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winning in any business environment
Chevron Corporation 6001 Bollinger Canyon Road, San Ramon, CA 94583-2324 USA
© 2018 Chevron Corporation. All rights reserved.
2017 annual report
C hevron C
orporation 20 17 A
nnual R eport
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contents 2 letter to stockholders
6 lead director: one-on-one
7 chevron at a glance
8 chevron stock performance
9 financial and operating highlights
10 winning in any environment
11 financial review
72 five-year financial summary
73 five-year operating summary
85 glossary of energy and financial terms
86 the chevron way
88 board of directors
89 corporate officers
90 stockholder and investor information
~2.2 million chevron acreage
net acres in the Permian Basin
average net oil-equivalent barrels per day in 2017
11.2 billion barrels
of net unrisked oil-equivalent Permian Basin
resources in 2017
the permian basin is one of the most
prolific oil and natural gas geologic basins in
the United States
* For definition of “resources,” see Glossary of Energy and Financial Terms, page 85
Publications and other news sources The Annual Report, distributed in April, summarizes the company’s financial performance in the preced ing year and provides an overview of the company’s major activities.
Chevron’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and the Supplement to the Annual Report, containing additional financial and operating data, are available on the company’s website, Chevron.com, or copies may be requested by contacting: Investor Relations Chevron Corporation 6001 Bollinger Canyon Road, A3140 San Ramon, CA 94583-2324 925 842 5690 Email: firstname.lastname@example.org
The 2017 Corporate Responsibility Report is available in May on the company’s website, www.chevron.com/cr, where other Corporate Responsibility information can be found. A printed copy may be requested by writing to: Policy, Government and Public Affairs Corporate Responsibility Communications Chevron Corporation 6001 Bollinger Canyon Road Building G San Ramon, CA 94583-2324
An in-depth report that addresses Chevron’s framework for incorporating climate change into our governance, risk management, strategy, and actions and investments is available at www. chevron.com/climate-change-resilience
Details of the company’s political contributions for 2017 are available on the company’s website, www.chevron.com, or by writing to: Policy, Government and Public Affairs Chevron Corporation 6001 Bollinger Canyon Road Building G San Ramon, CA 94583-2324
For additional information about the company and the energy industry, visit Chevron’s website, www.chevron.com. It includes articles, news releases, speeches, quarterly earnings information, the Proxy Statement and the complete text of this Annual Report.
Chevron has a 100-year history and long-term investments in Nigeria. In the country’s Niger Delta region, we pioneered the Global Memorandum of Understanding (GMoU), a public- private partnership community empowerment program that involves participatory development processes to help resolve conflict and address the needs of communities near our operations.
Shown: Students in front of a renovated classroom built by the Idama Regional Development Committee, whose projects are funded by a Chevron-Nigerian National Petroleum Corporation joint venture.
This Annual Report contains forward-looking statements – identified by words such as “expect,” “commit,” “position,” “focus,” “goal,” “target,” “schedule,” “plan,” “strategy,” “project,” “forecast,” “on track” and similar phrases – that reflect management’s current estimates and beliefs, but are not guarantees of future results.
Please see “Cautionary Statement Relevant to Forward-Looking Information for the Purpose of ‘Safe Harbor’ Provisions of the Private Securities Litigation Reform Act of 1995” on Page 11 for a discussion of some of the factors that could cause actual results to differ materially.
PRODUCED BY Policy, Government and Public Affairs and Comptroller’s Departments, Chevron Corporation DESIGN Information Design & Communications, Chevron Corporation PRINTING ColorGraphics – Los Angeles, California
connect with us
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powering the world forward Chevron has emerged from the changes that have reshaped the world’s energy landscape as a stronger, leaner and more agile enterprise. Today, we stand ready to win in any business environment.
Each day, our people deliver the energy that billions around the world rely on for the most basic of human needs, along with the social and economic progress that reliable, affordable energy provides. Their commitment – along with our pursuit of technological and scientific innovations that push the frontiers of our industry – positions us well to meet the challenges of this responsibility with skill, ingenuity and an unwavering commitment to the vision, values and strategies of The Chevron Way.
Chevron’s portfolio of assets is strong. Our Upstream business is resilient, built to deliver short-cycle, high-return projects as well as long-term resource sustainability. Our Downstream & Chemicals business is highly competitive, with a global portfolio that is strategically focused to leverage areas of strength. Our Midstream organization delivers the commercial, technical and operational expertise that enhances results in Upstream and in Downstream & Chemicals.
As the world’s population continues to grow, so, too, will global demand for energy. We are looking toward the future – working to develop generations of talent inside and outside our company; proudly and responsibly leading in conventional energy sources while exploring and evaluating new and emerging energy solutions; and leveraging technology to improve efficiency and productivity while solving the most complex energy challenges of our time. And above all, we are creating value for our stockholders, customers, partners and communities.