2020 annual report operating with resilience
At Chevron, we responded to the events of 2020 with resilience – affirming our strategy, maintaining our priorities and honoring our commitments.
Chairman and CEO, Chevron
higher returns in a lower-carbon future
We plan to deliver higher returns on capital employed and create superior value for our stockholders by maintaining capital and cost discipline and staying anchored to our four financial priorities.
protecting the dividend
increased dividend in 2020
strong balance sheet
Achieved industry-leading net debt ratio
reinvesting in our business
Added in enterprise value with Noble Energy acquisition
returning excess cash to stockholders
Repurchased shares in 2020
Helping to advance a lower-carbon future means striving for actions that drive measurable progress. Our energy transition strategy focuses on three action areas.
lower carbon intensity
increase renewables and offsets
low carbon tech
environmental, social and governance
Lead Director, Chevron
The acquisition of Noble Energy, Inc. in October 2020 is expected to deliver strong financial benefits. Noble’s high-quality assets in the Denver-Julesburg (DJ) Basin, Permian Basin and Eagle Ford in the United States, along with those in the Eastern Mediterranean and West Africa, complement Chevron’s advantaged Upstream portfolio. The acquired low-cost resources strengthen our global portfolio, adding approximately 1.7 billion oil-equivalent barrels of proved reserves at year-end 2020. The transaction aligns with our goal of generating industry-leading returns from our existing portfolio by adding advantaged assets with a low break even point.