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Chevron engages in petroleum, chemicals, mining, power generation, and energy operations worldwide. The company operates in two segments: upstream and downstream. The upstream segment is involved in the exploration, development, and production of crude oil and natural gas, while the downstream segment engages in refining crude oil into petroleum products. Through its segments, Chevron is able to provide a range of energy products and services to a wide variety of companies around the world. As economies and businesses expand, Chevron is poised to provide the energy products and services required to fuel growth around the world.
Chevron today provided an overview of the company’s 2013 operational and social performance and future growth plans at its 2014 Annual Meeting of Stockholders in Midland, Texas. “Chevron’s 2013 results demonstrate that we remain well positioned to grow profitably and continue to deliver superior stockholder value,” said John Watson, chairman of the board and chief executive officer. “We continue to advance key development projects, which underpin our planned growth strategy and capacity to deliver affordable energy to world markets, a cornerstone of economic prosperity.”
During the meeting, Watson discussed Chevron’s 2013 financial and operational performance, highlighting earnings of $21.4 billion and return on capital employed of 13.5 percent. Watson also discussed the partnerships Chevron has formed to address health, education and economic development in the communities where the company operates. Over the past eight years, Chevron has made nearly $1.5 billion in social investments to local communities. George Kirkland, Chevron vice chair, said the company is on track to grow production to 3.1 million barrels of oil-equivalent per day by 2017, up 20 percent from 2013, with more growth expected through the end of the decade. To reach this goal, the company has more than 70 projects, each with a Chevron share of more than $250 million, scheduled to start-up by the end of this decade.