Chevron's revenue 2008-2019

In 2019, Chevron Corporation’s revenue totaled 139.87 billion U.S. dollars. The California-based multinational company’s revenue experienced a decade of heavy fluctuations.

Post-Recession price swings

From 2011 to 2016, Chevron’s revenue reduced 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 the lowest point of the decade in 2016 in the wake of the 2010s oil glut, caused by the rapid rise of the shale industry.

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 in the United States, as well as abroad in Argentina. As production soared, a surplus of crude oil further destabilized the prices that had been rising since the recession and precipitated a decline in Chevron’s revenue. In recent years, the company has sought to divest regional interests in Nigeria and South Africa to focus on its U.S. shale output.

Chevron Corporation's revenue from 2008 to 2019 (in billion U.S. dollars)*

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Source

Release date

February 2020

Region

Worldwide

Survey time period

2008 to 2019

Supplementary notes

* Includes total sales and other operating revenues. Includes excise, value-added and similar taxes.
This statistic was assembled from several annual reports.

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