Chevron 2004 Annual Report Download - page 9

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7
RESULTS
DOWNSTREAM
> Transformed to a global, functional
organization model and achieved
signifi cant earnings improvements
> Resumed marketing fuels under Texaco
brand in United States; Chevron fi rst
U.S. and Canada brand designated
“TOP TIER Detergent Gasoline” by
four leading auto manufacturers
 UPSTREAM
> Achieved exploration success rate of
57 percent, compared with 10-year
industry average of 32 percent
> Brought on new production from
Angola, China, U.K. North Sea, Thai-
land, Venezuela
> Secured access to planned Sabine Pass
regasifi cation facility in Louisiana
> Reached agreements to evaluate gas-
to-liquids opportunities in Qatar
 Our upstream strategy is to improve prof-
itability in core areas and build new legacy positions.
Progress was made on both fronts in 2004.
CORE AREAS During the year, we brought a number of
world-class projects onstream and strengthened our
position in several core areas. One such project was the
Bomboco Field, which began initial production in 2004.
Bomboco is part of a $1.9 billion development under way
in the deep water of Angola. We also achieved fi rst pro-
duction from China’s Bohai Bay and from an expansion
of the Alba Field in the U.K. North Sea. In Venezuela, the
Hamaca heavy-oil upgrader project was completed, and
the fi rst sales of Hamaca synthetic crude were made.
We have an ongoing effort under way to maximize value
from our producing assets. A major focus is on lowering
costs while increasing reliability and production volumes.
We also continue to upgrade our portfolio of core assets.
In 2004, we completed virtually all of our major planned
asset sales, taking advantage of favorable market con-
ditions to sell nonstrategic producing properties. >