Chevron Corporation is an American energy company with subsidiaries across the globe, now headquartered in San Ramon, California USA. Chevron was established in 1984, after the dissolution of Standard Oil Company. Current CEO of the company is John S. Watson.
Have you ever wondered how rich Chevron is, as of early 2017? According to authoritative sources, it has been estimated that Chevron’s net worth is now close to $200 billion, earned through its successful involvement in all facets of energy production.
Chevron Net Worth $192.3 Billion
Chevron’s roots trace back to the early 20th century, when government broke down John D. Rockefeller’s Standard Oil monopoly into several companies. Firstly, it assumed the name Standard Oil Co. of California, but in 1984 changed the name to Chevron Corporation. Thanks to the already established operations, Chevron only expanded their engagement in the oil business, with its operations divided to three different aspects, upstream, downstream and alternative energy.
When it comes to upstream, Chevron has oil and gas exploration operations across the globe, from the USA to Australia, Kazakhstan, Angola and the Gulf of Mexico. Their largest drilling site is the Gorgon Gas Project located in Australia; worth $43 billion its construction started in 2010, and in 2014 it was online. When it comes to Nigeria, Chevron has interest in several regional companies alongside Nigerian National Petroleum Corporation. However, the company’s presence is mostly in the USA, where they have over 11,000 oil and natural gas wells in hundreds of fields occupying a combined area of 4,000,000 acres.
Regarding their downstream operation, Chevron is focused on producing and selling products such as lubricants, fuels, petrochemicals and gas, and they are again present across the globe, including Southeast Asia, South Korea, South Africa, and of course the USA and Australia. The company is selling well over three million barrels per day of refined products like gasoline, diesel and jet fuel nowadays, and has almost 20,000 retail outlets in 84 countries.
When it comes to their alternative energy operations, Chevron is working on exploiting some of nature’s assets, including wind, solar power, and geothermal energy, while also creating their own – biofuel, fuel cells and also exploiting hydrogen. Chevron owns geothermal wells in Indonesia, with which it provides energy for Jakarta and the surrounding area, while it also has geothermal wells in the Philippines.
In 2011, Chevron started the 29-MW thermal solar-to-steam facility in the Coalinga Field in California to produce the steam for enhanced oil recovery, and it became the largest project in the solar energy field in the world.
However, other than success, Chevron has also been involved in a number of controversies, which caused damage to the company, both financial and regarding their credibility. Some of those that have had an impact on the firm include environmental damage in Ecuador, then oil spills in Angola, and oil spills off the coast of Rio de Janeiro, among others.
Nevertheless, the company now employs more than 61,000 people and has operations in more than 180 countries across the world.
