Chevron Corp. ranks among the world's largest and most competitive global energy companies. Headquartered in San Francisco, it is engaged in every aspect of the oil and gas industry, including exploration and production; refining, marketing and transportation; chemicals manufacturing and sales; and power generation.

Worldwide, Chevron is the fourth largest publicly traded company in terms of oil and gas reserves and is the fourth largest producer.

Company Roots

The company trace their beginnings to an 1879 oil discovery at Pico Canyon, north of Los Angeles, which led to the formation of the Pacific Coast Oil Co. That company later became Standard Oil Co. of California and, subsequently, Chevron. The Group took on the name Chevron when they acquired Gulf Oil Corp. in 1984, nearly doubling worldwide proved oil and gas reserves. This merger with Gulf was at that time the largest in U.S. history.

Another major branch of the family tree is The Texas Fuel Company, formed in Beaumont, Texas, in 1901. It later became known as The Texas Company and eventually Texaco. In 2001, the two companies merged. The acquisition of Unocal Corporation in 2005 strengthened Chevron's position as an energy industry leader, increasing their crude oil and natural gas assets around the world.

Production

Worldwide net oil-equivalent production was 3.28 million barrels per day in fourth quarter 2020, an increase of 6 percent from a year ago. The increase was largely due to the Noble Energy acquisition, partially offset by production curtailments. Worldwide net oil-equivalent production for the full-year 2020 was 3.08 million barrels per day, an increase of 1 percent from the prior year.

U.S. upstream net oil-equivalent production of 1.20 million barrels per day in fourth quarter 2020 was up 197,000 barrels per day from a year earlier. The increase was due to 231,000 barrels per day of production from the Noble Energy acquisition. Additional production increases from shale and tight properties in the Permian Basin were more than offset by normal field declines, weather effects in the Gulf of Mexico and a 25,000 barrels per day decrease related to the Appalachian asset sale. The net liquids component of oil-equivalent production in fourth quarter 2020 increased 14 percent to 880,000 barrels per day, while net natural gas production increased 39 percent to 1.89 billion cubic feet per day, compared to last year’s fourth quarter.

International net oil-equivalent production of 2.08 million barrels per day in fourth quarter 2020 was flat relative to fourth quarter 2019. Higher production due to 124,000 barrels per day of production from the Noble Energy acquisition and favorable entitlement effects were offset by production curtailments associated with OPEC+ restrictions and market conditions, asset sale-related decreases of 82,000 barrels per day and normal field declines. The net liquids component of oil-equivalent production decreased 2 percent to 1.10 million barrels per day in fourth quarter 2020, while net natural gas production of 5.90 billion cubic feet per day increased 3 percent, compared to last year's fourth quarter.

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