Chevron Corp - Company Profile
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Business Description
Chevron Corp (Chevron) is an integrated oil and gas company. It carries out upstream and downstream operations. It explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation lubricants and fuels; manufactures and markets additives and petrochemicals; generates power; and develops and deploys technologies to enhance the company's operations. The industries served by Chevron include energy, chemicals, and petrochemicals.
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R&D Overview
Chevron is actively engaged in research and development initiatives to advance energy solutions, focusing on technologies that are ready to adopt and scale today, as well as breakthrough technologies. The company leverages its in-house expertise to conduct internal R&D, holding more than 4,000 patents with nearly 3,400 additional patents pending. Chevron collaborates with startups, universities, national laboratories, joint ventures, and service companies to explore, evaluate, and scale solutions. The company is also applying artificial intelligence to enhance productivity, efficiency, and value in its global operations. The R&D units of Chevron Corp include the Chevron Technical Center (CTC) and Chevron Technology Ventures (CTV). CTC conducts research, develops and qualifies technology, and provides technical services and competency development to support business outcomes. CTV identifies and invests in externally developed technologies and new business solutions, serving as the primary on-ramp for early-stage, external innovation into Chevron. In FY2024, the company spent US$353 million on R&D, which as a percentage of revenue, stood at 0.2% and grew 10.3% YoY.
Business Segments
Overview
Downstream assets include refineries, pipelines, marine fleets, motor equipment, rail car, retail sites, petrochemical facilities and distribution terminals. Refining operations in the US, South Korea, Singapore and Thailand. Major products include gasoline, gas oil, jet fuel, fuel oil, benzene, toluene, xylene, olefins, polyolefins, alpha olefins, polyethylene, polypropylene and lubricants. Major brands: Chevron, Texaco, Caltex, Havoline, Delo, Ursa, Meropa, Rando, Clarity and Taro. Marine fleet includes both the US and foreign-flagged vessels. In FY2024, the segment incurred a capital expenditure of US$1,773 million, which declined 4.4% YoY.
Performance
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Overview
Upstream assets include conventional and unconventional oil and gas assets. It also includes liquefaction, transportation and regasification of liquefied natural gas (LNG); transportation of crude oil through major international oil export pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Operates exploration and production assets across North America, South America, Africa, Asia, Europe, and the Middle East. In FY2024, the segment incurred a capital expenditure of US$14,331 million, which grew 4.8% YoY.
Performance
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Overview
The All Others segment includes global debt financing and cash management activities, insurance operations, real estate activities and technology companies among others. In FY2024, the segment incurred a capital expenditure of US$423 million, which grew 11.9% YoY.
Performance
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Geographical Segments
Performance
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Performance
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