Chevron is an integrated energy and technology company with subsidiaries that conduct businesses under Chevron, Texaco and Caltex brands.
Chevron Corporation is an American multinational energy corporation. One of the successor companies of Standard Oil, it is headquartered in San Ramon, California, and active in more than 180 countries. Chevron is engaged in every aspect of the oil, natural gas, and geothermal energy industries, including hydrocarbon exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation. Chevron is one of the world’s largest oil companies; as of 2019, it ranked eleventh in the Fortune 500 list of the top US closely held and public corporations and 28th on the Fortune Global 500 list of the top 500 corporations worldwide. It was also one of the Seven Sisters that dominated the global petroleum industry from the mid-1940s to the 1970s. Chevron is incorporated in California.
Chevron’s downstream operations manufacture and sell products such as fuels, lubricants, additives and petrochemicals. The company’s most significant areas of operations are the west coast of North America, the U.S. Gulf Coast, Southeast Asia, South Korea and Australia . In 2010, Chevron sold an average of 3.1 million barrels per day (490×103 m3/d) of refined products like gasoline, diesel and jet fuel.
In an unprecedented move, Shell has cut down the interim dividend for its shareholders by 66% from $0.47 last year to now at $0.16. The massive crash in oil demand due to COVID-19 has been responsible for this move as per the oil giant.
The Dow Jones lost nearly 600 points at the start of the week. This comes as U.S. lawmakers are set to determine further stimulus measures for the economy. President Trump has also recently announced a temporary suspension in immigration.
With government institutions enforcing a shutdown due to the COVID-19 outbreak, the demand in the oil market has plunged to a record low. Countries like Saudi Arabia and Russia have ramped up production amidst weakening demand.