Wiki source code of Chevron Corporation

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1 {{box cssClass="floatinginfobox" title="**Contents**"}}
2 {{toc/}}
3 {{/box}}
4
5 = Summary =
6
7 * Chevron is one of the world’s leading integrated energy companies.
8 * Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives
9 * At the end of 2022, the company had a refining network capable of processing 1.8 million barrels of crude oil per day.
10
11 [[image:CVX0.jpg||height="360" width="720"]]
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14 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.
15
16
17 = Recent Developments =
18
19 **Chevron opens second CNG station in California**{{footnote}}https://www.chevron.com/newsroom/2023/q1/chevron-opens-second-cng-station-in-california{{/footnote}}
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21 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.
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24 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.
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26
27 **raven SR, chevron and hyzon motors collaborate to produce hydrogen from green waste in northern california**{{footnote}}https://www.chevron.com/newsroom/2023/q1/raven-sr-chevron-hyzon-motors-collaborate-to-produce-hydrogen-from-green-waste{{/footnote}}
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29 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.
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31
32 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%.
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34
35
36 [[image:CVX1.jpg]]
37
38
39 = Financial Highlights =
40
41 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.{{footnote}}https://www.chevron.com/-/media/chevron/stories/documents/4Q22-earnings-press-release.pdf{{/footnote}}
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44 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.
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46
47 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.
48
49
50 **Capital Expenditures**
51
52 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.
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54
55
56 [[image:CVX2.png]]
57
58
59 = Company Overview =
60
61 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.{{footnote}}https://fintel.io/doc/sec-chevron-corp-93410-10k-2023-february-23-19412-2800{{/footnote}}
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63
64 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.
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67 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.
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69
70
71 [[image:CVX3.jpg]]
72
73
74 == Business Segments ==
75
76
77 === Refining Operations ===
78
79 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.
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81
82 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.
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85 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.
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87
88
89 (% style="width:1107px" %)
90 |(% style="width:425px" %)**Capacities and inputs in thousands of barrels per day**|(% style="width:156px" %) |(% style="width:100px" %)**31-Dec-22**|(% style="width:153px" %) |(% colspan="3" rowspan="1" style="width:267px" %)**Refinery Crude Oil Inputs**
91 |(% style="width:425px" %)**Locations**|(% style="width:156px" %) |(% style="width:100px" %)**Number**|(% style="width:153px" %)**Operable Capacity**|(% style="width:97px" %)**2022**|(% style="width:79px" %)**2021**|(% style="width:90px" %)**2020**
92 |(% style="width:425px" %)Pascagoula|(% style="width:156px" %)Mississippi|(% style="width:100px" %)1 |(% style="width:153px" %)369 |(% style="width:97px" %)320 |(% style="width:79px" %)333 |(% style="width:90px" %)305
93 |(% style="width:425px" %)El Segundo|(% style="width:156px" %)California|(% style="width:100px" %)1 |(% style="width:153px" %)290 |(% style="width:97px" %)248 |(% style="width:79px" %)233 |(% style="width:90px" %)176
94 |(% style="width:425px" %)Richmond|(% style="width:156px" %)California|(% style="width:100px" %)1 |(% style="width:153px" %)257 |(% style="width:97px" %)167 |(% style="width:79px" %)211 |(% style="width:90px" %)198
95 |(% style="width:425px" %)Pasadena|(% style="width:156px" %)Texas|(% style="width:100px" %)1 |(% style="width:153px" %)85 |(% style="width:97px" %)77 |(% style="width:79px" %)76 |(% style="width:90px" %)69
96 |(% style="width:425px" %)Salt Lake City|(% style="width:156px" %)Utah|(% style="width:100px" %)1 |(% style="width:153px" %)58 |(% style="width:97px" %)53 |(% style="width:79px" %)50 |(% style="width:90px" %)45
97 |(% style="width:425px" %)Total Consolidated Companies — United States|(% style="width:156px" %) |(% style="width:100px" %)5 |(% style="width:153px" %)1,059 |(% style="width:97px" %)865 |(% style="width:79px" %)903 |(% style="width:90px" %)793
98 |(% style="width:425px" %)Map Ta Phut|(% style="width:156px" %)Thailand|(% style="width:100px" %)1 |(% style="width:153px" %)175 |(% style="width:97px" %)156 |(% style="width:79px" %)135 |(% style="width:90px" %)143
99 |(% style="width:425px" %)Total Consolidated Companies — International|(% style="width:156px" %) |(% style="width:100px" %)1 |(% style="width:153px" %)175 |(% style="width:97px" %)156 |(% style="width:79px" %)135 |(% style="width:90px" %)143
100 |(% style="width:425px" %)Affiliates|(% style="width:156px" %)Various Locations|(% style="width:100px" %)2 |(% style="width:153px" %)545 |(% style="width:97px" %)483 |(% style="width:79px" %)441 |(% style="width:90px" %)441
101 |(% style="width:425px" %)Total Including Affiliates — International|(% style="width:156px" %) |(% style="width:100px" %)3 |(% style="width:153px" %)720 |(% style="width:97px" %)639 |(% style="width:79px" %)576 |(% style="width:90px" %)584
102 |(% style="width:425px" %)Total Including Affiliates — Worldwide|(% style="width:156px" %) |(% style="width:100px" %)8 |(% style="width:153px" %)1,779 |(% style="width:97px" %)1,504 |(% style="width:79px" %)1,479 |(% style="width:90px" %)1,377
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104
105 [[image:CVX4.png]]
106
107
108 === Marketing Operations ===
109
110 The company markets petroleum products under the principal brands of “Chevron,” “Texaco” and “Caltex” throughout many parts of the world.
