Chevron Corporation (NYSE: CVX Euronext: CHTEX) is an American multinational energy corporation. Headquartered in San Ramon, California, and active in more than 180 countries, it is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation. Chevron is one of the world's six "supermajor" oil companies. For the past five years, Chevron has been continuously ranked as one of America's 5 largest corporations by Fortune 500.
Chevron Corporation (Chevron), incorporated in 1926, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services. Upstream operations consist of exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids project. Downstream operations consist of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car, and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives. The upstream and downstream activities of the Company and its equity affiliates are dispersed geographically, with operations in North America, South America, Europe, Africa, Asia and Australia. During the year ended December 31, 2010, the Company completed the acquisition of approximately 200,000 acres in Alberta’s Duvernay formation. During 2010, Chevron acquired a 70% interest and operatorship in three deepwater blocks off the coast of Liberia. In March 2010, the Company completed the acquisition of 9.8% interest in St. Malo. In September 2010, the Company completed acquisition of operating interests in three deepwater exploration blocks in the South China Sea’s Pearl River Mouth Basin. In September 2010, the Company completed the acquisition of a 60% interest in the P/1 and P/2 blocks. In February 2011, Chevron completed the acquisition of Atlas Energy, Inc.
Upstream
Upstream activities in the United States are concentrated in California, the Gulf of Mexico, Louisiana, Texas, New Mexico, the Rocky Mountains and Alaska. During 2010, average net oil-equivalent production in the United States was 708,000 barrels per day. During 2010, average net oil-equivalent production was 199,000 barrels per day, composed of 178,000 barrels of crude oil, 96 million cubic feet of natural gas and 5,000 barrels of natural gas liquids. During 2010, average net oil-equivalent production for the Company’s combined interests in the Gulf of Mexico shelf and deepwater areas, and the onshore fields in the region was 260,000 barrels per day. During 2010, the daily oil-equivalent production was composed of 169,000 barrels of crude oil, 445 million cubic feet of natural gas and 17,000 barrels of natural gas liquids. During 2010, Chevron was engaged in various exploration and development activities in the deepwater Gulf of Mexico. During 2010, deepwater exploration activities included participation in five exploratory wells: two wildcat, two appraisal and one delineation. During 2010, the Company added 15 new leases to its deepwater portfolio. During 2010, the Company’s the United States production outside California and the Gulf of Mexico averaged 249,000 net oil-equivalent barrels per day, composed of 91,000 barrels of crude oil, 773 million cubic feet of natural gas and 29,000 barrels of natural gas liquids. In the Piceance Basin in northwestern Colorado, the Company continued development of its 100 % -owned and operated natural gas field.
Other Americas is composed of Canada, Greenland, Argentina, Brazil, Colombia, Trinidad and Tobago, and Venezuela. During 2010, net oil-equivalent production from these countries averaged 247,000 barrels per day, including the Company’s share of synthetic oil production. The Company activities in Canada include non-operated working interests of 26.9 % in the Hibernia Field and 26.6% in the Hebron Field, both offshore eastern Canada, and 20% in both the Athabasca Oil Sands Project (AOSP) and the AOSP Expansion 1 Project. During 2010, average net oil-equivalent production was 54,000 barrels per day, composed of 53,000 barrels of crude oil, synthetic oil and natural gas liquids and four million cubic feet of natural gas. Chevron holds operated interests in five concessions in the Neuquen Basin. During 2010, net oil-equivalent production averaged 32,000 barrels per day, composed of 31,000 barrels of crude oil and natural gas liquids and five million cubic feet of natural gas.
During 2010, Chevron sold its interest in the Puesto Prado, Las Bases and El Sauce fields in the Neuquen Basin. Chevron holds working interests in three deepwater blocks in the Campos Basin. During 2010, net oil-equivalent production averaged 24,000 barrels per day. The company operates the offshore Chuchupa and the onshore Ballena and Riohacha natural gas fields as part of the Guajira Association contract. During 2010, daily net production averaged 249 million cubic feet of natural gas. The Company’s interests include 50% ownership in three partner-operated blocks in the East Coast Marine Area offshore Trinidad, which includes the Dolphin and Dolphin Deep producing natural gas fields. Chevron also holds a 50 % operated interest in the Manatee Area of Block 6(d). During 2010, net production averaged 223 million cubic feet of natural gas per day. Chevron holds interests in two producing affiliates located in western Venezuela and one producing affiliate in the Orinoco Belt. The company operates in two exploratory blocks in the Plataforma Deltana area offshore eastern Venezuela, with working interests of 60% in Block 2 and 100% in Block 3. Chevron also holds a 100% operated interest in the Cardon III exploratory block, located north of Lake Maracaibo in the Gulf of Venezuela.
