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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number 001-00368
Chevron Corporation
(Exact name of registrant as specified in its charter)
6001 Bollinger Canyon Road
Delaware94-0890210San Ramon,California94583-2324
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code (925842-1000
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $.75 per shareCVXNew York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes þ          No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o          No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ          No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ          No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o  
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).      Yes        No þ
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter — $202.5 billion (As of June 30, 2021)
 Number of Shares of Common Stock outstanding as of February 10, 2022 — 1,947,553,346
DOCUMENTS INCORPORATED BY REFERENCE
(To The Extent Indicated Herein)
Notice of the 2022 Annual Meeting and 2022 Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s 2022 Annual Meeting of Stockholders (in Part III)





TABLE OF CONTENTS
ITEMPAGE
1




CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Annual Report on Form 10-K of Chevron Corporation contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 in this report. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
2




PART I
Item 1. Business
General Development of Business
Summary Description of Chevron
Chevron Corporation,* a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
A list of the company’s major subsidiaries is presented in Exhibit 21.1.
Overview of Petroleum Industry
Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, petroleum products and petrochemicals are generally determined by supply and demand. Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are the major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part. Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their operations, select feedstocks, and formulate their products and, in some cases, limit their profits directly.
Strong competition exists in all sectors of the petroleum and petrochemical industries in supplying the energy, fuel and chemical needs of industry and individual consumers. In the upstream business, Chevron competes with fully integrated, major global petroleum companies, as well as independent and national petroleum companies, for the acquisition of crude oil and natural gas leases and other properties and for the equipment and labor required to develop and operate those properties. In its downstream business, Chevron competes with fully integrated, major petroleum companies, as well as independent refining and marketing, transportation and chemicals entities and national petroleum companies in the refining, manufacturing, sale and marketing of fuels, lubricants, additives and petrochemicals.
Operating Environment
Refer to pages 32 through 40 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s current business environment and outlook.
Chevron’s Strategic Direction
Chevron’s strategy is to leverage its strengths to deliver lower carbon energy to a growing world. The company’s primary objective is to deliver higher returns, lower carbon and superior shareholder value in any business environment. In the upstream, the company’s strategy is to deliver industry-leading returns while developing high-value resource opportunities. In the downstream, the company’s strategy is to be the leading downstream and chemicals company that delivers on customer needs. Chevron aims to lower the carbon intensity of its traditional oil and gas operations and grow lower carbon businesses in renewable fuels, hydrogen, carbon capture and offsets. To grow its lower carbon businesses, Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified, while leveraging the company’s capabilities, assets and customer relationships.
Information about the company is available on the company’s website at www.chevron.com. Information contained on the company’s website is not part of this Annual Report on Form 10-K. The company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon after such reports are filed with or furnished to the U.S. Securities and Exchange Commission (SEC). The reports are also available on the SEC’s website at www.sec.gov.
________________________________________________________
* Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole, but unless stated otherwise they do not include “affiliates” of Chevron — i.e., those companies accounted for by the equity method (generally owned 50 percent or less) or non-equity method investments. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
3




Human Capital Management
Chevron invests in its employees and culture, with the objective of developing the full potential of its workforce to deliver energy solutions and drive human progress. The Chevron Way explains the company’s beliefs, vision, purpose and values. It guides how the company’s employees work and establishes a common understanding of culture and aspirations. Chevron hires, develops, and strives to retain a diverse workforce of high-performing talent, and fosters a culture that values diversity, inclusion and employee engagement. Chevron leadership is accountable for the company’s investment in people and the company’s culture. This includes reviews of metrics addressing critical function hiring, leadership development, retention, diversity and inclusion, and employee engagement.
The following table summarizes the number of Chevron employees by gender, where data is available, and by region as of December 31, 2021.
At December 31, 2021
FemaleMale
Gender data not available1
Total Employees
Number of EmployeesPercentageNumber of EmployeesPercentageNumber of EmployeesPercentageNumber of EmployeesPercentage
Non-Service Station Employees
U.S.5,090 26 %14,512 74 %25 — %19,627 46 %
Other Americas925 27 %2,484 72 %37 %3,446 %
Africa612 17 %2,991 83 %— %3,606 %
Asia2,493 35 %4,621 65 %31 — %7,145 17 %
Australia533 25 %1,634 75 %— %2,170 %
Europe381 25 %1,121 75 %— %1,504 %
Total Non-Service Station Employees10,034 27 %27,363 73 %101 — %37,498 88 %
Service Station Employees2,170 43 %1,732 34 %1,195 23 %5,097 12 %
Total Employees12,204 29 %29,095 68 %1,296 3 %42,595 100 %
1 Includes employees where gender data was not collected or employee chose not to disclose gender.
Hiring, Development and Retention
The company’s approach to attracting, developing and retaining a diverse workforce of high-performing talent is anchored in a long-term employment model that fosters an environment of personal growth and engagement. Chevron’s philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance. Chevron recruits new employees in part through partnerships with universities and diversity associations. In addition, the company recruits experienced hires to provide specialized skills.
Chevron’s learning and development programs are designed to help employees achieve their full potential by building technical, operating and leadership capabilities at all levels to produce energy safely, reliably and efficiently. Chevron’s leadership regularly reviews metrics on employee training and development programs, which are continually evolving to meet the needs of our evolving business. For example, the company delivers learning experiences digitally to empower its employees, in any location, to develop, maintain and enhance critical skills. In addition, to ensure business continuity, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for key positions. The Board of Directors provides oversight of CEO and executive succession planning.
