The company's record production jumped 12% year-over-year, driven by the Hess acquisition, which added 261 thousand barrels of oil equivalent per day. CEO Mike Wirth called it a "significant achievement...integrated Hess, started-up major projects, delivered record production." Chevron's integrated model spans upstream production, refining, chemicals, and emerging energy ventures, including lithium and hydrogen projects. The company returned $12.1 billion in share buybacks for the year and raised its dividend 4% to $1.78 per share.
As a stunned world processes the U.S. government's sudden intervention in Venezuela - debating its legality, guessing who the ultimate winners and losers will be - a company founded in California with deep ties to the Golden State could be among the prime beneficiaries. Venezuela has the largest proven oil reserves on the planet. Chevron, the international petroleum conglomerate with a massive refinery in El Segundo and headquartered, until recently,
The company appears to have since addressed all the problematic monitors, and regulators are reviewing those fixes to ensure that they are in working order, the district said. Requiring Chevron to install and maintain its own monitors provides additional emissions data and further supports compliance and transparency, Dr. Philip Fine, executive officer of the Air District, said in the news release. Chevron's upgrades to its monitoring systems are an important step toward strengthened accountability and accessible information for the communities surrounding the refinery.
Despite a generally tough year for oil stocks, ExxonMobil and Chevron are showing resilience against market volatility, bolstered by rising crude oil futures and favorable geopolitical factors.
