Worldwide oil-equivalent production increased by 7% due to the full year of legacy PDC Energy, Inc. (PDC) production and growth in the Permian Basin. This suggests a successful acquisition contributing to increased output.

The company sold its 20% nonoperated working interest in the Athabasca Oil Sands Project and associated Quest carbon capture and storage project in Alberta, as well as its operated assets in the Duvernay shale for $6.5 billion. This indicates a shift in portfolio strategy.

Chevron is also undergoing front end engineering design (FEED) and procurement for long lead items to further expand the installed capacity at the Leviathan Field from 1.4 to up to 2.1 billion cubic feet per day. This expansion aims to increase production and improve the monetization of the asset, including opportunities via existing and planned regional infrastructure as well as potential avenues for entry into the global LNG market.

The company announced plans to achieve $2-3 billion in structural cost reductions by the end of 2026. These cost savings will largely come from optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including expanded use of global capability centers.

Progress on the Jansz-Io Compression project continued during 2024 with first gas expected in 2028. Proved reserves have been recognized for this project. Gorgon's estimated remaining economic life exceeds 40 years.

Chevron has a 62.9 percent-owned and operated interest in the unit areas containing the Anchor Field, located in the Green Canyon area. Stage 1 of the Anchor development that consists of a seven-well subsea development and a semi-submersible floating production unit achieved first oil in August 2024 utilizing an industry-first 20,000 pounds per square inch deepwater technology.

Chevron is primarily in a commodities business that has a history of price volatility. The most significant factor that affects the company's results of operations are the prices of crude oil, natural gas, and natural gas liquids, which can be influenced by general economic conditions and level of economic growth.

There are numerous and evolving risks to Chevron's cybersecurity and privacy from cyber threat actors, including criminal hackers, state-sponsored intrusions, industrial espionage and employee malfeasance.

The completion of the acquisition of Hess Corporation (Hess) is subject to a number of conditions, including approval of any Guyanese governmental body, agency or authority that asserts its approval is required in connection with the transaction, which makes the completion and timing of the completion of the merger uncertain.

Strong competition exists in all sectors of the petroleum and petrochemical industries in supplying the energy, fuel and chemical needs of industry and individual consumers. In the upstream business, Chevron competes with fully integrated, major global petroleum companies, as well as independent and national petroleum companies, for the acquisition of crude oil and natural gas leases and other properties and for the equipment and labor required to develop and operate those properties.

Chevron's strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world. Our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. We are leveraging our capabilities, assets and customer relationships as we aim to lead in lower carbon intensity oil, products and natural gas, as well as advance new products and solutions that reduce the carbon emissions of major industries.

Chevron is applying artificial intelligence (AI) to drive productivity, efficiency and value to its global operations. The company is building high-impact use cases leveraging its extensive data and insights and collaborating with others to access AI solutions to help unlock value. In an effort to ensure its AI systems are reliable and effective, the company is employing processes to assess its capabilities, limitations and readiness. Chevron is a member of the Responsible AI institute, a consortium focused on integrating AI responsibly while safeguarding human values.

In 2024, the company completed the upgrade of the Pasadena Refinery, which is expected to increase light crude oil throughput capacity to 125,000 barrels per day with a phased start-up through first-quarter 2025. This project should allow the company to process more equity crude from the Permian Basin, supply more products to customers in the U.S. Gulf Coast and realize synergies with the company's Pascagoula Refinery.

As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of 1,780,000 net acres in the Delaware and Midland basins in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 2025. The asset is comprised of stacked formations enabling production from multiple geologic zones from single surface locations, staging the development for optimized capacity utilization of facilities and infrastructure.

Chevron is the largest oil and natural gas producer in Colorado, where development is focused across approximately 580,000 net acres in the Denver-Julesburg (DJ) Basin. Chevron follows a factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed using hydraulic fracture stimulation.

In 2024, Chevron announced the establishment of an engineering and innovation center in India to provide technical and digital solutions for the enterprise.

Chevron leverages its in-house expertise to undertake internal research and development to advance energy solutions. The company holds more than 4,000 patents for new technologies, with nearly 3,400 additional patents pending, making Chevron one of the leading U.S. patent holders in the industry.

Chevron is a member of the Responsible AI institute, a consortium focused on integrating AI responsibly while safeguarding human values.

The company repurchased $15.2 billion of its common stock in 2024 under its stock repurchase program. As of December 31, 2024, the company had purchased a total of 170.9 million shares for $26.4 billion excluding excise taxes, resulting in $48.6 billion remaining under the 2023 Program.

In January 2025, the company's Board of Directors increased its quarterly dividend by $0.08 per share, approximately five percent, to $1.71 per share payable in March 2025.

In 2021, the company guided to capital spend of approximately $10 billion through 2028 to advance its lower carbon ambitions, which includes approximately $2 billion to lower the carbon intensity of its oil and gas operations, and approximately $8 billion for lower carbon investments including in renewable fuels, hydrogen and carbon capture and offsets.

The company aims to lower the carbon intensity of its oil and gas operations and comply with the related laws and regulations to which it is subject.

Chevron is a member of the Responsible AI institute, a consortium focused on integrating AI responsibly while safeguarding human values.

Chevron supports the Paris Agreement's global approach to governments addressing climate change and continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy.

Chevron has a 14 percent interest in a pipeline system that provides an important export route for Argentina's crude oil. During 2024, a majority of the company's exported crude oil was transported through this pipeline system. Chevron is currently evaluating other strategic alternatives to increase its export capacity in the country.

Chevron secured 15 additional exploration blocks in the South Santos and Pelotas basins in 2024.

In 2024, Chevron acquired a 60 percent-owned and operated interest in offshore exploration Block OFF-1 with plans to initiate a 3D seismic campaign in 2025.