Management routinely reviews the retention of its professional population, which includes executives, all levels of management, and the majority of its regular employee population. The annual voluntary attrition for this population was 4.5 percent, which is in line with rates over a five-year comparison period. The voluntary attrition rate generally excludes employee departures under enterprise-wide restructuring programs. Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee development, its long-term employment model, competitive pay and benefits, and its culture.
Diversity and Inclusion
Chevron believes innovative solutions to the most complex challenges emerge when diverse people, ideas, and experiences come together in an inclusive environment. Chevron reinforces the values of diversity and inclusion through recruitment and talent development, equitable selection processes, community partnerships and supplier diversity. Examples of
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initiatives to further advance diversity and inclusion include the company’s MARC (Men Advocating Real Change) program launched in 2017 in partnership with the non-profit organization Catalyst to facilitate discussions on gender equity in the workplace, and selection processes that reinforce the importance of diverse selection teams and candidate slates. In addition, Chevron has twelve employee networks (voluntary groups of employees that come together based on shared identity or interests) and a Chairman’s Inclusion Council, which provides the employee network presidents with a direct line of communication to the Chairman and Chief Executive Officer, the Chief Human Resources Officer, the Chief Diversity and Inclusion Officer, and the executive leadership team to collaborate and discuss how employee networks can reinforce Chevron’s values of diversity and inclusion.
Employee Engagement
Employee engagement is an indicator of employee well-being and commitment to the company’s values, purpose and strategies. Chevron regularly conducts employee surveys to assess the health of the company’s culture; recent surveys indicate high employee engagement. In 2021, the company increased survey frequency to better understand employee sentiment throughout the year, including focused efforts to gain insights into employee well-being. Chevron prioritizes the health, safety and well-being of its employees. Chevron’s safety culture empowers every member of its workforce to exercise stop-work authority without repercussion to address any potential unsafe work conditions. Chevron developed new safeguards and operating standards and updated existing protocols to adjust for the ever-changing conditions of the pandemic, including a return to the workplace strategy, with paced, condition-based stages. The company also announced a hybrid work model based on employee feedback and learnings from the pandemic, which will allow certain employees the flexibility to combine in-office and remote work. Additionally, the company offers long-standing employee support programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues; a company hotline, where employees can report concerns to the Corporate Compliance department; and an Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related concerns.






















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Description of Business and Properties
The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects* in North America, South America, Europe, Africa, Asia and Australia. Tabulations of segment sales and other operating revenues, earnings, assets, and income taxes for the three years ending December 31, 2021, and assets as of the end of 2021 and 2020 — for the United States and the company’s international geographic areas — are in Note 14 Operating Segments and Geographic Data to the Consolidated Financial Statements. Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in Note 15 Investments and Advances and Note 18 Property, Plant and Equipment. Refer to page 45 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s capital and exploratory expenditures.

Upstream
Reserves
Refer to Table V for a tabulation of the company’s proved reserves by geographic area, at the beginning of 2019 and at each year-end from 2019 through 2021. Reserves governance, technologies used in establishing proved reserves additions, and major changes to proved reserves by geographic area for the three-year period ended December 31, 2021, are summarized in the discussion for Table V. Discussion is also provided regarding the nature of, status of, and planned future activities associated with the development of proved undeveloped reserves. The company recognizes reserves for projects with various development periods, sometimes exceeding five years. The external factors that impact the duration of a project include scope and complexity, remoteness or adverse operating conditions, infrastructure constraints, and contractual limitations.
At December 31, 2021, 34 percent of the company’s net proved oil-equivalent reserves were located in the United States, 19 percent were located in Australia and 16 percent were located in Kazakhstan.
The net proved reserve balances at the end of each of the three years 2019 through 2021 are shown in the following table:
At December 31
202120202019
Liquids — Millions of barrels
Consolidated Companies4,756 4,475 4,771 
Affiliated Companies1,357 1,672 1,750 
Total Liquids6,113 6,147 6,521 
Natural Gas — Billions of cubic feet
Consolidated Companies28,314 27,006 26,587 
Affiliated Companies2,594 2,916 2,870 
Total Natural Gas30,908 29,922 29,457 
Oil-Equivalent — Millions of barrels1
Consolidated Companies9,475 8,976 9,202 
Affiliated Companies1,789 2,158 2,229 
Total Oil-Equivalent11,264 11,134 11,431 
1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.
________________________________________________________
*    As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.

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Net Production of Liquids and Natural Gas
The following table summarizes the net production of liquids and natural gas for 2021 and 2020 by the company and its affiliates. Worldwide oil-equivalent production of 3.099 million barrels per day in 2021 was up approximately 1 percent from 2020. Additional production from the Noble Energy, Inc. (Noble) acquisition and lower production curtailments were partially offset by asset sale related decreases of 80,000 barrels per day, expiration of the Rokan concession in Indonesia, unfavorable entitlement effects, and normal field declines. Refer to the “Results of Operations” section beginning on page 38 for a detailed discussion of the factors explaining the changes in production for crude oil, condensate, natural gas liquids, synthetic oil and natural gas, and refer to Table V for information on annual production by geographical region.
