• Chevron is one of the world’s leading integrated energy companies.
  • Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives
  • At the end of 2022, the company had a refining network capable of processing 1.8 million barrels of crude oil per day.


Chevron (NYSE: CVX, LSE: 0R2Q) is one of the world’s leading integrated energy companies. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and the industry.

Recent Developments

Chevron opens second CNG station in California1

March 1, 2023 ; Chevron U.S.A. Inc. announced the opening of its second compressed natural gas (CNG) station in the state of California, increasing availability of lower carbon fuels to heavy duty vehicles. This newest station is a collaboration between Valley Pacific, one of California’s largest fuel marketers, and Chevron.

Chevron plans 30 CNG stations in California by 2025, helping it advance its goal of producing 40,000 million BTUs of RNG per day by 2030.

raven SR, chevron and hyzon motors collaborate to produce hydrogen from green waste in northern california2

January 9, 2023; Raven SR Inc. (Raven SR), a renewable fuels company, Chevron New Energies, a division of Chevron U.S.A. Inc., and Hyzon Motors Inc. (NASDAQ: HYZN) announced they are collaborating to commercialize operations of a green waste-to-hydrogen production facility in Richmond intended to supply hydrogen fuel to transportation markets in Northern California.

The facility will be owned by a newly formed company, Raven SR S1 LLC (Raven SR S1). Raven SR will be the operator of the facility, which is targeted to come online in the first quarter of 2024. Chevron holds a 50% equity stake in Raven SR 1. Raven SR holds a 30% stake and Hyzon owns the remaining 20%.


Financial Highlights

Chevron Corporation (NYSE: CVX) reported earnings of $6.4 billion ($3.33 per share - diluted) for fourth quarter 2022, compared with $5.1 billion ($2.63 per share - diluted) in fourth quarter 2021. Included in the current quarter were $1.1 billion of international upstream write-off and impairment charges, and pension settlement costs of $17 million. Foreign currency effects decreased earnings by $405 million. Adjusted earnings of $7.9 billion ($4.09 per share - diluted) in fourth quarter 2022 compared to adjusted earnings of $4.9 billion ($2.56 per share - diluted) in fourth quarter 2021.3

Chevron reported full-year 2022 earnings of $35.5 billion ($18.28 per share - diluted), compared with $15.6 billion ($8.14 per share - diluted) in 2021. Adjusted earnings of $36.5 billion ($18.83 per share - diluted) in 2022 compared to adjusted earnings of $15.6 billion ($8.13 per share - diluted) in 2021.

Cash flow from operations in 2022 was $49.6 billion, compared with $29.2 billion in 2021. Excluding working capital effects, cash flow from operations in 2022 was $47.5 billion, compared with $30.5 billion in 2021.

Capital Expenditures

Capital and exploratory expenditures for the company’s consolidated entities (C&E) in 2022 were $12.3 billion, compared with $8.6 billion in 2021. Additionally, the company’s share of equity affiliate capital and exploratory expenditures (Affiliate C&E) was $3.4 billion in 2022 and $3.2 billion in 2021 and did not require cash outlays by the company. C&E for 2022 includes $1.3 billion of inorganic spend largely associated with the formation of the Bunge joint venture and acquisition of the remaining interest in Beyond6. The acquisition of Renewable Energy Group, Inc. is not included in the company’s C&E.


Company Overview

Chevron Corporation is one of the world’s leading integrated energy companies. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and the industry.4

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; 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.

Chevron Corporation is a global energy company with substantial business activities in the following countries: Angola, Argentina, Australia, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Israel, Kazakhstan, 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.


Business Segments

Refining Operations

At the end of 2022, the company had a refining network capable of processing 1.8 million barrels of crude oil per day. Operable capacity at December 31, 2022, and daily refinery inputs for 2020 through 2022 for the company and affiliate refineries, are summarized in the table below. Average crude oil distillation capacity utilization was 85 percent in 2022 and 82 percent in 2021.