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113 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.
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116 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.
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118
119
120 (% style="width:475px" %)
121 |(% style="width:244px" %)**Marketing retail outlets (2022)**|(% style="width:105px" %)**Company**|(% style="width:123px" %)**Other**
122 |(% style="width:244px" %)United States|(% style="width:105px" %)311|(% style="width:123px" %)7,907
123 |(% style="width:244px" %)Latin America|(% style="width:105px" %)18|(% style="width:123px" %)1,487
124 |(% style="width:244px" %)Asia-Pacific|(% style="width:105px" %)334|(% style="width:123px" %)1,531
125 |(% style="width:244px" %)Total Consolidated|(% style="width:105px" %)663|(% style="width:123px" %)10,925
126 |(% style="width:244px" %)Equity affiliates|(% style="width:105px" %)–|(% style="width:123px" %)2,188
127 |(% style="width:244px" %)Total Worldwide|(% style="width:105px" %)663|(% style="width:123px" %)13,113
128
129 === Chemicals Operations ===
130
131 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.
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134 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.
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137 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.
138
139
140 === Renewable Fuels ===
141
142 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.
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144
145 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.
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148 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.
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150
151 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.
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154
155 [[image:CVX5.jpg]]
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157
158
159 === Production ===
160
161 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.
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163
164 === Proved Reserves ===
165
166 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.
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168
169 == Subsidiaries ==
170
171 Subsidiaries Of Chevron Corporation
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173
174 (% style="width:699px" %)
175 |(% style="width:345px" %)**Name of Subsidiary**|(% style="width:350px" %)**State, Province or Country in Which Organized**
176 |(% style="width:345px" %)Cabinda Gulf Oil Company Limited|(% style="width:350px" %)Bermuda
177 |(% style="width:345px" %)Chevron Argentina S.R.L.|(% style="width:350px" %)Argentina
178 |(% style="width:345px" %)Chevron Australia Pty Ltd.|(% style="width:350px" %)Australia
179 |(% style="width:345px" %)Chevron Australia Holdings Pty Ltd.|(% style="width:350px" %)Australia
180 |(% style="width:345px" %)Chevron Canada Limited|(% style="width:350px" %)Canada
181 |(% style="width:345px" %)Chevron Global Energy Inc.|(% style="width:350px" %)Delaware
182 |(% style="width:345px" %)Chevron Global Technology Services Company|(% style="width:350px" %)Delaware
183 |(% style="width:345px" %)Chevron Investments Inc.|(% style="width:350px" %)Delaware
184 |(% style="width:345px" %)Chevron LNG Shipping Company Limited|(% style="width:350px" %)Bermuda
185 |(% style="width:345px" %)Chevron Nigeria Limited|(% style="width:350px" %)Nigeria
186 |(% style="width:345px" %)Chevron Overseas Company|(% style="width:350px" %)Delaware
187 |(% style="width:345px" %)Chevron (Overseas) Holdings Limited|(% style="width:350px" %)Delaware
188 |(% style="width:345px" %)Chevron Overseas Petroleum Limited|(% style="width:350px" %)Bahamas
189 |(% style="width:345px" %)Chevron Petroleum Company New|(% style="width:350px" %)Jersey
190 |(% style="width:345px" %)Chevron Petroleum Limited|(% style="width:350px" %)Bermuda
