Upstream and Gas
Exploration and Production Strategy: Grow profitably in core areas and build new legacy positions.
Gas and Midstream Strategy: Commercialize our equity gas resource base while growing a high-impact global gas business.
Upstream explores for and produces crude oil and natural gas. At the end of 2012, worldwide net oil-equivalent proved reserves for consolidated and affiliated companies were 11.35 billion barrels. In 2012, net oil-equivalent production averaged 2.61 million barrels per day. Major producing areas include Angola, Australia, Azerbaijan, Bangladesh, Brazil, Canada, China, Denmark, Indonesia, Kazakhstan, Nigeria, the Partitioned Zone between Kuwait and Saudi Arabia, the Philippines, Thailand, the United Kingdom, the United States, and Venezuela. Major exploration areas include the U.S. Gulf of Mexico and the offshore areas of Western Australia and western Africa. Additional areas include the Gulf of Thailand, the Kurdistan Region of Iraq, the South China Sea, and the offshore areas of Canada, Liberia, Norway, Sierra Leone, Suriname and the United Kingdom. Shale gas exploration areas include Argentina, Canada, China, Lithuania, Poland, Romania and the United States.
We are engaged in every aspect of the natural gas business—liquefaction, pipeline and marine transport, marketing and trading, and power generation. Overall, we have approximately 160 trillion cubic feet of natural gas unrisked resources. In North America, Chevron ranks among the top natural gas marketers with sales in 2012 averaging approximately 6 billion cubic feet per day. We own, operate or have an interest in an extensive network of crude oil, refined product, chemical, natural gas liquid and natural gas pipelines. Chevron Shipping Company manages a fleet of four U.S. and 24 international vessels.
Downstream and Chemicals
Strategy: Improve returns and grow earnings across the value chain.
Downstream and Chemicals includes refining, fuels and lubricants marketing, petrochemicals manufacturing and marketing, supply and trading, and transportation. In 2012, we processed 1.7 million barrels of crude oil per day and averaged 2.8 million barrels per day of refined product sales worldwide. Our most significant areas of operations are the west coast of North America, the U.S. Gulf Coast, Singapore, Thailand, South Korea, Australia and South Africa. We hold interests in 14 fuel refineries and market transportation fuels and lubricants under the Chevron, Texaco and Caltex brands. Products are sold through a network of 16,769 retail stations, including those of affiliated companies. Our chemicals business includes Chevron Phillips Chemical Company LLC, a 50 percent-owned affiliate that is one of the world's leading manufacturers of commodity petrochemicals, and Chevron Oronite Company LLC, which develops, manufactures and markets quality additives that improve the performance of fuels and lubricants.
Technology
Strategy: Differentiate performance through technology.
Our three technology companies—Energy Technology, Technology Ventures and Information Technology—are focused on driving business value in every aspect of our operations. We operate technology centers in Australia, the United Kingdom and the United States. Together they provide strategic research, technology development, and technical and computing infrastructure services to our global businesses.
Renewable Energy and Energy Efficiency
Strategy: Invest in profitable renewable energy and energy efficiency solutions.
We are one of the world's leading producers of geothermal energy, with operations in Indonesia and the Philippines. We are involved in developing promising renewable sources of energy, including advanced biofuels from nonfood sources. Our subsidiary Chevron Energy Solutions works with internal and external clients to develop and build sustainable energy projects that increase energy efficiency and reduce costs.
Operational Excellence
The foundation of our business success and world-class performance is operational excellence, which we define as the systematic management of process safety, personal safety and health, environment, reliability, and efficiency. Safety is our highest priority. We are committed to attaining world-class standards in operational excellence. We will not be satisfied until we have zero incidents.
Posted: April 2013