Components of Oil-Equivalent
Oil-EquivalentLiquidsNatural Gas
Thousands of barrels per day (MBPD)
(MBPD)1
(MBPD)(MMCFPD)
Millions of cubic feet per day (MMCFPD)202120202021202020212020
United States2
1,139 1,058 858 790 1,689 1,607 
Other Americas
Argentina
33 25 28 21 31 24 
Brazil
3 3  
Canada3
161 159 136 138 150 126 
Colombia4
  —  14 
Total Other Americas197 192 167 165 181 165 
Africa
Angola
78 87 70 78 52 53 
Equatorial Guinea2
52 11 18 204 42 
Nigeria
165 183 124 140 246 260 
Republic of Congo
39 46 37 44 13 13 
Total Africa334 327 249 267 515 368 
Asia
Azerbaijan4
   
Bangladesh
112 107 2 655 622 
China
30 32 12 15 104 100 
Indonesia
67 138 62 131 30 43 
Israel2
91 20 1 — 541 116 
Kazakhstan
41 55 24 32 103 136 
Kurdistan Region of Iraq2  2    
Myanmar
15 15  — 92 92 
Partitioned Zone5
58 18 56 17 7 
Philippines4
   25 
Thailand
163 207 41 54 736 918 
Total Asia579 604 200 260 2,268 2,058 
Australia
 Australia449 441 43 42 2,434 2,392 
Total Australia449 441 43 42 2,434 2,392 
Europe
United Kingdom4
14 14 13 13 6 
Total Europe14 14 13 13 6 
Total Consolidated Companies2,712 2,636 1,530 1,537 7,093 6,595 
Affiliates6
387 447 284 331 616 695 
Total Including Affiliates7
3,099 3,083 1,814 1,868 7,709 7,290 
1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.
2 Includes production associated with the acquisition of Noble commencing October 2020.
3 Includes synthetic oil: Canada, net
55 5455 54 — 
4 Chevron sold its interest in various upstream producing assets in 2020 and 2021.
5 Located between Saudi Arabia and Kuwait. Production was shut-in in May 2015 and resumed in July 2020.
6 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan and Angola LNG in Angola.
7 Volumes include natural gas consumed in operations of 592 million and 603 million cubic feet per day in 2021 and 2020, respectively. Total “as sold” natural gas volumes were 7,117 million and 6,687 million cubic feet per day for 2021 and 2020, respectively.
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Production Outlook
The company estimates its average worldwide oil-equivalent production in 2022 to be flat to down three percent compared to 2021 assuming a Brent crude oil price of $60 per barrel and excluding the impact of asset sales that may close in 2022. Excluding contract expirations and 2022 asset sales, 2022 production is expected to increase by two to five percent compared to 2021. This estimate is subject to many factors and uncertainties, as described beginning on page 35. Refer to the “Review of Ongoing Exploration and Production Activities in Key Areas,” beginning on page 10, for a discussion of the company’s major crude oil and natural gas development projects.
Average Sales Prices and Production Costs per Unit of Production
Refer to Table IV for the company’s average sales price per barrel of crude (including crude oil and condensate) and natural gas liquids and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for 2021, 2020 and 2019.
Gross and Net Productive Wells
The following table summarizes gross and net productive wells at year-end 2021 for the company and its affiliates:
At December 31, 2021
Productive Oil Wells1
Productive Gas Wells1
Gross Net Gross Net
United States37,346 28,321 2,430 2,055 
Other Americas1,094 682 245 161 
Africa1,744 683 50 19 
Asia2,276 1,158 2,454 1,168 
Australia533 299 105 29 
Europe34 — — 
Total Consolidated Companies43,027 31,150 5,284 3,432 
Affiliates2
1,662 600 — — 
Total Including Affiliates44,689 31,750 5,284 3,432 
Multiple completion wells included above731 431 148 116 
1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.
2 Includes gross 1,423 and net 480 productive oil wells for interests accounted for by the non-equity method.
Acreage
At December 31, 2021, the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas properties throughout the world. The geographical distribution of the company’s acreage is shown in the following table:
Undeveloped2
Developed Developed and Undeveloped
Thousands of acres1
Gross Net Gross Net Gross Net
United States3,949 3,383 4,513 3,136 8,462 6,519 
Other Americas20,156 11,314 1,088 240 21,244 11,554 
Africa9,066 4,941 2,522 1,051 11,588 5,992 
Asia17,445 6,397 1,593 773 19,038 7,170 
Australia9,999 6,099 2,061 812 12,060 6,911 
Europe109 21 15 124 24 
Total Consolidated Companies60,724 32,155 11,792 6,015 72,516 38,170 
Affiliates3
697 287 107 49 804 336 
Total Including Affiliates61,421 32,442 11,899 6,064 73,320 38,506 
1 Gross acres represent the total number of acres in which Chevron has an ownership interest. Net acres represent the sum of Chevron’s ownership interest in gross acres.
2 The gross undeveloped acres that will expire in 2022, 2023 and 2024 if production is not established by certain required dates are 11,590, 4,778, and 282, respectively.
3 Includes gross 405 and net 141 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method.
Delivery Commitments
The company sells crude oil and natural gas from its producing operations under a variety of contractual obligations. Most contracts generally commit the company to sell quantities based on production from specified properties, but some natural gas and crude oil sales contracts specify delivery of fixed and determinable quantities.
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In the United States, the company is contractually committed to deliver approximately 16 million barrels of crude oil and 759 billion cubic feet of natural gas to third parties from 2022 through 2024. The company believes it can satisfy these contracts through a combination of equity production from the company’s proved developed U.S. reserves and third-party purchases. These commitments are primarily based on contracts with indexed pricing terms.
Outside the United States, the company is contractually committed to deliver a total of 2.9 trillion cubic feet of natural gas to third parties from 2022 through 2024 from operations in Australia and Israel. The Australia sales contracts contain variable pricing formulas that generally reference the prevailing market price for crude oil, natural gas or other petroleum products at the time of delivery. The sales contracts for Israel contain formulas that generally reflect an initial base price subject to price indexation, Brent-linked or other, over the life of the contract. The company believes it can satisfy these contracts from quantities available from production of the company’s proved developed reserves in these countries.
