Chevron 2004 Annual Report Download - page 11
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9
During the year, we continued to lower refinery operating and maintenance
costs. Our turnaround process for refinery maintenance is considered world
class by the industry’s leading external refining benchmarking firm. We also
are driving greater efficiencies through our refinery network. In 2004, our
refineries improved energy efficiency by 2.5 percent compared with 2003, an
important achievement in a high fuel-price environment.
MARKETING We made significant strides in our marketing initiatives in 2004.
In July, we resumed marketing fuels under the Texaco brand in the United
States. By the end of the year, we were supplying more than 1,000 Texaco retail
sites, primarily in the Southeast, and had plans to supply additional sites in the
Southeast and West in 2005. We also received important recognition of our
Chevron fuel brand. It was the first in the United States and Canada to be certi-
fied by four of the world’s top automakers as meeting “TOP TIER” criteria for
gasoline detergency levels. We also made progress in selling nonstrategic retail
sites. At the end of 2004, we had sold nearly 1,600 sites since a divestiture pro-
gram began in 2003. At the same time, we maintained sales volumes through
our network of approximately 25,700 retail outlets, including affiliates.
Over the next two decades, demand for natural gas
is expected to outpace demand for oil. The fastest-
growing markets will be Asia and the United States,
and ChevronTexaco is positioned to supply both.
We have large holdings of natural gas resources in
both the Pacific and Atlantic basins. Our strategy is
to commercialize them by targeting North American
and Asian markets.
In the Pacific Basin, our focus is on the Greater
Gorgon Area offshore Western Australia. We plan
to deliver liquefied natural gas (LNG) from Gorgon
to markets in Asia and on the West Coast of North
America. Also in Australia, we are part of the North
West Shelf Venture, which supplies LNG to Japan
and South Korea. In 2004, a fourth gas-processing
train was completed to expand LNG production,
and ChevronTexaco began operating the venture’s
> The Northwest
Swan is the
newest lique-
fied natural
gas carrier
in Australia’s
North West
Shelf Venture.
newest LNG carrier. In the Atlantic Basin, our strat-
egy is to deliver natural gas from West Africa and
Latin America to markets in North America. We
have received key permits for regasification termi-
nals on the West and Gulf coasts of North America
and have secured capacity in a planned regasifica-
tion terminal in Louisiana.
Gas-to-liquids (GTL) is the other important element
of our natural gas strategy. Through our Sasol
Chevron joint venture, we have a GTL project under
way in Nigeria and are evaluating projects in Qatar
and Australia.
Our LNG and GTL initiatives benefit from our experi-
ence across the natural gas value chain, including
our global shipping, power, and North America
marketing and pipeline operations.