In Africa, the Company is engaged in exploration and production activities in Angola, Chad, Democratic Republic of the Congo, Liberia, Nigeria and Republic of the Congo. During 2010, net oil-equivalent production in Africa averaged 469,000 barrels per day. Chevron holds company-operated working interests in offshore Blocks 0 and 14 and non-operated working interests in offshore Block 2 and the onshore Fina Sonangol Texaco (FST) area. During 2010, the Company operated the 39.2% owned Block 0, which averaged 116,000 barrels per day of net liquids production. Chevron operates and holds a 31.3% interest in the Lianzi Development Area located between Angola and Republic of the Congo. During 2010, net production from the Republic of the Congo fields averaged 25,000 barrels of oil-equivalent per day. During 2010, two successful exploration wells were drilled in the Moho-Bilondo permit area.
Chevron has a 17.7% non-operated working interest in an offshore concession. During 2010, daily net production averaged 2,000 barrels of oil-equivalent. Chevron has a 25% non-operated working interest in the producing operations and an approximate 21% interest in two affiliates that own the crude oil export pipeline. During 2010, average daily net production from the Chad fields was 28,000 barrels of oil-equivalent. Chevron holds a 40% interest in 13 concessions in the onshore and near-offshore region of the Niger Delta. Chevron operates and holds a 95% interest in the deepwater Nsiko discovery in OML 140. Chevron holds 37% interest, in the West African Gas Pipeline Company Limited affiliate, which constructed, owns and operates the 421-mile West African Gas Pipeline. In 2010, Chevron acquired a 70 % interest and operatorship in three deepwater blocks off the coast of Liberia.
In Asia, the Company is engaged in upstream activities in Azerbaijan, Bangladesh, Cambodia, the People’s Republic of China, Indonesia, Kazakhstan, Myanmar, the Partitioned Zone located between Saudi Arabia and Kuwait, the Philippines, Russia, Thailand, Turkey, and Vietnam. During 2010, net oil-equivalent production averaged 1,069,000 barrels per day. Chevron holds a non-operated working interest in the Azerbaijan International Operating Company (AIOC), which produces crude oil in the Caspian Sea from the Azeri-Chirag-Gunashli (ACG) project. Chevron also has an 8.9% interest in the Baku-Tbilisi-Ceyhan (BTC) affiliate, which owns and operates a crude oil export pipeline from Baku, Azerbaijan, through Georgia to Mediterranean deepwater port facilities in Ceyhan, Turkey. Chevron participates in two major upstream developments in western Kazakhstan. During 2010, Chevron and its partners continued to evaluate alternatives for a phase III development of Karachaganak. Chevron has a 15% interest in the CPC affiliate. During 2010, Caspian Pipeline Consortium (CPC) transported an average of approximately 743,000 barrels of crude oil per day, including 607,000 barrels per day from Kazakhstan and 136,000 barrels per day from Russia. Chevron holds interests in three operated production-sharing contracts (PSCs) covering Blocks 7, 12, 13 and 14. Chevron owns a 30 % interest and operates the 1.2 million-acre Block A, located offshore in the Gulf of Thailand. The company also has a 28.3% interest in a pipeline company that transports the natural gas from Yadana to the Myanmar-Thailand border for delivery to power plants in Thailand. Chevron has operated and nonoperated working interests in multiple offshore blocks. During 2010, the Company drilled seven exploration wells in the Pattani Basin.
Chevron has operated and nonoperated working interests in several areas in the People’s Republic of China. During 2010, the Company’s net oil-equivalent production averaged 20,000 barrels per day, composed of 18,000 barrels of crude oil and condensate and 13 million cubic feet of natural gas. The Company has 100 % owned and operated interests in the Rokan and Siak PSCs onshore Sumatra. The company holds a 45% non-operated working interest in the Malampaya natural gas field located 50 miles offshore Palawan Island. In Australia, the Company’s exploration and production efforts are concentrated off the northwest coast. During 2010, the average net oil-equivalent production from Australia was 111,000 barrels per day. Chevron has a 16.7% non-operated working interest in the North West Shelf (NWS) Venture offshore Western Australia. During 2010, daily net production from the project averaged 25,000 barrels of crude oil and condensate, 456 million cubic feet of natural gas, and 5,000 barrels of liquefied petroleum gas (LPG). During 2010, on Barrow and Thevenard islands off the northwest coast of Australia, Chevron operated crude oil producing facilities that had combined net production of 4,000 barrels per day. In Europe, the Company is engaged in exploration and production activities in Denmark, the Netherlands, Norway, Poland, Romania and the United Kingdom. During 2010, net oil-equivalent production in Europe averaged 159,000 barrels per day. Chevron has a 15% working interest in the partner-operated Danish Underground Consortium (DUC), which produces crude oil and natural gas from 13 of 15 fields in the Danish North Sea. During 2010, four development wells were drilled and completed in the Halfdan, Tyra and Valdemar fields.
