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2023 annual report

purpose powers progress

Chevron’s purpose is to provide the affordable, reliable, ever-cleaner energy that enables human progress.

Last year reminded us of the importance of that purpose as we achieved record production levels to meet record global energy demand. At the same time, we continued to reduce carbon intensity in our operations and advance lower carbon solutions. It’s all part of building a resilient energy system that powers human progress.

to our stakeholders

“We believe a resilient energy system must be capable of enabling economic prosperity, energy security and environmental protection. This will be advanced by human ingenuity, innovation, leadership, and action. These beliefs inform our strategy and decisions.”

chevron at a glance

return on capital employed*

11.9%

total assets*

$261.6B

CO2e/BOE upstream oil carbon intensity*

22.4kg

sales and other operating revenues*

$196.9B

“chevron’s strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world.”

mike wirth | CEO, chairman of the board

we stay true to our strategy guided by our fundamental beliefs

Energy is essential to modern life

The future is lower carbon

Human ingenuity fuels innovation

Leadership carries great responsibility

we have the right mix of high-quality assets

Shale & tight

Deepwater

LNG

Heavy oil

Refining & marketing

Petrochemicals

we tap the power of our portfolio through our people and technology

Engaging the full potential of our people

Scaling affordable, innovative technology solutions

we’re building businesses that will play a larger role in our future

Renewable fuels

Carbon capture and offsets

Hydrogen

“We believe in the power of human ingenuity to produce and deliver energy more efficiently, and to help build a resilient, lower carbon energy system that can continue to meet growing energy demand and advance human progress.”

looking to the future

As we navigate a world of uncertainty, we remain grounded in the vision, purpose and values of The Chevron Way. We’ll continue to provide the energy that powers the world today as we build new businesses capable of becoming a larger part of the energy system that powers tomorrow.

That’s human progress.

*chevron at a glance data, as of year end 12/31/23