Development Activities
Refer to Table I for details associated with the company’s development expenditures and costs of proved property acquisitions for 2021, 2020 and 2019.
The following table summarizes the company’s net interest in productive and dry development wells completed in each of the past three years, and the status of the company’s development wells drilling at December 31, 2021. A “development well” is a well drilled within the known area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.
 
 
Wells Drilling1
Net Wells Completed
at 12/31/21202120202019
Gross Net Prod. Dry Prod. DryProd. Dry
United States108 66 319 2 539 682 
Other Americas7 4 54  27 — 36 — 
Africa3 1 4  — 26 — 
Asia38 18 35  94 181 
Australia    — — — — 
Europe  1  — — 
Total Consolidated Companies156 89 413 2 666 926 
Affiliates16 1 8  13 — 43 — 
Total Including Affiliates172 90 421 2 679 969 
1 Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.
 
Exploration Activities
Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2021, 2020 and 2019.
The following table summarizes the company’s net interests in productive and dry exploratory wells completed in each of the last three years, and the number of exploratory wells drilling at December 31, 2021. “Exploratory wells” are wells drilled to find and produce crude oil or natural gas in unknown areas and include delineation and appraisal wells, which are wells drilled to find a new reservoir in a field previously found to be productive of crude oil or natural gas in another reservoir or to extend a known reservoir.
Wells Drilling*Net Wells Completed
at 12/31/21202120202019
Gross Net Prod. Dry Prod. Dry Prod. Dry
United States3 2 2 2 10 
Other Americas1    — — 
Africa    — — — — 
Asia1 1   — — — — 
Australia    — — — — 
Europe    — — — — 
Total Consolidated Companies5 3 2 2 10 
Affiliates    — — — — 
Total Including Affiliates5 3 2 2 10 
* Gross wells represent the total number of wells in which Chevron has an ownership interest. Net wells represent the sum of Chevron’s ownership interest in gross wells.
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Review of Ongoing Exploration and Production Activities in Key Areas
Chevron has exploration and production activities in many of the world’s major hydrocarbon basins. Chevron’s 2021 key upstream activities, some of which are also discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations, beginning on page 38, are presented below. The comments include references to “total production” and “net production,” which are defined under “Production” in Exhibit 99.1.
The discussion that follows references the status of proved reserves recognition for significant long-lead-time projects not on production as well as for projects recently placed on production. Reserves are not discussed for exploration activities or recent discoveries that have not advanced to a project stage, or for mature areas of production that do not have individual projects requiring significant levels of capital or exploratory investment.
United States
Upstream activities in the United States are primarily located in Texas, New Mexico, California, Colorado, and the Gulf of Mexico. Acreage for the United States can be found in the table on page 8. Net daily oil-equivalent production in the United States can be found in the table on page 7.
Chevron is one of the largest producers in the Permian Basin with a production outlook of more than one million barrels of net oil equivalent production per day by 2025. The company’s advantaged portfolio of development areas in west Texas and southeast New Mexico is comprised of stacked formations enabling production from multiple geologic zones from single surface locations. Chevron has implemented a Permian factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed concurrently using hydraulic fracture stimulation. Top tier drilling and completions performance has enabled year-over-year capital expenditure efficiency improvement and cycle time reduction generating higher returns throughout Chevron’s Permian portfolio. Chevron’s Permian operations have also demonstrated continual progress on its lower carbon and water goals, consistently ranking among the best Permian operators for methane emissions intensity, routine flaring, and water handling (utilizing 99 percent brackish or recycled sources). In 2021, Chevron’s net daily unconventional production in the Permian Basin averaged 284,000 barrels of crude oil, 1.1 billion cubic feet of natural gas and 148,000 barrels of NGLs. Conventional production averaged 10,000 barrels of crude oil, 39 million cubic feet of natural gas and 2,000 barrels of NGLs per day.
Chevron holds mature assets in the Eagle Ford Shale in Texas that produced 29,000 barrels of oil-equivalent per day in 2021.
In 2021, Chevron was one of the largest crude oil producers in California with a net daily oil equivalent production of 96,000 barrels. Chevron completed front-end engineering and design (FEED) in second quarter 2021 on a carbon capture project for emissions reduction from the gas turbines in one of our California co-generation facilities. This project leverages two innovative technologies—carbon dioxide concentration and carbon capture—and has the potential to scale across our full fleet of turbines. A final investment decision for this project is expected in third quarter 2022, with anticipated start-up in 2024. Chevron is also progressing the installation of a 20MWh battery at the solar power plant in the Lost Hills field with start-up expected in third quarter 2022.
In Colorado, development in the Denver-Julesburg (DJ) Basin is primarily focused on Chevron’s Mustang and Wells Ranch areas where the company’s comprehensive drilling plans allow for efficient resource development. Chevron’s net daily production in the DJ Basin averaged 56,000 barrels of crude oil, 302 million cubic feet of natural gas and 36,000 barrels of NGLs during 2021.
Chevron also has operations in Colorado’s Piceance Basin as well as acreage positions in Wyoming and Utah.
During 2021, net daily production in the Gulf of Mexico averaged 180,000 barrels of crude oil, 102 million cubic feet of natural gas and 12,000 barrels of NGLs. Chevron is engaged in various operated and nonoperated exploration, development and production activities in the deepwater Gulf of Mexico. Chevron also holds nonoperated interests in several shelf fields.
