Chevron's operating revenue 2010-2023

Chevron Corporation generated 196.91 billion U.S. dollars in operating revenue in 2023. The California-based 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.

Post-Recession price swings

From 2014 to 2020, Chevron’s revenue decreased by more than half. At its highest in 2008, revenue peaked before taking a significant drop the next year. The company has never fully recovered pre-recession revenue levels, despite what seemed like a strong rebound from 2009 to 2011. Prices reached a low of 110.26 billion U.S. dollars in the wake of the 2010s oil glut, caused by the rapid increase of U.S. shale production.

Oversupply & shale oil 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 in Argentina. 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.