Chevron 2014 Annual Report Download - page 3

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Chevron recognizes the world needs reliable and affordable energy
to meet growing demand. We are committed to help meet that
demand while delivering sustained value to our stockholders,
employees, business partners and the communities where we
operate. 2014 brought many global challenges, including a
precipitous drop in crude oil prices. In response to volatile market
conditions we continue to be guided by our strategic plan and
by the rigorous processes we follow to remain a top competitor
within any business environment. During the year we advanced our
upstream major capital projects and remained on track to grow our
crude oil and natural gas production. Our downstream operations
continued to benefit from the large investments we have made to
grow our position in additives, petrochemicals and lubricants, and
enhance our refinery system. Our consistent capital discipline and
focus on operating costs throughout the business cycle position
us to deliver future growth and strong returns.
The online version of this report contains additional information
about our company, as well as videos of our various projects. We
invite you to visit our website at Chevron.com/AnnualReport2014.
Chevron Corporation 2014 Annual Report 1
On the cover: Chevron is undertaking the largest shipbuilding and fleet modernization program in our recent corporate history. During 2014
Chevron Shipping Company took delivery of seven new ships including the first two of six new liquefied natural gas (LNG) carriers to support
our growing LNG operations. Here, Chevron Shipping employees Chris Kasey (left), site Health, Environment and Safety lead, and Ian Wolfarth,
LNG construction manager, conduct an inspection of one of the four storage tanks of a new LNG carrier under construction in South Korea.
Inside front cover: Chevron has a strong legacy position in the Permian Basin of West Texas and southeastern New Mexico, which is a key
asset in our portfolio. The Permian is one of the largest, oldest and most important producing areas in the United States. It comprises several
basins, including the liquids-rich Delaware Basin and Midland Basin, and offers both conventional and shale and tight resources opportunities.