The deepwater Jack and St. Malo fields are being jointly developed with a host floating production unit located between the two fields. Chevron has a 50 percent interest in the Jack Field and a 51 percent interest in the St. Malo Field. Both fields are company operated. The company has a 40.6 percent interest in the production host facility, which is designed to accommodate production from the Jack/St. Malo development and third-party tiebacks. Additional development opportunities for the Jack and St. Malo fields progressed in 2021. The St. Malo Stage 4 waterflood project includes two new production wells, three injector wells, and topsides water injection equipment at the St. Malo Field. Two oil production wells were placed online, and first injection is expected in 2023. Additional Jack development in 2021 consisted
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of a single well tieback and related subsea infrastructure installation. The Stage 4 multiphase subsea pump project replaced the single-phase subsea pumps in both the Jack and St. Malo fields. Multiphase pump modules were completed and received in 2021 with installation expected to commence in 2022. Proved reserves have been recognized for the multiphase subsea pump project. The Jack and St. Malo fields have an estimated remaining production life of 30 years.
The company has a 15.6 percent nonoperated working interest in the deepwater Mad Dog Field. Project execution continued in 2021 on the Mad Dog 2 Project with installation of the floating production platform in November 2021. First oil is expected in the second half of 2022. Proved reserves have been recognized for the Mad Dog 2 Project.
Chevron has a 60 percent-owned and operated interest in the Big Foot Project, located in the deepwater Walker Ridge area. Development drilling activities are ongoing, with an additional production well coming online in July 2021. The project has an estimated remaining production life of 30 years.
The company has a 58 percent-owned and operated interest in the deepwater Tahiti Field. First production from the Tahiti Upper Sands Project was achieved in April 2021. The Tahiti Field has an estimated remaining production life of more than 20 years.
Chevron holds a 25 percent nonoperated working interest in the Stampede Field, which is located in the Green Canyon area. The field has an estimated remaining production life of 25 years.
Chevron has owned and operated interests of 62.9 to 75.4 percent in the unit areas containing the Anchor Field. Stage 1 of the Anchor development consists of a seven-well subsea development and a semi-submersible floating production unit. Drilling of the first development well began in December 2021. Proved reserves were recognized in 2021 for Anchor, with first production expected in 2024.
Chevron has a 60 percent-owned and operated interest in the Ballymore Field located in the Mississippi Canyon, which is being developed as a subsea tieback to the existing Blind Faith facility. Chevron entered FEED for Ballymore in March 2021, and a final investment decision is expected in second quarter 2022.
The company holds a 40 percent nonoperated working interest in the Whale discovery located in the Perdido area. A final investment decision was made for Whale in July 2021. First production is expected for Whale in 2024 and proved reserves have been recognized for this project.
During 2021, the company participated in four exploration wells in the deepwater Gulf of Mexico. Chevron was formally awarded eight blocks during 2021 as a result of 2020 U.S. Gulf of Mexico lease sales.
Other Americas
“Other Americas” includes Argentina, Brazil, Canada, Colombia, Mexico, Suriname and Venezuela. Acreage for “Other Americas” can be found in the table on page 8. Net daily oil-equivalent production from these countries can be found in the table on page 7.
Argentina Chevron holds a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta Shale. In 2021, the appraisal program at Narambuena was completed, with the final two wells of the four-well campaign placed on production. With completion of this program, Chevron achieved its farm-in commitment for this block. At Loma Compana, 32 horizontal wells were drilled in 2021, with 39 wells in total put on production. This concession expires in 2048.
Chevron also owns and operates a 100 percent interest in the El Trapial Field with both conventional production and Vaca Muerta Shale potential. The company utilizes waterflood operations to mitigate declines at the operated El Trapial Field and completed the Vaca Muerta appraisal program in 2021, with the final three wells of this program placed on production. The El Trapial concession expires in 2032.
Brazil Chevron holds between 30 and 45 percent of both operated and nonoperated interests in 11 blocks within the Campos and Santos basins. One exploration well began drilling in 2021, and one exploration well commenced drilling in early 2022.
In July 2021, the company sold its 37.5 percent nonoperated interest in the Papa-Terra oil field.
Canada Upstream interests in Canada are concentrated in Alberta and the offshore Atlantic region of Newfoundland and Labrador. The company also has interests in the Northeast British Columbia and the Beaufort Sea region of the Northwest Territories.
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The company holds a 20 percent nonoperated working interest in the Athabasca Oil Sands Project (AOSP) and associated Quest carbon capture and storage project in Alberta. Oil sands are mined from both the Muskeg River and the Jackpine mines, and bitumen is extracted from the oil sands and upgraded into synthetic oil. Carbon dioxide emissions from the upgrader are reduced by carbon capture and storage facilities.
Chevron has a 70 percent-owned and operated interest in most of its Duvernay shale acreage. By early 2022, a total of 227 wells have been tied into production facilities.
Chevron holds a 26.9 percent nonoperated working interest in the Hibernia Field and a 24.1 percent nonoperated working interest in the unitized Hibernia Southern Extension areas offshore Atlantic Canada. The company holds a 29.6 percent nonoperated working interest in the heavy oil Hebron Field, also offshore Atlantic Canada, which has an expected remaining economic life of 30 years.
The company holds a 25 percent nonoperated working interest in blocks EL 1145, EL 1146 and EL 1148 and a 40 percent nonoperated working interest in EL 1149 located in offshore Atlantic Canada.
Colombia Chevron holds a 40 percent-owned and operated working interest in the offshore Colombia-3 and Guajira Offshore-3 Blocks.