Downstream
As of December 31, 2010, the Company had a refining network capable of processing more than two million barrels of crude oil per day. Chevron processes both imported and domestic crude oil in its the United States refining operations. At the Pascagoula Refinery, the Company commissioned a continuous catalytic reformer that is expected to improve equipment reliability and utilization and to allow the refinery to optimize production of high-value products. During 2010, outside the United States, GS Caltex, the Company’s 50 %-owned affiliate, commissioned and reached full capacity on a new 60,000-barrel-per-day heavy-oil hydrocracker at the Yeosu Refinery in South Korea. The Company markets petroleum products under the principal brands of Chevron, Texaco and Caltex throughout globally. In the United States, the Company markets under the Chevron and Texaco brands. As of December 31, 2010, the Company supplied directly or through retailers and marketers approximately 8,250 Chevron- and Texaco-branded motor vehicle service stations, primarily in the southern and western states. Approximately 500 of these outlets are company-owned or -leased stations. During 2010, the Company discontinued sales of Chevron- and Texaco-branded motor fuels in the District of Columbia, Delaware, Indiana, Kentucky, North Carolina, New Jersey, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia and parts of Tennessee. Outside the United States, Chevron supplied directly or through retailers and marketers approximately 11,300 branded service stations, including affiliates. In British Columbia, Canada, the Company markets under the Chevron brand.
The Company markets in the United Kingdom, Ireland, Latin America and the Caribbean using the Texaco brand. In the Asia-Pacific region, southern Africa, Egypt and Pakistan, the Company uses the Caltex brand. The Company also operates through affiliates under various brand names. In South Korea, the Company operates through its 50 %owned affiliate, GS Caltex, and in Australia through its 50 %-owned affiliate, Caltex Australia Limited. Chevron owns a 50% interest in its Chevron Phillips Chemical Company LLC (CPChem) affiliate. As of December 31, 2010, CPChem owned or had joint-venture interests in 36 manufacturing facilities and four research and technical centers around the world. During 2010, CPChem commenced operations at its 49% owned Q-Chem II project in both Mesaieed and Ras Laffan, Qatar. The Company owns and operates facilities in Brazil, France, Japan, the Netherlands, Singapore and the United States and has equity interests in facilities in India and Mexico. Oronite lubricant additives are blended into refined base oil to produce finished lubricant packages used in engine applications, such as passenger car, heavy-duty diesel, marine, locomotive and motorcycle engines, and additives for fuels.
Transportation
Chevron owns and operates an extensive network of crude oil, refined product, chemical, natural gas liquid and natural gas pipelines and other infrastructure assets in the United States. The company also has direct and indirect interests in other the United States and international pipelines. During 2010, the Company completed a project to expand capacity by approximately two billion cubic feet at the Keystone natural gas storage facility near Midland, Texas, bringing total capacity to nearly 7 billion cubic feet. During 2010, the Company sold its 23.4% ownership interest in the Colonial Pipeline Company, which transports products from supply centers on the United States Gulf Coast to customers located along the Eastern seaboard. As of December 31, 2010, the Company had 41 deep-sea vessels chartered on a voyage basis, or for a period of less than one year.
Other Businesses
Chevron’s the United States-based mining company produces and markets coal and molybdenum. Sales occur in both the United States and international markets. The company owns and is the operator of an underground coal mine, North River, in Alabama, and surface coal mines in Kemmerer, Wyoming, and McKinley, New Mexico. The company also owns a 50 % interest in Youngs Creek Mining Company, LLC, which was formed to develop a coal mine in northern Wyoming. During 2010, coal sales from wholly owned mines were eight million tons, down about two million tons. In addition to the coal operations, Chevron owns and operates the Questa molybdenum mine in New Mexico. As of Decmber 31, 2010, Chevron controlled approximately 53 million pounds of molybdenum reserves at Questa. Chevron’s Global Power Company manages interests in 13 power assets with a total operating capacity of more than 3,100 megawatts, primarily through joint ventures in the United States and Asia. Chevron Energy Solutions (CES) is a wholly owned subsidiary that develops and builds energy projects.
