Svante tech trial facility, San Joaquin Valley, Bakersfield. Worker with a feedwater boiler unit.

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

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.



produced from our deepwater asset class in 2022



of our 2023 capital budget focused on deepwater resources



CO2e/boe carbon intensity in the deepwater U.S. Gulf of Mexico

chevron at a glance



barrels net oil-equivalent daily production1



total assets2



barrels net oil-equivalent proved reserves2,3



sales and other operating revenues1

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

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

reinvest icon

reinvesting to grow future cash flows

Invested with discipline in oil, natural gas and new energy opportunities

strengthen balance sheet

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

plant environment icon

growing lower carbon businesses

Seeking to grow lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies
“Chevron is exploring opportunities to commercialize and scale the next generation of emerging technologies.”

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

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.

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.