Mexico The company owns and operates a 33.3 percent interest in Block 3 in the Perdido area of the Gulf of Mexico. In the Cuenca Salina area in the deepwater Gulf of Mexico, Chevron holds a 37.5 percent-owned and operated interest in Block 22. The company also holds a 40 percent nonoperated interest in Blocks 20, 21 and 23.
Suriname Chevron was the successful bidder in an April 2021 bid round for a 40 percent-owned and operated working interest in Block 5 and signed the production-sharing contract (PSC) in October 2021. Chevron also holds a 33.3 percent nonoperated working interest in deepwater Block 42 where one exploration well is expected to be drilled during 2022.
Venezuela Chevron’s interests in Venezuela are located in western Venezuela and the Orinoco Belt. At December 31, 2021, no proved reserves are recognized for these interests. In 2021, the company conducted activities in Venezuela consistent with the authorization provided pursuant to general licenses issued by the United States government. The company remains committed to its people, assets, and operations in Venezuela.
Chevron holds a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela under an agreement expiring in 2026. Chevron has a 30 percent interest in Petropiar, which operates the heavy oil Huyapari Field under an agreement expiring in 2033. Chevron also holds a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo under a contract expiring in 2026, and a 35.7 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt. The Petroindependencia contract expires in 2035.
Chevron also operates and holds a 60 percent interest in the Loran gas field offshore Venezuela. This is part of a cross- border field that includes the Manatee Field in Trinidad and Tobago. This license expires in 2039.
Africa
In Africa, the company is engaged in upstream activities in Angola, the Republic of Congo, Cameroon, Egypt, Equatorial Guinea, and Nigeria. Acreage for Africa can be found in the table on page 8. Net daily oil-equivalent production from these countries can be found in the table on page 7.
Angola The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline. The Block 0 partners and National Concessionaire signed an extension for an additional 20 years in December 2021. This extension to 2050 is subject to legislative approvals. The Block 0 Sanha Lean Gas Connection Project (SLGC) reached final investment decision in January 2021. SLGC is a new platform that ties the existing complex to new connecting pipelines for gathering and exporting gas from Blocks 0 and 14 to Angola LNG.
Chevron also operates and holds a 31 percent interest in a PSC for deepwater Block 14 which expires in 2028. During 2021, drilling operations restarted in Block 14 following the coronavirus (COVID-19) pandemic related shut-down.
Chevron has a 36.4 percent interest in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, Angola. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day. This is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators. During 2021, work continued toward developing non-associated gas in offshore Angola, which is expected to supply the Angola LNG plant.
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Angola-Republic of Congo Joint Development Area Chevron operates and holds a 31.3 percent interest in the Lianzi Unitization Zone, located in an area shared equally by Angola and the Republic of Congo. This interest expires in 2031.
Republic of Congo Chevron has a 31.5 percent nonoperated working interest in the offshore Haute Mer permit area. The permits for Nkossa, Nsoko and Moho-Bilondo expire in 2027, 2034 and 2030, respectively.
Cameroon Chevron owns and operates the YoYo Block in the Douala Basin. Preliminary development plans include a possible joint development between YoYo and the Yolanda Field in Equatorial Guinea.
Egypt In the Mediterranean Sea, Chevron holds a 90 percent-owned and operated interest in North Sidi Barrani (Block 2), North El Dabaa (Block 4) and the Nargis block, as well as a 27 percent nonoperated working interest in both North Marina (Block 6) and North Cleopatra (Block 7). In the Red Sea, the company holds a 45 percent-owned and operated interest in Block 1.
Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng oil field and the Yolanda natural gas field in Block I and a 45 percent-owned and operated interest in the Alen natural gas and condensate field in Block O. The Alen Gas Project was completed in February 2021, with the first LNG cargo shipped in March 2021.
Chevron signed a production sharing agreement for an 80 percent-owned and operated interest in Block EG-09, offshore Equatorial Guinea, in the Douala Basin located south of the Alen and Aseng oil fields.
The company also holds a 32 percent nonoperated interest in the natural gas and condensate Alba Field, a 28 percent nonoperated interest in the Alba LPG Plant and a 45 percent interest in the Atlantic Methanol Production Company.
Nigeria Chevron operates and holds a 40 percent interest in eight concessions, seven operated and one nonoperated in the onshore and near-offshore regions of the Niger Delta. The company also holds acreage positions in three operated and six nonoperated deepwater blocks, with working interests ranging from 20 to 100 percent.
Chevron is the operator of the Escravos Gas Plant (EGP) with a total processing capacity of 680 million cubic feet per day of natural gas and liquified petroleum gas and condensate export capacity of 58,000 barrels per day. The company is also the operator of the 33,000-barrel-per-day Escravos Gas to Liquids facility. In addition, the company holds a 36.9 percent interest in the West African Gas Pipeline Company Limited affiliate, which supplies Nigerian natural gas to customers in Benin, Togo and Ghana.
Chevron operates and holds a 67.3 percent interest in the Agbami Field, located in deepwater Oil Mining Lease (OML) 127 and OML 128. Additionally, Chevron holds a 30 percent nonoperated working interest in the Usan Field in OML 138. The leases that contain the Usan and Agbami Fields expire in 2023 and 2024, respectively.
Also, in the deepwater area, the Aparo Field in OML 132 and OML 140 and the third-party-owned Bonga SW Field in OML 118 share a common geologic structure and are planned to be developed jointly. Chevron holds a 16.6 percent nonoperated working interest in the unitized area. The development plan involves subsea wells tied back to a floating production, storage and offloading vessel. Work continues to progress toward a final investment decision. At the end of 2021, no proved reserves were recognized for this project.