191 |(% style="width:345px" %)Chevron Petroleum Nigeria Limited|(% style="width:350px" %)Nigeria
192 |(% style="width:345px" %)Chevron Thailand Exploration and Production, Ltd.|(% style="width:350px" %)Bermuda
193 |(% style="width:345px" %)Chevron (Thailand) Limited|(% style="width:350px" %)Bahamas
194 |(% style="width:345px" %)Chevron Thailand LLC|(% style="width:350px" %)Delaware
195 |(% style="width:345px" %)Chevron U.S.A. Holdings Inc.|(% style="width:350px" %)Delaware
196 |(% style="width:345px" %)Chevron U.S.A. Inc.|(% style="width:350px" %)Pennsylvania
197 |(% style="width:345px" %)Chevron Venezuela Holdings LLC|(% style="width:350px" %)Delaware
198 |(% style="width:345px" %)Noble Energy, Inc.|(% style="width:350px" %)Delaware
199 |(% style="width:345px" %)PT Chevron Pacific Indonesia|(% style="width:350px" %)Indonesia
200 |(% style="width:345px" %)Renewable Energy Group, Inc.|(% style="width:350px" %)Delaware
201 |(% style="width:345px" %)Saudi Arabian Chevron Inc.|(% style="width:350px" %)Delaware
202 |(% style="width:345px" %)Star Petroleum Refining Public Company Limited|(% style="width:350px" %)Thailand
203 |(% style="width:345px" %)Texaco Inc.|(% style="width:350px" %)Delaware
204 |(% style="width:345px" %)Texaco Overseas Holdings Inc.|(% style="width:350px" %)Delaware
205 |(% style="width:345px" %)Texaco Venezuela Holdings (I) Company|(% style="width:350px" %)Delaware
206 |(% style="width:345px" %)Union Oil Company of California|(% style="width:350px" %)California
207 |(% style="width:345px" %)Unocal Corporation|(% style="width:350px" %)Delaware
208 |(% style="width:345px" %)Unocal International Corporation|(% style="width:350px" %)Nevada
209
210 == Company History ==
211
212
213 Chevron Corporation was formed when group of explorers and merchants established the Pacific Coast Oil Co. on September 10, 1879.{{footnote}}https://www.chevron.com/about/history{{/footnote}}
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215
216
217 (% style="width:1173px" %)
218 |**Year**|(% style="width:1108px" %)**Milestone**
219 |1879|(% style="width:1108px" %)The Pacific Coast Oil Company is founded in California.
220 |1900|(% style="width:1108px" %)The Texas Fuel Company is founded in Beaumont, Texas.
221 |1901|(% style="width:1108px" %)The Spindletop oil well in Texas produces an enormous amount of oil, leading to the creation of the modern oil industry.
222 |1906|(% style="width:1108px" %)The Pacific Coast Oil Company changes its name to Standard Oil Company of California (SOCAL).
223 |1911|(% style="width:1108px" %)The 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.
224 |1913|(% style="width:1108px" %)Standard Oil Company of California becomes an independent company.
225 |1930s|(% style="width:1108px" %)Standard Oil Company of California expands its operations to Venezuela, Saudi Arabia, and other countries.
226 |1948|(% style="width:1108px" %)Standard Oil Company of California changes its name to Chevron Corporation.
227 |1960s|(% style="width:1108px" %)Chevron Corporation becomes a major player in the development of Alaska's oil fields.
228 |1984|(% style="width:1108px" %)Chevron Corporation acquires Gulf Oil Corporation, becoming one of the largest energy companies in the world.
229 |1990s|(% style="width:1108px" %)Chevron Corporation expands its operations in Asia, including China, Indonesia, and Thailand.
230 |2000s|(% style="width:1108px" %)Chevron Corporation invests heavily in renewable energy and clean technology, including solar, wind, and biofuels.
231 |2010s|(% style="width:1108px" %)Chevron Corporation faces legal challenges related to environmental issues, including oil spills and pollution.
232 |2020|(% style="width:1108px" %)Chevron Corporation announces plans to reduce its greenhouse gas emissions and invest in renewable energy.
233
234 = References =
235
236 {{putFootnotes/}}
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