Chevron’s newly released 2022 annual report details how we’re working to help meet the world’s growing energy demands.
Here are 5 takeaways.
1. we’re hitting records
Production is reaching new heights in the Permian Basin. We averaged 707,000 barrels per day last year of unconventional production, a 16% year-over-year increase for Chevron.
Elsewhere, U.S. Gulf of Mexico production is expected to increase approximately 50% by 2026 as new deepwater projects come online.
2. our dividends keep growing
Last year marked the 35th consecutive year of higher per-share annual dividends, paying out $11 billion to stockholders. We raised the per share dividend another 6% early this year.
We also returned an additional $11.25 billion to stockholders by repurchasing nearly 70 million shares.
3. we’re boosting spending
Chevron’s upstream and downstream capital spend last year was $12 billion—49% higher than in 2021. The boost was due, in part, to growing the Permian Basin and acquiring Beyond6.
We plan to spend even more this year, with our total capital budget totaling approximately $14 billion, not including affiliate capex. The budget includes, approximately:
- More than $4 billion for our Permian Basin development.
- More than 20% of total upstream capital expenditure for projects in the U.S. Gulf of Mexico.
- $500 million to lower the carbon intensity of our traditional operations.
4. we aim to be a lower carbon leader
As Chevron works to boost production, we are:
- Continuing to reduce our upstream greenhouse gas intensity.
- Seeking to grow lower carbon businesses. Examples include renewable fuels, hydrogen, carbon capture and offsets.
- With the acquisition of Renewable Energy Group, now the second largest producer of bio-based diesel in the U.S.
5. we’re innovating for tomorrow
Last year, we honored 463 Chevron inventors worldwide who were granted U.S. patents or submitted patent applications.
Chevron holds more than 4,800 U.S. patents on technology solutions, with another 2,100 pending, making us one of the leading patent holders in the industry.
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