In deepwater exploration, Chevron operates and holds a 55 percent interest in the deepwater Nsiko discoveries in OML 140. Chevron also holds a 27 percent interest in adjacent licenses OML 139 and OML 154. The company continues to work with the operator to evaluate development options for the multiple discoveries in the Usan area, including the Owowo Field, which straddles OML 139 and OML 154. The development plan for the Owowo field involves a subsea tie-back to the existing Usan floating, production, storage, and offloading vessel.
In April 2021, further to the exercise of a preemptive right by its joint venture partner, the company signed an agreement to divest its 40 percent operated interest in OML 86 and OML 88. This sale is subject to customary closing conditions.
Asia
In Asia, the company is engaged in upstream activities in Bangladesh, China, Cyprus, Indonesia, Israel, Kazakhstan, Kurdistan Region of Iraq, Myanmar, the Partitioned Zone between Saudi Arabia and Kuwait, Russia, and Thailand. Acreage for Asia can be found in the table on page 8. Net daily oil-equivalent production for these countries can be found in the table on page 7.

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Bangladesh Chevron operates and holds a 100 percent interest in Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields). The rights to produce from Jalalabad expire in 2030, from Moulavi Bazar in 2033 and from Bibiyana in 2034.
China Chevron has nonoperated working interests in several areas in China. The company has a 49 percent nonoperated working interest in the Chuandongbei Project, including the Loujiazhai and Gunziping natural gas fields located onshore in the Sichuan Basin.
The company also has nonoperated working interests of 32.7 percent in Block 16/19 in the Pearl River Mouth Basin and 24.5 percent in the Qinhuangdao (QHD) 32-6 Block in the Bohai Bay. The PSCs for Block 16/19 and QHD 32-6 expire in 2028 and 2024, respectively.
Cyprus The company holds a 35 percent-owned and operated interest in the Aphrodite gas field in Block 12. Chevron operates the field with the Government of Cyprus and has a license that expires in 2044.
Indonesia Chevron has working interests through various PSCs in Indonesia. In offshore eastern Kalimantan, the company operates and holds a 62 percent interest in two PSCs in the Kutei Basin (Rapak and Ganal) and operates and holds a 72 percent interest in the Makassar Strait PSC. The PSCs for offshore eastern Kalimantan expire in December 2027 (Rapak and Makassar Strait) and February 2028 (Ganal). The Chevron-operated Rokan PSC in Sumatra expired in August 2021.
Chevron concluded during 2019 that the Indonesia Deepwater Development held by the Kutei Basin PSCs did not compete in its portfolio and is evaluating strategic alternatives for the participating interest in these PSCs.
Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044. The company also holds a 25 percent-owned and operated interest in the Tamar gas field, which operates under a concession that expires in 2038. Opportunities to further monetize the existing gas resources are being assessed for both the Tamar and Leviathan fields.
Kazakhstan Chevron has a 50 percent interest in the Tengizchevroil (TCO) affiliate and an 18 percent nonoperated working interest in the Karachaganak Field.
TCO is developing the Tengiz and Korolev crude oil fields in western Kazakhstan under a concession agreement that expires in 2033. All of TCO’s 2021 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.
In 2021, TCO continued construction on the Future Growth Project and Wellhead Pressure Management Project (FGP/WPMP), with all modules being placed on foundation as of April 2021. The third of four metering stations associated with the project was completed in September 2021, collectively delivering over 100 MBOED of production through existing facilities in the fourth quarter. The project also successfully integrated the utility modules for the 3rd generation plant. At year-end, the project was approximately 89 percent complete. Due to pandemic impacts, it is expected that the WPMP portion will start up in mid-2023, with FGP expected to come online in late-2023 to mid-2024. Proved reserves have been recognized for FGP/WPMP.
The Karachaganak Field is located in northwest Kazakhstan, and operations are conducted under a PSC that expires in 2038. Most of the exported liquids were transported through the CPC pipeline during 2021. Development continued on the Karachaganak Expansion Project Stage 1A during 2021. The initial recognition of proved reserves occurred in 2021 for this project.
Kazakhstan/Russia Chevron has a 15 percent interest in the CPC. Progress continued on the debottlenecking project, which is expected to further increase capacity. During 2021, CPC transported an average of 1.3 million barrels of crude oil per day, composed of 1.1 million barrels per day from Kazakhstan and 0.2 million barrels per day from Russia.
Kurdistan Region of Iraq The company holds a 50 percent nonoperated interest in the Sarta PSC, which expires in 2047, and a 40 percent nonoperated interest in the Qara Dagh PSC. Chevron relinquished operatorship of the Sarta block effective January 2022.
Myanmar Chevron has a 28.3 percent nonoperated working interest in a PSC for the production of natural gas from the Yadana, Badamyar and Sein fields, within Blocks M5 and M6, in the Andaman Sea. The PSC expires in 2028. The company also has a 28.3 percent nonoperated working interest in a pipeline company that transports natural gas to the Myanmar-Thailand border for delivery to power plants in Thailand. In January 2022, Chevron announced its intention to begin the process of a planned and orderly transition that will lead to an exit from the country.
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Partitioned Zone Chevron holds a concession to operate the Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon resources in the onshore area of the Partitioned Zone between Saudi Arabia and Kuwait. The concession expires in 2046. Current activities focus on base business optimization and production enhancement opportunities.
Thailand Chevron holds operated interests in the Pattani Basin, located in the Gulf of Thailand, with ownership ranging from 35 percent to 80 percent. Concessions for producing areas within this basin expire between 2022 and 2035. Chevron also has a 16 percent nonoperated working interest in the Arthit Field located in the Malay Basin. Concessions for the producing areas within this basin expire between 2036 and 2040.
