Chevron Corporation Analysis
What is Chevron Corporation?
Global energy leader in oil and gas exploration
Employees
10001+
Founded
1879
Industry
Fossil Fuels
HQ Full Address
1500 Louisiana Street, Houston, Texas 77002, United States
Market Share
12.0%
Product Features & Capabilities
- Oil and natural gas exploration
- Refining and marketing gasoline
- Chemical production
- Carbon capture and storage
- Technology and innovation in energy solutions
Other Considerations
Completed merger with Hess Corporation in 2025; Focused on reducing carbon intensity in operations; Engaged in conservation efforts in various regions
Recent News
- Workforce Reduction - Chevron announced plans to reduce its workforce by 15% to 20% as part of a cost-cutting strategy, which could affect up to 20% of its employees.
- Permian Basin Capex Cuts - The company is reducing its capital expenditures in the Permian Basin for 2025, signaling a shift towards cost control and a focus on maximizing cash flow.
- Quarterly Profit Performance - Chevron reported beating Wall Street estimates for its third-quarter profit, driven by higher oil and gas output, although its earnings showed a decline compared to previous periods.
- Tax Contributions - In 2023, Chevron paid significantly more in taxes abroad compared to its home country, with reports indicating it paid five times more in taxes in foreign operations.
- Carbon Capture Initiatives - Chevron is exploring carbon capture and storage (CCUS) projects in collaboration with JERA Co., Inc. in the U.S. and Australia, reflecting its commitment to lower carbon energy systems.
Competitors
- Exxon Mobil Corp - Based in the United States, Exxon Mobil is a major player in the oil and gas industry, with a revenue of approximately $339.2 billion and around 60,900 employees. It is known for its extensive global operations and significant market presence.
- BP plc - Headquartered in London, BP focuses on environmental sustainability while operating in the oil and gas sector. It is one of the largest publicly traded oil and gas companies in the world.
- Royal Dutch Shell - Known simply as Shell, this multinational company is based in The Hague, Netherlands, and operates in over 70 countries. It is one of the largest oil and gas companies globally, with a revenue of about $284.3 billion.
- TotalEnergies SE - A French multinational, TotalEnergies engages in all aspects of oil and gas operations, including exploration, production, refining, and marketing. It has a revenue of approximately $195.6 billion.
- ConocoPhillips - Headquartered in Houston, Texas, ConocoPhillips is an exploration and production company that operates globally in crude oil and natural gas.
- Occidental Petroleum
- Hess Corporation - With a market cap of $49.29 billion, Hess is another significant player in the energy sector, focusing on exploration and production.
- Equinor ASA - Based in Norway, Equinor has a market cap of $73.63 billion and is involved in oil and gas exploration and production.
- Suncor Energy
- Marathon Petroleum - With a market cap of $45.21 billion, Marathon Petroleum is a significant competitor in the refining sector.
Sustainability Initiatives
- Lower Carbon Intensity - Chevron is committed to reducing the carbon intensity of its operations and investing in technologies that support lower carbon energy systems.
- Water Management - The company minimizes the use of fresh water by reusing produced water in its operations, including for steam generation during oil production. They also treat and recycle excess water for agricultural purposes.
- Climate Change Resilience - Chevron has published a 2023 Climate Change Resilience Report, outlining its strategies to address climate change and transition to sustainable energy solutions.
- Partnerships for Sustainable Development - Chevron collaborates with educational institutions, such as the Colorado School of Mines, to develop sustainable energy systems and infrastructure.
- Corporate Sustainability Reporting - Chevron publishes annual sustainability reports that detail its environmental performance, greenhouse gas emissions, and other sustainability-related metrics. For more detailed information, you can refer to their official sustainability page and reports.