OVERALL
Beta: 0.75
Market Cap (Mil.): $217,467.91
Shares Outstanding (Mil.): 2,010.24
Annual Dividend: 3.12
Yield (%): 2.88
FINANCIALS
CVX.N Industry Sector
P/E (TTM): 11.41 6.83 11.65
EPS (TTM): 80.99 -- --
ROI: 13.07 6.81 4.74
ROE: 19.31 9.05 6.03
Statistics:
Public Company
Incorporated: 1906 as Standard Oil Company (California)
Employees: 53,000
Sales: $104.41 billion (2001)
Stock Exchanges: New York Pacific
Ticker Symbol: CVX
NAIC: 211111 Crude Petroleum and Natural Gas Extraction; 324110 Petroleum Refineries; 325110 Petrochemical Manufacturing; 447110 Gasoline Stations with Convenience Stores; 447190 Other Gasoline Stations; 486110 Pipeline Transportation of Crude Oil; 486210 Pipeline Transportation of Natural Gas; 486910 Pipeline Transportation of Refined Petroleum Products
Key Dates:
1879: Pacific Coast Oil Company is founded in California.
1900: Pacific Coast is purchased by the Standard Oil Trust.
1906: Pacific Coast is merged with Standard Oil of Iowa to form Standard Oil Company (California), known as Socal.
1911: The Standard Oil Trust is ordered dissolved by the U.S. Supreme Court, and Socal emerges as an independent firm officially called Standard Oil (California).
1926: Socal merges with Pacific Oil Company, a division of Southern Pacific Railroad Company; company name is changed to Standard Oil Company of California.
1930: Socal strikes oil in Bahrain, beginning the firm's involvement in the Middle East.
1933: Company gains drilling rights in Saudi Arabia.
1936: Socal sells 50 percent of its drilling rights in Saudi Arabia and Bahrain to the Texas Company (later Texaco Inc.), forming a joint venture called the California-Texas Oil Company (Caltex); the Saudi arm of the Caltex venture is later called Arabian American Oil Company (Aramco).
1948: 30 percent of Aramco is sold to Standard Oil Company (New Jersey) and 10 percent to Socony-Vacuum Oil Company.
1961: Socal purchases Standard Oil Company of Kentucky to market gasoline in the southeastern United States.
1970s:Company is rocked by the OPEC oil embargo and the nationalization of a number of Caltex holdings.
1980: The government of Saudi Arabia nationalizes Aramco.
1984: Socal changes its name to Chevron Corporation, Chevron having become the firm's main marketing brand; company purchases Gulf Corporation for $13.2 billion.
1993: Chevron forms joint venture with the Republic of Kazakhstan to develop the huge Tengiz oil field.
1996: Company sells its natural gas business to Natural Gas Clearinghouse, gaining a 27 percent stake in a firm later called Dynegy Inc.
2000: Chevron combines its worldwide chemical operations with those of Phillips Petroleum Company, forming a 50-50 joint venture called Chevron Phillips Chemical Company.
2001: Chevron acquires Texaco in a $45 billion deal, forming ChevronTexaco Corporation.
Name Age Since Current Position
Watson, John 54 2010 Chairman of the Board, Chief Executive Officer
Kirkland, George 60 2010 Vice Chairman of the Board, Executive Vice President - Global Upstream and Gas