Within the Pattani Basin, the company holds ownership ranging from 70 to 80 percent of the Erawan concession, which expires in April 2022. Chevron also has a 35 percent-owned and operated interest in the Ubon Project in Block 12/27.
Chevron holds between 30 to 80 percent operated and nonoperated working interests in the Thailand-Cambodia Overlapping Claims Area that are inactive, pending resolution of border issues between Thailand and Cambodia.
Australia
Chevron is Australia's largest producer of LNG. Acreage can be found in the table on page 8. Net daily oil-equivalent production can be found in the table on page 7.
Upstream activities in Australia are concentrated offshore Western Australia, where the company is the operator of two major LNG projects, Gorgon and Wheatstone, and has a nonoperated working interest in the North West Shelf (NWS) Venture and exploration acreage in the Carnarvon Basin.
Chevron holds a 47.3 percent-owned and operated interest in Gorgon on Barrow Island, which includes the development of the Gorgon and Jansz-Io fields, a three-train 15.6 million-metric-ton-per-year LNG facility, a carbon capture and underground storage facility and a domestic gas plant. Progress on the Gorgon Stage 2 project continued in 2021, with the completion of the pipelay in May 2021 and first production expected in third quarter 2022. The company reached a final investment decision on the Jansz-Io Compression Project in July 2021, and proved reserves have been recognized for this project. Gorgon’s estimated remaining economic life exceeds 40 years.
Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone. Wheatstone includes the development of the Wheatstone and Iago fields, a two-train, 8.9 million-metric-ton-per-year LNG facility, and a domestic gas plant. The onshore facilities are located at Ashburton North on the coast of Western Australia. Wheatstone’s estimated remaining economic life exceeds 20 years.
Chevron has a 16.7 percent nonoperated working interest in the NWS Venture in Western Australia.
The company continues to evaluate exploration and appraisal activity across the Carnarvon Basin in which it holds more than 6.0 million net acres. Chevron relinquished 0.5 million net acres in 2021 in the Carnarvon and Browse basins.
Chevron owns and operates the Clio, Acme and Acme West fields. The company is collaborating with other Carnarvon Basin participants to assess the possibility of developing Clio and Acme through shared utilization of existing infrastructure.
United Kingdom
Acreage can be found in the table on page 8. Net oil equivalent production for the United Kingdom can be found in the table on page 7.
Chevron holds a 19.4 percent nonoperated working interest in the Clair Field, located west of the Shetland Islands. The Clair Ridge Project is the second development phase of the Clair Field, with a design capacity of 120,000 barrels of crude oil and 100 million cubic feet of natural gas per day. The Clair Field has an estimated remaining production life extending beyond 2050.
Sales of Natural Gas and Natural Gas Liquids
 The company sells natural gas and NGLs from its producing operations under a variety of contractual arrangements. In addition, the company also makes third-party purchases and sales of natural gas and NGLs in connection with its supply and trading activities.
During 2021, U.S. and international sales of natural gas averaged 4.0 billion and 5.2 billion cubic feet per day, respectively, which includes the company’s share of equity affiliates’ sales. Outside the United States, substantially all of the natural gas
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sales from the company’s producing interests are from operations in Angola, Argentina, Australia, Bangladesh, Canada, Equatorial Guinea, Kazakhstan, Indonesia, Israel, Nigeria and Thailand.
U.S. and international sales of NGLs averaged 230,000 and 180,000 barrels per day, respectively, in 2021.
Refer to “Selected Operating Data,” on page 42 in Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information on the company’s sales volumes of natural gas and natural gas liquids. Refer also to “Delivery Commitments” beginning on page 8 for information related to the company’s delivery commitments for the sale of crude oil and natural gas.
Downstream
Refining Operations
At the end of 2021, the company had a refining network capable of processing 1.8 million barrels of crude oil per day. Operable capacity at December 31, 2021, and daily refinery inputs for 2019 through 2021 for the company and affiliate refineries, are summarized in the table below.
Average crude oil distillation capacity utilization was 82 percent in 2021 and 76 percent in 2020. At the U.S. refineries, crude oil distillation capacity utilization averaged 83 percent in 2021, compared with 73 percent in 2020. Chevron processes both imported and domestic crude oil in its U.S. refining operations. Imported crude oil accounted for about 60 percent and 59 percent of Chevron’s U.S. refinery inputs in 2021 and 2020, respectively.
In the United States, the company continued work on projects aimed at improving refinery flexibility and reliability. At the El Segundo Refinery in California, production of renewable fuels from bio-feedstocks was achieved in third quarter 2021. At the refinery in Salt Lake City, Utah, the alkylation retrofit project reached start-up in April 2021. The Pasadena Refinery enables processing of greater amounts of Permian light crude oil and provides integration with Chevron’s Gulf Coast Pascagoula, Mississippi refinery and Houston Blend Center.
Outside the United States, the company has three large refineries in Singapore, South Korea and Thailand. The Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products, including higher-quality gasoline that meets stricter emission standards. Refinery upgrades have enabled SRC to produce higher-quality gasoline that meets stricter emission standards. The 50 percent-owned, GS Caltex (GSC) operated, Yeosu Refinery in South Korea remains one of the world’s largest refineries with a total crude capacity of 800,000 barrels per day. The company’s 60.6 percent-owned refinery in Map Ta Phut, Thailand, continues to supply high-quality petroleum products through the Caltex brand into regional markets.
Petroleum Refineries: Locations, Capacities and Inputs
Capacities and inputs in thousands of barrels per dayDecember 31, 2021Refinery Inputs
Locations Number Operable Capacity 202120202019
PascagoulaMississippi1 369 333