Chevron 2014 Annual Report Download - page 9
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Upstream explores for and produces crude oil and natural gas. At the end of 2014
worldwide net oil-equivalent proved reserves for consolidated and affiliated companies
were 1 1.1 billion barrels. During 2014 net oil-equivalent production averaged 2.6 million
barrels per day. Top producing areas include Angola, Australia, Bangladesh, Canada,
Indonesia, Kazakhstan, Nigeria, the Partitioned Zone between Kuwait and Saudi Arabia,
Thailand, the United States and Venezuela. Major conventional exploration areas include
the deepwater U.S. Gulf of Mexico, the offshore areas of Australia and western Africa, and
the Kurdistan Region of Iraq. Key exploration areas for unconventional shale and tight
resources are Argentina, Canada and the United States.
Upstream Strategy:
Grow profitably in core
areas and build new
legacy positions.
Gas and Midstream provides services that link Upstream and Downstream and Chemicals
to the market. This includes commercializing our equity gas resource base and maximizing
the value of the company’s equity natural gas, crude oil, natural gas liquids and refined
products. It has global operations with major centers in Houston; London; Singapore; and
San Ramon, California.
Gas and
Midstream
Strategy:
Apply commercial and
functional excellence to
enable the success of
Upstream and Downstream
and Chemicals.
Downstream and Chemicals includes refining, fuels and lubricants marketing, and
petrochemicals and additives manufacturing and marketing. In 2014 we processed
1.7 million barrels of crude oil per day and averaged 2.7 million barrels per day of refined
product sales worldwide. Our most significant areas of refinery operations are the west
coast of North America, the U.S. Gulf Coast, Singapore, Thailand, South Korea and South
Africa. We hold interests in 13 refineries and market transportation fuels and lubricants
under the Chevron, Texaco and Caltex brands. Products are sold through a network of
16,377 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.
Strategy:
Deliver competitive
returns and grow earnings
across the value chain.
Downstream
and Chemicals
Our three technology companies — Energy Technology, Technology Ventures and
Information Technology — are focused on enhancing business value in every aspect of
our operations. We have established major technology centers in Australia, the United
Kingdom and the United States. Together they provide strategic research, technology
development, technical and computing infrastructure services, and data protection to
our global businesses.
Strategy:
Differentiate performance
through technology.
Technology
We are one of the world’s leading producers of geothermal energy, supplying abundant,
reliable energy to millions of people in Indonesia and the Philippines. We also are investing
in energy efficiency technologies to improve the performance of our operations worldwide.
Strategy:
Invest in profitable
renewable energy
and energy efficiency
solutions.
Renewable
Energy and
Energy
Efficiency
We define operational excellence as the systematic management of process safety,
personal safety and health, the environment, reliability, and energy efficiency. Safety is
our highest priority. We are committed to attaining superior performance in operational
excellence and believe our goal of zero incidents is attainable.
Operational
Excellence
Photo Left: With the 2014 startup of the 25,000-barrel-per-day
premium base oil facility at the company’s Pascagoula, Mississippi,
refinery, Chevron became the worldwide leader in premium base oil
production. Premium base oil is used in more advanced lubricant
formulations to meet increasing global standards for emissions
and fuel efficiency.
Chevron Corporation 2014 Annual Report 7