Yarrington, Patricia 54 2009 Chief Financial Officer, Vice President
Wirth, Michael 51 2006 Executive Vice President
Blackwell, James 52 2011 Executive Vice President - Technology & Services
Zygocki, Rhonda 53 2011 Executive Vice President - Policy and Planning
Pate, R. Hewitt 48 2009 Vice President, General Counsel
Armacost, Samuel 72 2006 Lead Independent Director
Eaton, Robert 71 2000 Independent Director
Jenifer, Franklyn 72 1993 Independent Director
Nunn, Samuel 72 1997 Independent Director
Shoemate, Charles 71 1998 Independent Director
Ware, Carl 67 2001 Independent Director
Denham, Robert 65 2004 Independent Director
Sugar, Ronald 62 2005 Independent Director
Rice, Donald 71 2005 Independent Director
Deily, Linnet 65 2006 Independent Director
Sharer, Kevin 63 2007 Independent Director
Hernandez, Enrique 55 2008 Independent Director
Hagel, Charles 64 2010 Independent Director
Stumpf, John 57 2010 Independent Director
COMPANY ADDRESS
Chevron Corp
6001 Bollinger Canyon Rd.
San Ramon CA 94583
Chevron Corporation (Chevron), incorporated in 1926, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services. Upstream operations consist of exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids project. Downstream operations consist of refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car, and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives. The upstream and downstream activities of the Company and its equity affiliates are dispersed geographically, with operations in North America, South America, Europe, Africa, Asia and Australia. During the year ended December 31, 2010, the Company completed the acquisition of approximately 200,000 acres in Alberta’s Duvernay formation. During 2010, Chevron acquired a 70% interest and operatorship in three deepwater blocks off the coast of Liberia. In March 2010, the Company completed the acquisition of 9.8% interest in St. Malo. In September 2010, the Company completed acquisition of operating interests in three deepwater exploration blocks in the South China Sea’s Pearl River Mouth Basin. In September 2010, the Company completed the acquisition of a 60% interest in the P/1 and P/2 blocks. In February 2011, Chevron completed the acquisition of Atlas Energy, Inc.
Upstream
Upstream activities in the United States are concentrated in California, the Gulf of Mexico, Louisiana, Texas, New Mexico, the Rocky Mountains and Alaska. During 2010, average net oil-equivalent production in the United States was 708,000 barrels per day. During 2010, average net oil-equivalent production was 199,000 barrels per day, composed of 178,000 barrels of crude oil, 96 million cubic feet of natural gas and 5,000 barrels of natural gas liquids. During 2010, average net oil-equivalent production for the Company’s combined interests in the Gulf of Mexico shelf and deepwater areas, and the onshore fields in the region was 260,000 barrels per day. During 2010, the daily oil-equivalent production was composed of 169,000 barrels of crude oil, 445 million cubic feet of natural gas and 17,000 barrels of natural gas liquids. During 2010, Chevron was engaged in various exploration and development activities in the deepwater Gulf of Mexico. During 2010, deepwater exploration activities included participation in five exploratory wells: two wildcat, two appraisal and one delineation. During 2010, the Company added 15 new leases to its deepwater portfolio. During 2010, the Company’s the United States production outside California and the Gulf of Mexico averaged 249,000 net oil-equivalent barrels per day, composed of 91,000 barrels of crude oil, 773 million cubic feet of natural gas and 29,000 barrels of natural gas liquids. In the Piceance Basin in northwestern Colorado, the Company continued development of its 100 % -owned and operated natural gas field.
Other Americas is composed of Canada, Greenland, Argentina, Brazil, Colombia, Trinidad and Tobago, and Venezuela. During 2010, net oil-equivalent production from these countries averaged 247,000 barrels per day, including the Company’s share of synthetic oil production. The Company activities in Canada include non-operated working interests of 26.9 % in the Hibernia Field and 26.6% in the Hebron Field, both offshore eastern Canada, and 20% in both the Athabasca Oil Sands Project (AOSP) and the AOSP Expansion 1 Project. During 2010, average net oil-equivalent production was 54,000 barrels per day, composed of 53,000 barrels of crude oil, synthetic oil and natural gas liquids and four million cubic feet of natural gas. Chevron holds operated interests in five concessions in the Neuquen Basin. During 2010, net oil-equivalent production averaged 32,000 barrels per day, composed of 31,000 barrels of crude oil and natural gas liquids and five million cubic feet of natural gas.
During 2010, Chevron sold its interest in the Puesto Prado, Las Bases and El Sauce fields in the Neuquen Basin. Chevron holds working interests in three deepwater blocks in the Campos Basin. During 2010, net oil-equivalent production averaged 24,000 barrels per day. The company operates the offshore Chuchupa and the onshore Ballena and Riohacha natural gas fields as part of the Guajira Association contract. During 2010, daily net production averaged 249 million cubic feet of natural gas. The Company’s interests include 50% ownership in three partner-operated blocks in the East Coast Marine Area offshore Trinidad, which includes the Dolphin and Dolphin Deep producing natural gas fields. Chevron also holds a 50 % operated interest in the Manatee Area of Block 6(d). During 2010, net production averaged 223 million cubic feet of natural gas per day. Chevron holds interests in two producing affiliates located in western Venezuela and one producing affiliate in the Orinoco Belt. The company operates in two exploratory blocks in the Plataforma Deltana area offshore eastern Venezuela, with working interests of 60% in Block 2 and 100% in Block 3. Chevron also holds a 100% operated interest in the Cardon III exploratory block, located north of Lake Maracaibo in the Gulf of Venezuela.
