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Chevron Corporation is a global energy company that manages investments in subsidiaries and affiliates engaged in integrated energy and chemicals operations. The company is involved in exploring, developing, producing, and transporting crude oil and natural gas, as well as refining crude oil into petroleum products and manufacturing renewable fuels . Chevron's business activities are divided into two main segments: Upstream and Downstream, with the upstream segment being the primary contributor to its earnings .
- Upstream - Focuses on exploring, developing, producing, and transporting crude oil and natural gas. Includes activities related to liquefaction, transportation, and regasification associated with liquefied natural gas (LNG), and carbon capture and storage.
- Downstream - Involves refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants. Also includes manufacturing and marketing renewable fuels, and transporting crude oil and refined products by various means, including pipeline and marine vessels.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael K. Wirth ExecutiveBoard | Chairman of the Board and CEO | None provided | Serving as Chairman and CEO since February 2018. No external roles mentioned. | View Report → |
Andy Walz Executive | President, Downstream, Midstream & Chemicals | None provided | Appointed to this role on October 1, 2024. Responsible for Chevron's global downstream and midstream operations. | |
Balaji Krishnamurthy Executive | Vice President, Chevron Technical Center | None provided | Appointed VP of Chevron Technical Center in January 2024. Previously led Strategy & Sustainability. | |
Eimear P. Bonner Executive | Vice President and CFO | None provided | Appointed CFO on March 1, 2024. Previously led Chevron Technical Center and Tengizchevroil LLP. | |
Jeff B. Gustavson Executive | Vice President, Lower Carbon Energies | None provided | Leads Chevron's Lower Carbon Solutions business since August 2021. | |
Mark A. Nelson Executive | Vice Chairman | None provided | Vice Chairman since October 2023. Expanded responsibilities include IT and supply chain management. | |
Michelle Green Executive | Incoming Vice President and CHRO | None provided | Will succeed Rhonda Morris as CHRO effective January 1, 2025. | |
R. Hewitt Pate Executive | Vice President and General Counsel | None provided | Serving as General Counsel since February 2012. Oversees Chevron's legal affairs. | |
Rhonda J. Morris Executive | Vice President and Chief Human Resources Officer | United Negro College Fund | Serving as CHRO since February 2019. Advocates for diversity and inclusion. | |
Alice P. Gast Board | Director | None provided | Director since December 2012. Former President of Imperial College London. | |
Charles W. Moorman Board | Director | Oracle Corporation, Focused Ultrasound Foundation, others | Director since May 2012. Former CEO of Norfolk Southern and Amtrak. | |
Cynthia J. Warner Board | Director | Sempra, Bloom Energy, others | Director since June 2022. Former CEO of Renewable Energy Group, Inc. | |
D. James Umpleby III Board | Director | Caterpillar Inc., others | Director since March 2018. Chairman and CEO of Caterpillar Inc. | |
Dambisa F. Moyo Board | Director | Condé Nast, House of Lords (UK), Linklaters’ International Advisory Group | Director since October 2016. Economist and author with expertise in global business and public policy. | |
Debra Reed-Klages Board | Director | Caterpillar Inc., Lockheed Martin Corporation, others | Director since December 2018. Former Chairman and CEO of Sempra Energy. | |
Enrique Hernandez, Jr. Board | Director | McDonald’s Corporation (until May 2024), The Macerich Company, others | Director since December 2008. Extensive experience in business leadership and governance. | |
John B. Frank Board | Director | Vice Chairman of Oaktree Capital Group, Daily Journal Corporation, Oaktree Specialty Lending Corp | Director since November 2017. Extensive experience in finance and legal matters. | |
Marillyn A. Hewson Board | Director | Johnson & Johnson, others | Director since January 2021. Former Chairman and CEO of Lockheed Martin. | |
Wanda M. Austin Board | Lead Director | Amgen Inc., Apple Inc., National Academy of Engineering, Royal Academy of Engineering, others | Lead Director since May 2022. Former President of Imperial College London and Lehigh University. | |
Pierre R. Breber | Former CFO (retired February 2024) | N/A | Retired as CFO on February 29, 2024. Succeeded by Eimear P. Bonner. |
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With net debt ticking up in Q3 and considering the volatile commodity markets, how do you plan to balance continued shareholder returns with maintaining a strong balance sheet, especially if commodity prices decline over the next few years?
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Given the advancements in ultra-high pressure and temperature technology in the Gulf of Mexico, can you quantify the potential upside to your longer-term production and resource opportunities, and how might this impact your production targets?
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In light of the challenging regulatory environment in California leading to refinery closures, have you considered shutting down capacity in the state, and how do you anticipate these developments will affect your downstream profitability and operations in the region?
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As major capital projects conclude, such as those in Kazakhstan, do you anticipate a significant decrease in capital expenditures over the next 2-3 years, and how will this influence your growth strategy and free cash flow generation?
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With complex commissioning work still ahead for the TCO start-up and recognizing the risks involved, can you provide specific milestones that will indicate when the project is largely de-risked, and when investors can expect reliable production ramp-up?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Hess Corporation | 2025 | Planned acquisition: Chevron secured Hess stockholder approval and cleared the FTC antitrust review, with only an arbitration over preemptive rights in the Stabroek Block pending; integration planning is completed and the deal is expected to close in Q3 2025, strengthening Chevron’s portfolio with a significant asset in Guyana. |
PDC Energy, Inc. | 2023 | Completed acquisition: Chevron acquired PDC Energy for an aggregate purchase price of $6.52 billion by issuing approximately 41 million shares, adding operations from the Denver-Julesburg and Delaware Basins while achieving significant production and cost synergies. |
Renewable Energy Group, Inc. | 2022 | Completed acquisition: Chevron executed an all-cash acquisition of REG for $3.15 billion, bringing in a renewable fuels portfolio with assets valued at $3,828 million and liabilities of $966 million, expected to boost renewable fuel production capacity and earnings growth, with strategic leadership adjustments post-closing. |
Recent press releases and 8-K filings for CVX.
- Chevron built a roughly 5% position in Hess shares at a significant discount in Q1, signaling its confidence in a successful merger arbitration outcome.
- The company expects an incremental $10 billion free cash flow by 2026, driven by key upstream projects such as TCO, Permian, and Gulf of America, complemented by downstream improvements.
- Permian operations are achieving significant efficiencies, with a 40% reduction in required rigs and a plan to maintain 1 million barrels per day production through 2040.
- Chevron is targeting $2-3 billion in structural cost reductions over the next few years through asset divestitures, technology enhancements, and organizational restructuring.
- Chevron purchased 15,380,000 shares of Hess common stock, which represents approximately 4.99% of Hess’s outstanding shares as of January 31, 2025, underscoring the company’s confidence in the pending acquisition.
- The shares were acquired at a discount relative to the price implied by the exchange ratio in the merger agreement entered on October 22, 2023, and the purchase is made in addition to ongoing stock repurchases.