2022 annual report energy in progress
The events of the past year have defined the energy challenge facing the world: meeting the energy demands of today while building the lower carbon energy system of tomorrow. This will require advancing technologies, accelerating solutions, harnessing the power of markets and unleashing human ingenuity. Progress depends on scalable solutions that deliver affordable, reliable and ever-cleaner energy.
That’s Energy in Progress
to our stockholders
“We believe Chevron is well positioned to lead in both traditional and new energy while safely delivering higher returns, lower carbon and superior shareholder value. We’re at the center of one of the world’s greatest challenges – meeting the energy needs of a growing world and doing so in lower carbon ways. We are confident that by harnessing our human energy, we will continue to advance energy progress.”
Mike Wirth, Chairman and CEO, Chevron
asset class: deepwater
We are a leader in applying new technologies to tap into the oil that lies deep beneath the ocean floor and doing so in a lower carbon way. Our deepwater assets include fields offshore of Angola, Australia, Equatorial Guinea, Indonesia, Israel, Nigeria and Republic of Congo and in the U.S. Gulf of Mexico, with deepwater exploration activities ongoing offshore 12 countries. Our U.S. Gulf of Mexico facilities are some of the lowest carbon intensity producing assets in the world.
872
mboe/d
produced from our deepwater asset class in 2022
$4.3
billion
of our 2023 capital budget focused on deepwater resources
~6
kilograms
CO2e/boe carbon intensity in the deepwater U.S. Gulf of Mexico
chevron at a glance
3.0
million
barrels net oil-equivalent daily production1
$257.7
billion
total assets2
11.2
billion
barrels net oil-equivalent proved reserves2,3
$235.7
billion
sales and other operating revenues1
Mike Wirth
Chairman and CEO, Chevron
our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment
growing the dividend
Increased quarterly dividend per share 6% in 2022
reinvesting to grow future cash flows
Invested with discipline in oil, natural gas and new energy opportunities
strengthening the balance sheet
Lowered net debt ratio to 3.3% in 20224
returning excess cash to stockholders
Repurchased $11.25 billion in shares in 2022
lowering carbon intensity
Prioritizing projects expected to return the largest reduction in carbon emissions for every dollar invested, and holding ourselves accountable with transparent targets
growing lower carbon businesses
Mike Wirth
Chairman and CEO, Chevron
innovating for today and tomorrow
Technology and human ingenuity have never been more important as we safely work to meet the world’s growing demand for affordable, reliable, ever-cleaner energy.
meet chicovia scott, chevron’s renewable natural gas commercial manager with a passion for innovation
advancing energy progress
Our capabilities, assets and customer relationships are distinct advantages. We’re building on these strengths as we aim to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries.
2022 highlights
1 Year ended December 31, 2022
2 At December 31, 2022
3 For definition of “reserves,” see glossary of energy and financial terms, page 112.
4 See pages 48–49 of the 2022 Annual Report for more information.