In Africa, the Company is engaged in exploration and production activities in Angola, Chad, Democratic Republic of the Congo, Liberia, Nigeria and Republic of the Congo. During 2010, net oil-equivalent production in Africa averaged 469,000 barrels per day. Chevron holds company-operated working interests in offshore Blocks 0 and 14 and non-operated working interests in offshore Block 2 and the onshore Fina Sonangol Texaco (FST) area. During 2010, the Company operated the 39.2% owned Block 0, which averaged 116,000 barrels per day of net liquids production. Chevron operates and holds a 31.3% interest in the Lianzi Development Area located between Angola and Republic of the Congo. During 2010, net production from the Republic of the Congo fields averaged 25,000 barrels of oil-equivalent per day. During 2010, two successful exploration wells were drilled in the Moho-Bilondo permit area.
Chevron has a 17.7% non-operated working interest in an offshore concession. During 2010, daily net production averaged 2,000 barrels of oil-equivalent. Chevron has a 25% non-operated working interest in the producing operations and an approximate 21% interest in two affiliates that own the crude oil export pipeline. During 2010, average daily net production from the Chad fields was 28,000 barrels of oil-equivalent. Chevron holds a 40% interest in 13 concessions in the onshore and near-offshore region of the Niger Delta. Chevron operates and holds a 95% interest in the deepwater Nsiko discovery in OML 140. Chevron holds 37% interest, in the West African Gas Pipeline Company Limited affiliate, which constructed, owns and operates the 421-mile West African Gas Pipeline. In 2010, Chevron acquired a 70 % interest and operatorship in three deepwater blocks off the coast of Liberia.
In Asia, the Company is engaged in upstream activities in Azerbaijan, Bangladesh, Cambodia, the People’s Republic of China, Indonesia, Kazakhstan, Myanmar, the Partitioned Zone located between Saudi Arabia and Kuwait, the Philippines, Russia, Thailand, Turkey, and Vietnam. During 2010, net oil-equivalent production averaged 1,069,000 barrels per day. Chevron holds a non-operated working interest in the Azerbaijan International Operating Company (AIOC), which produces crude oil in the Caspian Sea from the Azeri-Chirag-Gunashli (ACG) project. Chevron also has an 8.9% interest in the Baku-Tbilisi-Ceyhan (BTC) affiliate, which owns and operates a crude oil export pipeline from Baku, Azerbaijan, through Georgia to Mediterranean deepwater port facilities in Ceyhan, Turkey. Chevron participates in two major upstream developments in western Kazakhstan. During 2010, Chevron and its partners continued to evaluate alternatives for a phase III development of Karachaganak. Chevron has a 15% interest in the CPC affiliate. During 2010, Caspian Pipeline Consortium (CPC) transported an average of approximately 743,000 barrels of crude oil per day, including 607,000 barrels per day from Kazakhstan and 136,000 barrels per day from Russia. Chevron holds interests in three operated production-sharing contracts (PSCs) covering Blocks 7, 12, 13 and 14. Chevron owns a 30 % interest and operates the 1.2 million-acre Block A, located offshore in the Gulf of Thailand. The company also has a 28.3% interest in a pipeline company that transports the natural gas from Yadana to the Myanmar-Thailand border for delivery to power plants in Thailand. Chevron has operated and nonoperated working interests in multiple offshore blocks. During 2010, the Company drilled seven exploration wells in the Pattani Basin.
Chevron has operated and nonoperated working interests in several areas in the People’s Republic of China. During 2010, the Company’s net oil-equivalent production averaged 20,000 barrels per day, composed of 18,000 barrels of crude oil and condensate and 13 million cubic feet of natural gas. The Company has 100 % owned and operated interests in the Rokan and Siak PSCs onshore Sumatra. The company holds a 45% non-operated working interest in the Malampaya natural gas field located 50 miles offshore Palawan Island. In Australia, the Company’s exploration and production efforts are concentrated off the northwest coast. During 2010, the average net oil-equivalent production from Australia was 111,000 barrels per day. Chevron has a 16.7% non-operated working interest in the North West Shelf (NWS) Venture offshore Western Australia. During 2010, daily net production from the project averaged 25,000 barrels of crude oil and condensate, 456 million cubic feet of natural gas, and 5,000 barrels of liquefied petroleum gas (LPG). During 2010, on Barrow and Thevenard islands off the northwest coast of Australia, Chevron operated crude oil producing facilities that had combined net production of 4,000 barrels per day. In Europe, the Company is engaged in exploration and production activities in Denmark, the Netherlands, Norway, Poland, Romania and the United Kingdom. During 2010, net oil-equivalent production in Europe averaged 159,000 barrels per day. Chevron has a 15% working interest in the partner-operated Danish Underground Consortium (DUC), which produces crude oil and natural gas from 13 of 15 fields in the Danish North Sea. During 2010, four development wells were drilled and completed in the Halfdan, Tyra and Valdemar fields.