At U.S. refineries, crude oil distillation capacity utilization averaged 82 percent in 2022, compared with 83 percent in 2021. Chevron processes both imported and domestic crude oil in its U.S. refining operations. Imported crude oil accounted for about 60 percent of Chevron’s U.S. refinery inputs in both 2022 and 2021.

Outside the United States, the company has interests in three large 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, including higher-quality gasoline that meets stricter emission standards. The 50 percent-owned GS Caltex (GSC) Yeosu Refinery in South Korea remains one of the world’s largest refineries with a total crude capacity of 800,000 barrels per day. The company’s 60.6 percent-owned refinery in Map Ta Phut, Thailand, continues to supply high-quality petroleum products into regional markets.

Capacities and inputs in thousands of barrels per day 31-Dec-22 Refinery Crude Oil Inputs
Locations NumberOperable Capacity202220212020
PascagoulaMississippi369 320 333 305 
El SegundoCalifornia290 248 233 176 
RichmondCalifornia257 167 211 198 
PasadenaTexas85 77 76 69 
Salt Lake CityUtah58 53 50 45 
Total Consolidated Companies — United States 1,059 865 903 793 
Map Ta PhutThailand175 156 135 143 
Total Consolidated Companies — International 175 156 135 143 
AffiliatesVarious Locations545 483 441 441 
Total Including Affiliates — International 720 639 576 584 
Total Including Affiliates — Worldwide 1,779 1,504 1,479 1,377 


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 under the Chevron and Texaco brands. At year-end 2022, the company supplied directly or through retailers and marketers approximately 8,200 Chevron- and Texaco-branded service stations, primarily in the southern and western states.

Chevron markets commercial aviation fuel to 63 airports worldwide. The company also markets an extensive line of lubricant and coolant products under the product names Havoline, Delo, Ursa, Meropa, Rando, Clarity and Taro in the United States and worldwide under these three brands: Chevron, Texaco and Caltex.

Marketing retail outlets (2022)CompanyOther
United States3117,907
Latin America181,487
Total Consolidated66310,925
Equity affiliates2,188
Total Worldwide66313,113

Chemicals Operations

Chevron Oronite Company develops, manufactures and markets performance additives for lubricating oils and fuels and conducts research and development for additive component and blended packages. At the end of 2022, the company manufactured, blended or conducted research at 11 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 2022, CPChem owned or had joint-venture interests in 28 manufacturing facilities and two research and development centers around the world.

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 such as ethylene, polyethylene and polypropylene, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint and textiles.

Renewable Fuels

The company continued to advance activities with its joint venture partners, Brightmark Fund Holdings LLC (Brightmark) and California Bioenergy, LLC. (CalBio), to produce and market dairy biomethane. In January 2022, Chevron’s joint venture with Brightmark announced plans to construct an anaerobic digestion project in California and in August 2022 it achieved first gas from the Athena Project in South Dakota. In October 2022, the company expanded its partnership with CalBio to build additional infrastructure for dairy biomethane projects in California. In December 2022, Chevron acquired full ownership of Beyond6, LLC and its nationwide network of 55 compressed natural gas (CNG) stations to grow its renewable natural gas value chain.

In May 2022, Chevron formed a joint venture, Bunge Chevron Ag Renewables LLC, in which it holds a 50 percent working interest. The venture produces soybean oil from processing facilities in Destrehan, Louisiana, and Cairo, Illinois. Soybean oil can be used as a renewable feedstock to make renewable diesel, biodiesel, and sustainable aviation fuel.

In June 2022, Chevron completed the acquisition of the Renewable Energy Group, Inc. (REG), which has 11 biofuel refineries located in the U.S. and Germany, 10 biofuel refineries producing biodiesel and one producing renewable diesel. Work commenced in August 2022 at the Emden refinery in Germany that is expected to reduce the carbon intensity of the biofuel produced at the facility. Expansion work at the Geismar renewable diesel plant in Louisiana continues to be on track, with full capacity expected in 2024.

