\nChevron Corporation (NYSE: CVX) today announced senior leadership changes as part of the company\u2019s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness.<\/p>\n
\nThe company\u2019s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue to lead this organization as vice chairman and executive vice president, Oil, Products & Gas.<\/p>\n
\nThe Upstream organizational model will drive value through greater standardization across Shale & Tight, Base Assets & Emerging Countries, Offshore, Eurasia and Australia.<\/p>\n
\nClay Neff, currently president, International Exploration and Production, has been named president, Upstream, effective July 1, 2025.<\/p>\n
\nBruce Niemeyer, currently president, Americas Exploration and Production, has been named president, Shale & Tight, effective July 1, 2025.<\/p>\n
\nThe Downstream, Midstream & Chemicals organization will center around key work processes, including Operations, Commercial, Customer and Enterprise Value Chain Optimization.<\/p>\n
\nAndy Walz will continue to lead this organization as president, Downstream, Midstream & Chemicals.<\/p>\n
\nChevron\u2019s technical center will be organized to drive value in Technology, Projects & Execution.<\/p>\n
\nRyder Booth, currently vice president, Mid-Continent Business Unit, has been named vice president, Technology, Projects & Execution, effective July 1, 2025. He is replacing Balaji Krishnamurthy, currently vice president, Chevron Technical Center, who has been named president, Australia, effective April 1, 2025.<\/p>\n
\n\u201cOur new organizational structure and leadership appointments are designed to improve our operational efficiency and position Chevron for sustained growth,\u201d said Mike Wirth, Chevron\u2019s chairman and chief executive officer. \u201cThese changes will help enable us to drive innovation and execution and deliver value for our shareholders.\u201d<\/p>\n
\nChevron is one of the world\u2019s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies. More information about Chevron is available at www.chevron.com<\/a>.<\/p>\n \nAs used in this news release, the term \u201cChevron\u201d and such terms as \u201cthe company,\u201d \u201cthe corporation,\u201d \u201cour,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cits\u201d may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. 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.<\/p>\n \nCAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF \u201cSAFE HARBOR\u201d PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/p>\n This news release contains forward-looking statements relating to Chevron\u2019s operations and strategy that are based on management\u2019s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cadvances,\u201d \u201ccommits,\u201d \u201cdrives,\u201d \u201caims,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201capproaches,\u201d \u201cseeks,\u201d \u201cschedules,\u201d \u201cestimates,\u201d \u201cpositions,\u201d \u201cpursues,\u201d \u201cprogress,\u201d \u201cdesign,\u201d \u201cenable,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cbudgets,\u201d \u201coutlook,\u201d \u201ctrends,\u201d \u201cguidance,\u201d \u201cfocus,\u201d \u201con track,\u201d \u201cgoals,\u201d \u201cobjectives,\u201d \u201cstrategies,\u201d \u201copportunities,\u201d \u201cpoised,\u201d \u201cpotential,\u201d \u201cambitions,\u201d \u201caspires\u201d and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company\u2019s 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 news release. 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\u2019s 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 and epidemics, and any related government policies and actions; disruptions in the company\u2019s 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, market and political conditions, including the military conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company\u2019s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company\u2019s suppliers, vendors, partners and equity affiliates; the inability or failure of the company\u2019s 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\u2019s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company\u2019s 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 related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the risk that regulatory approvals and clearances related to the Hess Corporation (Hess) transaction are not obtained or are not obtained in a timely manner or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company\u2019s ability to integrate Hess\u2019 operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company\u2019s 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; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company\u2019s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company\u2019s 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 \u201cRisk Factors\u201d on pages 20 through 27 of the company\u2019s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250224202767\/en\/<\/a><\/span><\/p>\n \nAllison Cook \u2013 acook@chevron.com<\/a><\/p>\n KEYWORDS:<\/b> Texas United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Oil\/Gas Energy<\/p>\n<\/p>\n
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