The American multinational energy production giant Chevron Corporation is ranked 16th on the list of Fortune 500 companies worldwide by Forbes magazine. Headquartered at California, they are engaged in all aspects of the energy and power production. They are the leaders in oil, natural gas, geo thermal industries including hydrocarbon production, exploration, refining, sales, marketing and chemical manufacturing. They also focus on alternate energy sources like solar energy, wind power, bio fuels, fuel cells and hydrogen energy sources. Read more about the latest News & press Releases about Chevron.
Business Diversification of Chevron
Success behind the Chevron business is their business diversification, acquisitions and joint ventures. Apart from the natural energy resources, Chevron invested a huge amount in the research and development of alternate, renewable energy sources. Following are some of their operational areas;
1. Exploration and Production of oil and natural gas
Through innovation and new technologies Chevron is engaged in exploring oil and natural gas resources in US, Mexico, Australia and Africa. With latest heavy oil technologies they aim to recover billions of barrels of oil already discovered and still exploring for more resources. With their unbeatable technologies to survive uncertain weather conditions in the sea and underwater pressure, they are still exploring and recovering huge oil deposits deep under the sea.
This oil is refined in Chevron’s plants to produce world class petrol and petroleum products. In 6 continents Chevron is exploring natural gas deposits, which is about 22% of the world’s energy supply.
2. Advanced Solar Technology
Chevron’s solar installation at Questa, New Mexico uses huge lenses to focus sunlight onto three-layer solar cells. Questa facility has generated9.1 million kilowatt hour energy during 2011-2016 period.
Another installation, Project Brightfield at California, has tested and evaluated seven new photovoltaic technologies.Chevron has also invested in five joint-venture solar projects at California, Arizona and Texas, which can generate 73 megawatts of renewable energy.
3. Wind Power
Chevron has setup a Wind Farm at Casper in 2009, which is an 11-turbine farm with a capacity of 16.5 megawatt capacity. This generates sufficient energy to power approximately 4,400 homes. They aim to focus more on wind power in future.
4. Bio Fuels
Bio fuels are mainly used as transportation fuels, which are generated from living organisms. This is renewable energy as the organisms can be regrown. Bio fuels are classified a First, Second and Third generation fuels. First generation fuels are generated from edible items like sugar, starch, plant oils etc. and are used to blend with transportation oils.
Second generation bio fuel is from non-edible plant materials. This is still in research stage to scale up the production at a reasonable expense. Third generation bio fuels from algae, and other biological process is still under research to make it economical.
5. Chemicals and additives
Chevron controls the world’s petrochemical and additive business through Chevron-Philips chemical company LLC which is a 50-50 joint venture of Chevron. The chemicals produced by this company is used to produce more than 70, 000 consumer and industrial products worldwide including food packaging, biodegradable solvents, cleaner fuels and a lot more.
Additives are blended to the bases oil to reduce friction, dissolve deposits, reduce corrosion etc. They also produce performance improvement additives for lubricating oils and fuels.
Chevron has a shipping company and a pipeline company. These companies guarantee safe and efficient transportation of the energy and fuel around the world.
The company transports crude oil, natural gas, liquefied natural gas and other products through pipeline network and storage facilities. Its vessels also carry crude oil, natural gas and petrochemicals around the world.
7. Chevron Power generation
Chevron Power and Energy Management Company produces electricity from natural gas and renewable energy sources.
8. Chevron Lubricants
Chevron Lubricants is manufacturing lubes seasoned and fuel injector cleaners with premium base oils and coolants. Their Lubricants vary from motor vehicle to heavy industrial machine lubes and is sold in 5 continents.