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.

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chairman's letter

During a year of unprecedented challenges, we also delivered one of our safest years ever. This reflects our commitment to protecting people and the environment – and our unwavering determination to keep getting better.

Mike Wirth

Chairman and CEO, Chevron

higher returns in a lower-carbon future

higher returns

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

22.7%

Achieved industry-leading net debt ratio

reinvesting in our business

$13 billion

Added in enterprise value with Noble Energy acquisition

returning excess cash to stockholders

$1.75 billion

Repurchased shares in 2020

lower carbon

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

We prioritize projects that return the largest reduction in carbon emissions at the lowest cost, and we hold ourselves accountable with transparent metrics.

increase renewables and offsets

We are increasing the use of renewables in a number of our products, with the goal of reducing life-cycle emissions, in an effort to help our customers achieve their own lower-carbon goals.

low carbon tech

We identify promising technologies with the goal of bringing down their cost and helping them compete effectively in the market to achieve global scale.

environmental, social and governance

At Chevron, we believe our business succeeds best when the people we work with and the communities in which we operate succeed too.

“In 2020, Chevron also announced the first production of 100 percent renewable base oil, and one of our joint ventures produced its first renewable natural gas. Our goal is to help scale innovations like these both to use them across our global platform and to help our customers achieve their lower-carbon goals.”

Ron Sugar

Lead Director, Chevron

Following the acquisition of Noble Energy, Inc., Chevron holds a 39.66 percent owned and operated interest in the Leviathan gas field in Israel.

noble energy

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.

get more details in the annual report supplement pdf opens in new window