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Chevron Corporation 2012 Annual Report 7
Upstream explores for and produces crude oil and natural gas. At the end of 2012,
worldwide net oil-equivalent proved reserves for consolidated and affiliated companies
were 1 1.35 billion barrels. In 2012, net oil-equivalent production averaged 2.61 million
barrels per day. Major producing areas include Angola, Australia, Azerbaijan, Bangladesh,
Brazil, Canada, China, Denmark, Indonesia, Kazakhstan, Nigeria, the Partitioned Zone
between Kuwait and Saudi Arabia, the Philippines, Thailand, the United Kingdom, the
United States, and Venezuela. Major exploration areas include the U.S. Gulf of Mexico and
the offshore areas of Western Australia and western Africa. Additional areas include the
Gulf of Thailand, the Kurdistan Region of Iraq, the South China Sea, and the offshore areas
of Canada, Liberia, Norway, Sierra Leone, Suriname and the United Kingdom. Shale gas
exploration areas include Argentina, Canada, China, Lithuania, Poland, Romania and the
United States.
We are engaged in every aspect of the natural gas business — liquefaction, pipeline and
marine transport, marketing and trading, and power generation. Overall, we have approxi-
mately 160 trillion cubic feet of natural gas unrisked resources. In North America, Chevron
ranks among the top natural gas marketers with sales in 2012 averaging approximately
6 billion cubic feet per day. We own, operate or have an interest in an extensive network
of crude oil, refined product, chemical, natural gas liquid and natural gas pipelines. Chevron
Shipping Company manages a fleet of four U.S. and 24 international vessels.
Downstream and Chemicals includes refining, fuels and lubricants marketing, petro-
chemicals manufacturing and marketing, supply and trading, and transportation. In 2012,
we processed 1.7 million barrels of crude oil per day and averaged 2.8 million barrels per
day of refined product sales worldwide. Our most significant areas of operations are the
west coast of North America, the U.S. Gulf Coast, Singapore, Thailand, South Korea,
Australia and South Africa. We hold interests in 14 fuel refineries and market transportation
fuels and lubricants under the Chevron, Texaco and Caltex brands. Products are sold
through a network of 16,769 retail stations, including those of affiliated companies. Our
chemicals business includes Chevron Phillips Chemical Company LLC, a 50 percent-owned
affiliate that is one of the world’s leading manufacturers of commodity petrochemicals,
and Chevron Oronite Company LLC, which develops, manufactures and markets quality
additives that improve the performance of fuels and lubricants.
Our three technology companies — Energy Technology, Technology Ventures and
Information Technology — are focused on driving business value in every aspect of our
operations. We operate technology centers in Australia, the United Kingdom and the
United States. Together they provide strategic research, technology development, and
technical and computing infrastructure services to our global businesses.
We are one of the world’s leading producers of geothermal energy, with operations in
Indonesia and the Philippines. We are involved in developing promising renewable sources
of energy, including advanced biofuels from nonfood sources. Our subsidiary Chevron
Energy Solutions works with internal and external clients to develop and build sustainable
energy projects that increase energy efficiency and reduce costs.
The foundation of our business success and world-class performance is operational
excellence, which we define as the systematic management of process safety, personal
safety and health, environment, reliability, and efficiency. Safety is our highest priority.
We are committed to attaining world-class standards in operational excellence. We will
not be satisfied until we have zero incidents.
Upstream
and Gas
Exploration and
Production
Strategy:
Grow profitably in
core areas and build
new legacy positions.
Gas and Midstream
Strategy:
Commercialize our equity
gas resource base while
growing a high-impact
global gas business.
Strategy:
Improve returns and
grow earnings across
the value chain.
Strategy:
Differentiate performance
through technology.
Strategy:
Invest in profitable
renewable energy
and energy efficiency
solutions.
Downstream
and Chemicals
Technology
Renewable
Energy and
Energy
Efficiency
Operational
Excellence