Chevron : Working to meet the growing demand for energy
December 07, 2022 at 09:57 am EST
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our operationsworking to meet the growing demand for energy
2 min read | december 05, 2022
We are increasing production to meet rising demand in the Permian Basin.
Demand for domestically produced energy is growing, and Chevron is answering the call by boosting production throughout our United States operations.
As one of the leading energy producers in the nation, we're working to ramp up production in Texas, Colorado and beneath the waters of the U.S. Gulf of Mexico.
why it matters
Geopolitical events and the growing global demand for energy access in developing countries have underscored the importance of reliable energy sources. In the U.S.-where we have abundant resources-we have an opportunity to step into the gap, and that's what Chevron is doing.
how we're answering the call
Our company's major operations in the U.S. are primarily in the midcontinent region, the Gulf of Mexico and California.
In the midcontinent's Permian Basin, we have raised our 2022 production forecast to between 700,000 and 750,000 barrels of oil-equivalent per day, a year-over-year increase of more than 15%.
In 2021, we produced 96,000 barrels of net oil-equivalent per day in California.
Our El Segundo refinery is the largest oil refinery on the West Coast, processing more than 276,000 barrels of crude per day.
Through our acquisition of Noble Energy, we nearly quadrupled our production in Colorado, increasing from 36,000 barrels of oil-equivalent per day in 2020 to 142,000 barrels of oil per day in 2021.
more on that
In the Gulf of Mexico, we plan to grow production to more than 300,000 barrels of oil-equivalent per day by 2026, a more than 50% increase from 2020 levels.
According to 2020 figures, the carbon intensity of our production in the Gulf of Mexico is 6 kg of carbon dioxide-equivalent per barrel of oil-equivalent (6 kg CO2/boe), a fraction of the global average and among the lowest in our portfolio.
Our offshore Ballymore project, which received final approval earlier this year, has the potential to recover more than 150 million barrels of oil equivalent resources.
meeting demand
Michelle Pflueger, our general manager of asset development in the Gulf of Mexico, points to the significance of Chevron's contribution to the nation's energy security.
"Chevron's efforts in the United States support our ambition to deliver affordable, reliable and ever-cleaner energy sources in a time of need," Pflueger said. "This helps our country responsibly meet energy demand, increases government revenue and creates jobs, while also strengthening America's economy and energy security. I'm proud to be a part of it."
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Chevron Corporation published this content on 05 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 December 2022 14:54:56 UTC.
Chevron Corporation is one of the world leading oil and gas groups. Net sales break down by activity as follows:
- refining and distribution (73.1%): at the end of 2022, owned 8 refineries (2.6 million barrels of products sold per day) and a network of 13,800 service stations under the brands Chevron, Texaco, and Caltex throughout the world. The group is also involved in oil and natural gas transportation and production of petrochemical and plastic products;
- exploration and production of oil and natural gas (26.8%): 1.2 million barrels of crude oil, 0.3 million barrels of liquefied natural gas, and 199.6 million m3 of natural gas produced per day in 2022;
- other (0.1%): primarily electricity production.
54.5% of net sales are abroad.
CHEVRON CORPORATION 
