Chevron 2003 Annual Report Download - page 24

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ChevronTexaco Corporation is one of the world’s largest integrated energy companies. We have approximately 51,000 employees working in
more than 180 countries. Our operations span the spectrum of energy activities, including crude oil and natural gas exploration and produc-
tion, and the re ning, marketing and transportation of petroleum products. We also have signi cant interests in petrochemicals and power
generation assets and are working to develop and commercialize the next generation of promising energy technologies.
GLOBAL UPSTREAM
ChevronTexaco’s global upstream business is the linchpin of
the company’s current and future performance. For the 11th
consecutive year, proved crude oil and natural gas replacement
exceeded 100 percent. Worldwide net proved crude oil and
natural gas reserves were 12 billion barrels of oil-equivalent
at the end of 2003. During the year, the company produced
2.5 million barrels per day of oil-equivalent.
We are the top crude oil and natural gas producer in Angola
and Kazakhstan and the top crude oil producer in Indonesia.
We are one of the largest crude oil and natural gas producers in
the United States, West Africa, Asia-Paci c and Latin America.
Our exploration activities are focused on the U.S. Gulf of Mexico,
Nigeria and Angola. We are the largest holder of deepwater
acreage in Nigeria and among the top in the deepwater Gulf of
Mexico. In Australia, we are the largest leaseholder of undevel-
oped natural gas resources.
GLOBAL GAS
In 2003, ChevronTexaco created a new global natural gas
business. Its objective is to accelerate the commercialization of
ChevronTexaco’s natural gas resources and maximize the value
of the company’s natural gas portfolio.
With natural gas resources and production in some of the
world’s most proli c basins, the company will build on its
lique ed natural gas (LNG) capabilities, initially targeting
North American and Asian markets. The Port Pelican receiv-
ing terminal, to be located in the U.S. Gulf of Mexico, will link
North American markets with natural gas resources in West
Africa and Latin America. Port Pelican is the  rst offshore
facility of its kind to be permitted in the United States. In Asia-
Paci c, we are moving forward to commercialize our vast
resource base in the Greater Gorgon Area offshore Australia.
Global Gas, through its gas-to-liquids (GTL) joint venture,
Sasol Chevron, also is developing a GTL project in Nigeria.
Global Gas also has oversight of ChevronTexaco’s pipeline,
shipping, natural gas marketing, power generation facilities
and gasi cation licensing business.
CHEVRONTEXACO AT A GLANCE
GLOBAL PORTFOLIO
WORLDWIDE UPSTREAM OPERATIONS
CHEVRONTEXACO
NORTH
AMERICA
LATIN AMERICA &
CARIBBEAN
AFRICA
EUROPE
EURASIA
MIDDLE
EAST
ASIA-PACIFIC