Downstream
As of December 31, 2010, the Company had a refining network capable of processing more than two million barrels of crude oil per day. Chevron processes both imported and domestic crude oil in its the United States refining operations. At the Pascagoula Refinery, the Company commissioned a continuous catalytic reformer that is expected to improve equipment reliability and utilization and to allow the refinery to optimize production of high-value products. During 2010, outside the United States, GS Caltex, the Company’s 50 %-owned affiliate, commissioned and reached full capacity on a new 60,000-barrel-per-day heavy-oil hydrocracker at the Yeosu Refinery in South Korea. The Company markets petroleum products under the principal brands of Chevron, Texaco and Caltex throughout globally. In the United States, the Company markets under the Chevron and Texaco brands. As of December 31, 2010, the Company supplied directly or through retailers and marketers approximately 8,250 Chevron- and Texaco-branded motor vehicle service stations, primarily in the southern and western states. Approximately 500 of these outlets are company-owned or -leased stations. During 2010, the Company discontinued sales of Chevron- and Texaco-branded motor fuels in the District of Columbia, Delaware, Indiana, Kentucky, North Carolina, New Jersey, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia and parts of Tennessee. Outside the United States, Chevron supplied directly or through retailers and marketers approximately 11,300 branded service stations, including affiliates. In British Columbia, Canada, the Company markets under the Chevron brand.
The Company markets in the United Kingdom, Ireland, Latin America and the Caribbean using the Texaco brand. In the Asia-Pacific region, southern Africa, Egypt and Pakistan, the Company uses the Caltex brand. The Company also operates through affiliates under various brand names. In South Korea, the Company operates through its 50 %owned affiliate, GS Caltex, and in Australia through its 50 %-owned affiliate, Caltex Australia Limited. Chevron owns a 50% interest in its Chevron Phillips Chemical Company LLC (CPChem) affiliate. As of December 31, 2010, CPChem owned or had joint-venture interests in 36 manufacturing facilities and four research and technical centers around the world. During 2010, CPChem commenced operations at its 49% owned Q-Chem II project in both Mesaieed and Ras Laffan, Qatar. The Company owns and operates facilities in Brazil, France, Japan, the Netherlands, Singapore and the United States and has equity interests in facilities in India and Mexico. Oronite lubricant additives are blended into refined base oil to produce finished lubricant packages used in engine applications, such as passenger car, heavy-duty diesel, marine, locomotive and motorcycle engines, and additives for fuels.
Transportation
Chevron owns and operates an extensive network of crude oil, refined product, chemical, natural gas liquid and natural gas pipelines and other infrastructure assets in the United States. The company also has direct and indirect interests in other the United States and international pipelines. During 2010, the Company completed a project to expand capacity by approximately two billion cubic feet at the Keystone natural gas storage facility near Midland, Texas, bringing total capacity to nearly 7 billion cubic feet. During 2010, the Company sold its 23.4% ownership interest in the Colonial Pipeline Company, which transports products from supply centers on the United States Gulf Coast to customers located along the Eastern seaboard. As of December 31, 2010, the Company had 41 deep-sea vessels chartered on a voyage basis, or for a period of less than one year.
Other Businesses
Chevron’s the United States-based mining company produces and markets coal and molybdenum. Sales occur in both the United States and international markets. The company owns and is the operator of an underground coal mine, North River, in Alabama, and surface coal mines in Kemmerer, Wyoming, and McKinley, New Mexico. The company also owns a 50 % interest in Youngs Creek Mining Company, LLC, which was formed to develop a coal mine in northern Wyoming. During 2010, coal sales from wholly owned mines were eight million tons, down about two million tons. In addition to the coal operations, Chevron owns and operates the Questa molybdenum mine in New Mexico. As of Decmber 31, 2010, Chevron controlled approximately 53 million pounds of molybdenum reserves at Questa. Chevron’s Global Power Company manages interests in 13 power assets with a total operating capacity of more than 3,100 megawatts, primarily through joint ventures in the United States and Asia. Chevron Energy Solutions (CES) is a wholly owned subsidiary that develops and builds energy projects.
