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Chevron Corporation generated * billion U.S. dollars in operating revenue in 2024. The multinational company’s revenue experienced a decade of heavy fluctuations, often mirroring development of the global oil market. Chevron has continuously been listed among the largest U.S. oil and gas companies by market value.

Oversupply in the 2010s amid shale extraction development

After the 2008 financial crisis, Chevron increased its production of oil and natural gas by implementing horizontal drilling and hydraulic fracturing to access shale and tight reserves both domestically, as well as abroad. As production soared, a surplus of crude oil led to a corresponding decrease in oil prices worldwide and precipitated a decline in Chevron’s revenue.

Chevron within the oil industry

In 2024, Chevron had Chevron had ownership interest in more than * wells distributed all over the globe, with presence on almost every continent. However, over * of these wells are located in the United States. That same year, Chevron’s net income amounted to billion U.S. dollars, with the upstream operating sector being the most profitable.