Within oil and gas, Chevron is vertically integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.

[7] Chevron manufactures and sells fuels, lubricants, additives, and petrochemicals, primarily in Western North America, the US Gulf Coast, Southeast Asia, South Korea and Australia.

[16] According to energy analyst and activist shareholder Antonia Juhasz,[17][18][19] the Texas Fuel Company and California Standard were often referred to as the "terrible twins" for their cutthroat business practices.

[27][28] Standard Oil Company of California ranked 75th among United States corporations in the value of World War II military production contracts.

[53] In February 2012, Chevron notified the Bureau of Land Management and the Department of Reclamation, Mining and Safety that it intended to divest this lease.

It would have been one of the largest corporate mergers in history, and a combined Chevron and ExxonMobil (dubbed "Chexxon" by Reuters) would have been the second-largest oil company in the world, trailing only Saudi Aramco.

The relaxed restrictions, however, came with severe limitations, including provisions which prohibited Chevron from selling to Russian or Iranian-affiliated agencies and from allowing any direct profits to go to Venezuelan oil company PDVSA.

[72][73] On November 29, 2022, Venezuelan Government Petroleum Minister Tarek El Aissami met in Caracas, Venezuela, with the president of Chevron, Javier La Rosa.

The most important joint ventures where Chevron is involved in Venezuela are Petroboscán, in the west of the nation, and Petropiar, in the eastern Orinoco Belt, with a production capacity of close to 180,000 barrels per day between both projects.

Moreover, El Aissami, a longtime Maduro ally, has a $10mn US government reward on his head for allegedly facilitating drug trafficking from Venezuela.

He played a key role in helping Nicolas Maduro's government dodge US economic sanctions, using his Syrian and Lebanese parentage to open up new business channels to Iran and Turkey.

[75] On January 5, 2022, Chevron temporarily decreased production in Kazakhstan's Tengiz Field due to the 2022 Kazakh protests, which were motivated by heavy oil price increases.

According to the U.S. Department of Justice and U.S. Environmental Protection Agency, Chevron and Phillips failed to properly flare at the plants, causing excess air pollution.

In addition, days before the company reported its full year earnings, Chevron increased its dividend and announced a $75 billion stock buyback program, a move which attracted a heated response from the Biden administration as well as from news commentators within the United States.

Hess Corp, Exxon Mobil and China's CNOOC, key players in Guyana, have been producing a combined 400,000 barrels per day.from two offshore projects.

Chevron additionally operates in South America, the west coast of sub-Saharan Africa (mainly Nigeria and Angola), Egypt, and Iraq; these four regions collectively produce 0.4 BBOE.

[106] In the United States, the company operates approximately 11,000 oil and natural gas wells in hundreds of fields occupying 4,000,000 acres (16,000 km2) across the Permian Basin, located in West Texas and southeastern New Mexico.

The company also explored and drilled in the Marcellus Shale formation under several northeastern US states; these operations were sold to the Pittsburgh-based natural gas firm EQT Corporation in 2020.

The foundation phase of the project is estimated to cost $29 billion; it will consist of two LNG processing trains with a combined capacity of 8.9 million tons per annum, a domestic gas plant and associated offshore infrastructure.

[113] The company also has an interest in the North West Shelf Venture, equally shared with five other investors including BP, BHP Petroleum, Shell, Mitsubishi/Mitsui and Woodside.

Chevron is the non-operating partner in seven joint venture refineries, located in Australia,[132] Pakistan,[133] Singapore, Thailand, South Korea, and New Zealand.

[155] Between 2006 and 2011, Chevron contributed up to $12 million to a strategic research alliance with the Georgia Institute of Technology to develop cellulosic biofuels and to create a process to convert biomass like wood or switchgrass into fuels.

[158][159] In Fellows, California, Chevron has invested in the 500 kW Solarmine photovoltaic solar project, which supplies daytime power to the Midway-Sunset Oil Field.

[161][162] In October 2011, Chevron launched a 29-MW thermal solar-to-steam facility in the Coalinga Field to produce the steam for enhanced oil recovery.

Upon Chevron announcing that it was selling its San Ramon headquarters in 2022, the company offered to cover moving costs for employees who wished to relocate to Texas.

Chevron sold its San Ramon headquarters to the local Sunset Development Co. in September 2022, from whom it originally bought the land which the Bollinger Canyon Road office previously stood, and leases a space in San Ramon's Bishop Ranch, also owned by Sunset, as its new office, as it continues to shift more operations to Texas.

On October 7, 2012, Chevron donated $2.5 million to the Republican Congressional Leadership Fund super PAC that is closely tied to former House Speaker John Boehner.

[185] According to watchdog group Documented, in 2020 Chevron contributed $50,000 to the Rule of Law Defense Fund, a fund-raising arm of the Republican Attorneys General Association.

Chevron has been fined by the governments of Angola, for oil spills within its waters, and the United States through its EPA for violations of the US Clean Air Act and pollutive activities arising out of its Richmond Refinery in California.

[190] One case heavily promoted on social media is about work done in the Lago Agrio oil field by Texaco, which Chevron acquired in 2001.