Chevron Corporation is a Delaware corporation that manages investments in subsidiaries and affiliates, providing administrative, financial, management, and technology support. Its subsidiaries engage in integrated energy and chemicals operations globally. Upstream operations focus on exploration, development, production, and transportation of crude oil and natural gas, including LNG processing and transportation. Downstream operations involve refining crude oil into petroleum products, marketing crude oil and refined products, and manufacturing and marketing renewable fuels, along with petrochemicals. Chevron also transports crude oil and refined products via pipelines, marine vessels, motor equipment, and rail cars.

Chevron competes with major and national oil companies in upstream operations for leases, equipment, and labor. In downstream, it competes with integrated majors, independent refiners, marketers, transporters, chemical entities, and national oil companies. The company's profitability is significantly influenced by global supply and demand dynamics, government regulations, and technological advancements. It faces competition in supplying energy, fuel, and chemical needs to industries and individual consumers.

Chevron's strategy emphasizes leveraging strengths to deliver lower carbon energy, aiming for higher returns and lower carbon emissions. It focuses on leading in lower carbon intensity oil, products, and natural gas while advancing new products and solutions to reduce carbon emissions in major industries. The company aims to grow its traditional oil and gas business while expanding into renewable fuels, carbon capture, hydrogen, and other emerging technologies.

• Employees: 45,600 (as of December 31, 2023)
• Geographic Footprint: North America, South America, Europe, Africa, Asia, and Australia
• Headquarters: San Ramon, California
• Founded: 1926 (Incorporated in Delaware as Standard Oil Company of California)
• Number of locations/facilities: Not specified
• Revenue: $196.9 billion (FY2023)
• Market Capitalization: $293.8 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Chevron, Texaco, Caltex (See Exhibit 21.1 for a full list of significant subsidiaries)

• CEO: Michael K. Wirth (Chairman of the Board and Chief Executive Officer since February 2018)
• CFO: Pierre R. Breber (Vice President and Chief Financial Officer since April 2019)
• Board Chair: Michael K. Wirth
• Other Key Executives: Mark A. Nelson (Vice Chairman), A. Nigel Hearne (Executive Vice President, Oil, Products & Gas), Eimear P. Bonner (Vice President), Jeff B. Gustavson (Vice President, Lower Carbon Energies), Balaji Krishnamurthy (Vice President), Rhonda J. Morris (Vice President and Chief Human Resources Officer), R. Hewitt Pate (Vice President and General Counsel)

• Annual Revenue: $196.9 billion (FY2023)
• Net Income: $21.4 billion (FY2023)
• Market Cap: $293.8 Billion (as of June 30, 2023)
• Total Assets: $261.6 billion (FY2023)
• Number of Employees: 45,600 (as of December 31, 2023)
• Key Financial Highlights: Net income attributable to Chevron Corporation decreased to $21.4 billion in 2023, compared with $35.5 billion in 2022. Sales and other operating revenues were $196.9 billion in 2023, compared with $235.7 billion in 2022. Return on capital employed decreased to 11.9% in 2023, compared with 20.3% in 2022.

Chevron's Upstream segment explores for, develops, produces, and transports crude oil and natural gas, including LNG. The Downstream segment refines crude oil into petroleum products, markets these products and lubricants, manufactures and markets renewable fuels, and manufactures and markets commodity petrochemicals and plastics. Chevron also offers transportation services for crude oil and refined products.

• Upstream: Exploration, development, production, and transportation of crude oil and natural gas, LNG processing and transportation.
• Downstream: Refining crude oil, marketing petroleum products and lubricants, manufacturing and marketing renewable fuels, transporting crude oil and refined products, manufacturing and marketing commodity petrochemicals and plastics.
• Chemicals: Performance additives for lubricating oils and fuels, olefins, polyolefins, alpha olefins, polyethylene pipe, specialty chemicals and plastics.
• Transportation: Network of crude oil, natural gas, and product pipelines; marine fleet of crude tankers, product carriers, and LNG vessels.

Chevron operates under two primary business segments: Upstream and Downstream.

• Upstream (FY2023): $17.4 billion earnings; $194.8 billion in assets.
• Downstream (FY2023): $6.1 billion earnings; $54.5 billion in assets.

Chevron's strategy focuses on delivering higher returns, lower carbon emissions, and superior shareholder value. They aim to lead in lower carbon intensity oil, products, and natural gas while developing solutions for carbon emission reduction in major industries. Growth areas include oil and gas, renewable fuels, carbon capture and offsets, hydrogen, and emerging technologies. The company uses a "factory development" approach in some areas, utilizing multi-well pads and hydraulic fracturing for optimized production.

• Lower Carbon Emissions: Investing in renewable fuels, carbon capture, hydrogen, and other emerging technologies.
• Growth: Expanding oil and gas business while lowering carbon intensity and growing lower carbon businesses.
• Technology & Innovation: Implementing advanced technologies to improve efficiency and reduce emissions.
• Acquisitions: Pursuing strategic acquisitions to expand operations and capabilities (e.g., PDC Energy, Hess Corporation).

Chevron operates in the global energy industry, competing with international and national oil companies in both upstream and downstream operations. The industry is influenced by crude oil and natural gas prices, global supply and demand, technological advancements, government regulations, and geopolitical events. The company faces increasing competition from alternative energy sources and is subject to evolving environmental regulations, particularly concerning greenhouse gas emissions and climate change.

• Major Competitors: ExxonMobil, BP, Shell, TotalEnergies, and other integrated oil and gas companies, along with national oil companies and independent producers.
• Industry Trends: Transition to lower carbon energy, technological advancements in exploration and production, increasing focus on renewable energy sources, evolving environmental regulations.

• Commodity Price Volatility: Fluctuations in crude oil and natural gas prices significantly impact Chevron's earnings and financial performance.
• Geopolitical Risks: Political instability, regulatory changes, and events like the war between Russia and Ukraine can disrupt operations and impact profitability.
• Climate Change Regulations: Increasing regulations and policies related to greenhouse gas emissions and climate change could increase operational costs and reduce demand for hydrocarbon products.
• Cybersecurity Threats: Chevron faces increasing cybersecurity risks that could disrupt operations, harm assets, and compromise sensitive data.
• Acquisition Integration: Successful integration of acquired companies, such as PDC Energy and the pending acquisition of Hess Corporation, is crucial for realizing anticipated benefits and synergies.