in multiple manufacturing facilities and a few research and development centers around the world.
CPChem has two major integrated polymer projects under construction, the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent-owned and operated interest, and the Ras Laffan Petrochemical Project in Ras Laffan, Qatar, for which CPChem holds a 30 percent non-operated working interest. Start-up for both projects is targeted for 2026.
Chevron is also involved in the petrochemical business through the operations of GSC, the company’s 50 percent-owned affiliate in South Korea. GSC manufactures aromatics, including benzene, toluene, and xylene. These base chemicals are used to produce a range of products, including adhesives, plastics, and textile fibers. GSC also produces olefins, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint, and textiles.
Transportation
Pipelines: Chevron owns and operates a network of crude oil, natural gas, and product pipelines, and other infrastructure assets in the United States. In addition, Chevron operates pipelines for its 50 percent-owned CPChem affiliate. The company also has direct and indirect interests in other U.S. and international pipelines.
Shipping: The company’s marine fleet includes both U.S. and foreign flagged vessels. The operated fleet consists of conventional crude tankers, product carriers, and LNG vessels. These vessels transport crude oil, LNG, refined products, and feedstock in support of the company’s global upstream and downstream businesses. In 2024, Chevron announced plans to install a hard-sail wind-assisted propulsion system on a new time-chartered LNG carrier to reduce carbon intensity.
Other Businesses
Chevron Technical Center: The company aims to scale affordable, innovative technology solutions to support a sustainable, resilient energy system. Chevron Technical Center (CTC) conducts research, develops and qualifies technology, and provides technical services and competency development in support of business outcomes. Areas of expertise include earth sciences, reservoir and production engineering, facilities engineering, reserve governance and reporting, capital projects, drilling and completions, innovation, technology ventures, catalyst and process technology, technical computing, and digital and data science. In 2024, Chevron announced the establishment of an engineering and innovation center in India to provide technical and digital solutions for the enterprise.
CTC includes the company’s information technology organization, which integrates computing, data management and analytics, cybersecurity, and other key infrastructure technologies to provide a digital foundation to enable Chevron’s global operations, projects, and business processes.
The company is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its oil, natural gas, and products, and new energies businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture utilization and storage, hydrogen, and geothermal energy.
Chevron leverages its in-house expertise to undertake internal research and development to advance energy solutions. The company holds more than 4,000 patents for new technologies, with nearly 3,400 additional patents pending, making Chevron one of the U.S. patent holders in the industry.
Collaboration is increasingly important to close innovation gaps and integrate emerging technologies into existing energy value chains. Chevron works with startups, universities, national laboratories, joint ventures, and service companies to explore, evaluate, and scale solutions. Chevron is applying artificial intelligence (AI) to drive productivity, efficiency, and value to its global operations. The company is building impact use cases leveraging its extensive data and insights and collaborating with others to access AI solutions to help unlock value. In an effort to ensure its AI systems are reliable and effective, the company is employing processes to assess its capabilities, limitations, and readiness. Chevron is a member of the Responsible AI institute, a consortium focused on integrating AI responsibly while safeguarding human values.
The Chevron Technology Ventures (CTV) unit identifies and invests in externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable, and lower carbon energy. CTV has more than 25 years of being the primary on-ramp for early-stage, external innovation into Chevron, including venture investing, with ten funds that have supported more than 150 startups and worked with more than 350 co-investors.
In addition to the company’s own managed funds, Chevron also makes investments indirectly through the following funds: the Oil and Gas Climate Initiative (OGCI) Climate Investments’ Catalyst Fund I, which targets decarbonization within the oil and gas, industrial, built environments, and commercial transportation sectors; Emerald funds, one of which targets energy, water, food, mobility, industrial IT, and advanced materials, and another that focuses on sustainable packaging; Carbon Direct Capital, a growth equity investor in carbon management technologies; and the HX Venture Fund 1 that targets Houston, Texas growth start-up companies.
Chevron New Energies: The new energies organization is focused on developing new businesses with the aim to support the company’s objectives to lower the carbon intensity of its operations and enable growth opportunities with the potential to generate competitive returns. These include additional fuel solutions utilizing hydrogen and its derivatives, such as ammonia, carbon emissions management through carbon capture and offsets, and power generation for data centers. The company is also pursuing opportunities in other emerging areas, including enhanced geothermal to deliver non-intermittent lower carbon power, and lithium extraction and production for battery and other applications.
Environmental Protection: The company designs, operates, and maintains its facilities to avoid potential spills or leaks and to minimize the impact of those. Chevron requires its facilities and operations to have operating standards and processes, and emergency response plans that address significant risks identified through site-specific risk and impact assessments. Chevron also requires that sufficient resources be available to execute these plans. In the unlikely event that a major spill or leak occurs, Chevron also maintains a Worldwide Emergency Response Team consisted of employees who are trained in various aspects of emergency response, including post-incident remediation.
To complement the company’s capabilities, Chevron maintains active membership in international oil spill response cooperatives, including the Marine Spill Response Corporation, which operates in U.S. territorial waters, and Oil Spill Response, Ltd., which operates globally. The company is a founding member of the Marine Well Containment Company, whose primary mission is to expediently deploy containment equipment and systems to capture and contain crude oil in the unlikely event of a future loss of control of a deepwater well in the Gulf of America. In addition, the company is a member of the Subsea Well Response Project, which has the objective to further develop the industry’s capability to contain and shut in subsea well control incidents in different regions of the world.
History
The company was founded in 1879. It was incorporated in Delaware in 1926. The company was formerly known as Standard Oil Company of California and changed its name to Chevron Corporation in 1984 and then to ChevronTexaco Corporation in 2001. Further, the company changed its name to Chevron Corporation in 2005.