In April 2022, Chevron completed the purchase of the NEXBASE brand, associated qualifications and approvals, and related sales and marketing business from Neste Oyj. As part of the acquisition, Chevron maintains all current supply sources utilizing long-term offtake agreements. This addition of a fully approved global slate of Group III and renewable base oils complements Chevron’s Group II global slate.



The company’s worldwide net oil-equivalent production in 2022 was 3 million barrels per day. About 27 percent of the company’s net oil equivalent production in 2022 occurred in OPEC+ member countries of Angola, Equatorial Guinea, Kazakhstan, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait and Republic of Congo.

Proved Reserves

Net proved reserves for consolidated companies and affiliated companies totaled 11.2 billion barrels of oil-equivalent at year-end 2022, a slight decrease from year-end 2021. The reserve replacement ratio in 2022 was 97 percent. The 5 and 10 year reserve replacement ratios were 92 percent and 99 percent, respectively.


Subsidiaries Of Chevron Corporation

Name of SubsidiaryState, Province or Country in Which Organized
Cabinda Gulf Oil Company LimitedBermuda
Chevron Argentina S.R.L.Argentina
Chevron Australia Pty Ltd.Australia
Chevron Australia Holdings Pty Ltd.Australia
Chevron Canada LimitedCanada
Chevron Global Energy Inc.Delaware
Chevron Global Technology Services CompanyDelaware
Chevron Investments Inc.Delaware
Chevron LNG Shipping Company LimitedBermuda
Chevron Nigeria LimitedNigeria
Chevron Overseas CompanyDelaware
Chevron (Overseas) Holdings LimitedDelaware
Chevron Overseas Petroleum LimitedBahamas
Chevron Petroleum Company NewJersey
Chevron Petroleum LimitedBermuda
Chevron Petroleum Nigeria LimitedNigeria
Chevron Thailand Exploration and Production, Ltd.Bermuda
Chevron (Thailand) LimitedBahamas
Chevron Thailand LLCDelaware
Chevron U.S.A. Holdings Inc.Delaware
Chevron U.S.A. Inc.Pennsylvania
Chevron Venezuela Holdings LLCDelaware
Noble Energy, Inc.Delaware
PT Chevron Pacific IndonesiaIndonesia
Renewable Energy Group, Inc.Delaware
Saudi Arabian Chevron Inc.Delaware
Star Petroleum Refining Public Company LimitedThailand
Texaco Inc.Delaware
Texaco Overseas Holdings Inc.Delaware
Texaco Venezuela Holdings (I) CompanyDelaware
Union Oil Company of CaliforniaCalifornia
Unocal CorporationDelaware
Unocal International CorporationNevada

Company History

Chevron Corporation was formed when group of explorers and merchants established the Pacific Coast Oil Co. on September 10, 1879.5

1879The Pacific Coast Oil Company is founded in California.
1900The Texas Fuel Company is founded in Beaumont, Texas.
1901The Spindletop oil well in Texas produces an enormous amount of oil, leading to the creation of the modern oil industry.
1906The Pacific Coast Oil Company changes its name to Standard Oil Company of California (SOCAL).
1911The US Supreme Court rules that Standard Oil Company of California, along with other companies owned by John D. Rockefeller, violate antitrust laws and must be broken up.
1913Standard Oil Company of California becomes an independent company.
1930sStandard Oil Company of California expands its operations to Venezuela, Saudi Arabia, and other countries.
1948Standard Oil Company of California changes its name to Chevron Corporation.
1960sChevron Corporation becomes a major player in the development of Alaska's oil fields.
1984Chevron Corporation acquires Gulf Oil Corporation, becoming one of the largest energy companies in the world.
1990sChevron Corporation expands its operations in Asia, including China, Indonesia, and Thailand.
2000sChevron Corporation invests heavily in renewable energy and clean technology, including solar, wind, and biofuels.
2010sChevron Corporation faces legal challenges related to environmental issues, including oil spills and pollution.
2020Chevron Corporation announces plans to reduce its greenhouse gas emissions and invest in renewable energy.


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Created by Asif Farooqui on 2023/03/14 09:10
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