Businessweek

Chevron Corporation, through its subsidiaries, engages in integrated petroleum, chemicals, mining, power generation, and energy services operations. Segments UPSTREAM This segment’s operations consist primarily of exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; and a gas-to-liquids project. UNITED STATES The company's upstream activities in the United States are concentrated in California, the Gulf of Mexico, Colorado, Louisiana, Michigan, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas, West Virginia, and Wyoming. The company engages in the exploration and development activities in the deepwater Gulf of Mexico. The Jack and St. Malo fields are located within 25 miles of each other and are being jointly developed. The company has a 50 percent interest in the Jack Field, a 51 percent interest in the St. Malo Field and a 50.7 percent interest in the production host facility. Drilling operations progressed during 2012, with 5 of 10 planned wells drilled. Tahiti 2 is the second development phase for the 58 percent-owned and operated Tahiti Field, and is designed to increase recovery and return production to approximately 100,000 barrels of crude oil per day. The project includes two additional production wells, three water injection wells and water injection facilities. The company has a 42.9 percent non operated working interest in the Tubular Bells Field. The company has a 20.3 percent non operated working interest in the Caesar and Tonga area. The company has a 15.6 percent non operated working interest in the Mad Dog II Project. In 2012, the company signed commercial agreements for the Stampede project allowing for the joint development of the Knotty Head and Pony fields. The company holds a 20 percent non operated working interest in this joint development. The company added 15 leases to the deepwater portfolio. In 2012, an acquisition of approximately 350,000 gross acres in New Mexico augmented the company's leasehold position in the Delaware Basin and surrounding areas. The company holds leases in the Marcellus Shale and Utica Shale, primarily located in southwestern Pennsylvania, Ohio, and West Virginia, and in the Antrim Shale in Michigan. The company also holds a 49 percent interest in Laurel Mountain Midstream, LLC, an affiliate that owns approximately 1,200 miles of natural gas gathering lines servicing the Marcellus. OTHER AMERICAS Other Americas consist of Argentina, Brazil, Canada, Colombia, Suriname, Trinidad and Tobago, and Venezuela. Canada: The company has interests in oil sands projects and shale acreage in Alberta, shale acreage and an LNG project in British Columbia, exploration, development and production projects offshore in the Atlantic region, and exploration and discovered resource interests in the Beaufort Sea region of the Northwest Territories. The company holds a 20 percent non operated working interest in the Athabasca Oil Sands Project. In February 2013, the company acquired a 50 percent-owned and operated interest in the Kitimat LNG project and proposed Pacific Trail Pipeline, and a 50 percent non operated working interest in 644,000 total acres in the Horn River and Liard shale gas basins in British Colombia. The Kitimat project is planned to include a 2-train, 10.0 million-metric-ton-per-year LNG facility. The company holds a 26.9 percent non operated working interest in the Hibernia Field and a 23.6 non operated working interest in the unitized Hibernia Southern Extension offshore Atlantic Canada. The company holds a 26.6 percent non operated working interest in the heavy-oil Hebron Field, also offshore Atlantic Canada. It also holds exploration licenses and leases in the Flemish Pass and Orphan basins offshore Atlantic Canada and the Beaufort Sea region of the Northwest Territories, including a 35.4 percent non operated working interest in the offshore Amauligak discovery. In addition, the company holds i