OVERALL
Beta: 0.75
Market Cap (Mil.): $217,467.91
Shares Outstanding (Mil.): 2,010.24
Annual Dividend: 3.12
Yield (%): 2.88
FINANCIALS
CVX.N Industry Sector
P/E (TTM): 11.41 6.83 11.65
EPS (TTM): 80.99 -- --
ROI: 13.07 6.81 4.74
ROE: 19.31 9.05 6.03
Statistics:
Public Company
Incorporated: 1906 as Standard Oil Company (California)
Employees: 53,000
Sales: $104.41 billion (2001)
Stock Exchanges: New York Pacific
Ticker Symbol: CVX
NAIC: 211111 Crude Petroleum and Natural Gas Extraction; 324110 Petroleum Refineries; 325110 Petrochemical Manufacturing; 447110 Gasoline Stations with Convenience Stores; 447190 Other Gasoline Stations; 486110 Pipeline Transportation of Crude Oil; 486210 Pipeline Transportation of Natural Gas; 486910 Pipeline Transportation of Refined Petroleum Products
Key Dates:
1879: Pacific Coast Oil Company is founded in California.
1900: Pacific Coast is purchased by the Standard Oil Trust.
1906: Pacific Coast is merged with Standard Oil of Iowa to form Standard Oil Company (California), known as Socal.
1911: The Standard Oil Trust is ordered dissolved by the U.S. Supreme Court, and Socal emerges as an independent firm officially called Standard Oil (California).
1926: Socal merges with Pacific Oil Company, a division of Southern Pacific Railroad Company; company name is changed to Standard Oil Company of California.
1930: Socal strikes oil in Bahrain, beginning the firm's involvement in the Middle East.
1933: Company gains drilling rights in Saudi Arabia.
1936: Socal sells 50 percent of its drilling rights in Saudi Arabia and Bahrain to the Texas Company (later Texaco Inc.), forming a joint venture called the California-Texas Oil Company (Caltex); the Saudi arm of the Caltex venture is later called Arabian American Oil Company (Aramco).
1948: 30 percent of Aramco is sold to Standard Oil Company (New Jersey) and 10 percent to Socony-Vacuum Oil Company.
1961: Socal purchases Standard Oil Company of Kentucky to market gasoline in the southeastern United States.
1970s:Company is rocked by the OPEC oil embargo and the nationalization of a number of Caltex holdings.
1980: The government of Saudi Arabia nationalizes Aramco.
1984: Socal changes its name to Chevron Corporation, Chevron having become the firm's main marketing brand; company purchases Gulf Corporation for $13.2 billion.
1993: Chevron forms joint venture with the Republic of Kazakhstan to develop the huge Tengiz oil field.
1996: Company sells its natural gas business to Natural Gas Clearinghouse, gaining a 27 percent stake in a firm later called Dynegy Inc.
2000: Chevron combines its worldwide chemical operations with those of Phillips Petroleum Company, forming a 50-50 joint venture called Chevron Phillips Chemical Company.
2001: Chevron acquires Texaco in a $45 billion deal, forming ChevronTexaco Corporation.
Name Age Since Current Position
Watson, John 54 2010 Chairman of the Board, Chief Executive Officer
Kirkland, George 60 2010 Vice Chairman of the Board, Executive Vice President - Global Upstream and Gas
Yarrington, Patricia 54 2009 Chief Financial Officer, Vice President
Wirth, Michael 51 2006 Executive Vice President
Blackwell, James 52 2011 Executive Vice President - Technology & Services
Zygocki, Rhonda 53 2011 Executive Vice President - Policy and Planning
Pate, R. Hewitt 48 2009 Vice President, General Counsel
Armacost, Samuel 72 2006 Lead Independent Director
Eaton, Robert 71 2000 Independent Director
Jenifer, Franklyn 72 1993 Independent Director
Nunn, Samuel 72 1997 Independent Director
Shoemate, Charles 71 1998 Independent Director
Ware, Carl 67 2001 Independent Director
Denham, Robert 65 2004 Independent Director
Sugar, Ronald 62 2005 Independent Director
Rice, Donald 71 2005 Independent Director
Deily, Linnet 65 2006 Independent Director
Sharer, Kevin 63 2007 Independent Director
Hernandez, Enrique 55 2008 Independent Director
Hagel, Charles 64 2010 Independent Director
Stumpf, John 57 2010 Independent Director
COMPANY ADDRESS
Chevron Corp
6001 Bollinger Canyon Rd.
San Ramon CA 94583