Chevron's operating revenue 2010-2022

Chevron Corporation generated 235.72 billion U.S. dollars in operating revenue in 2022. The California-based multinational company’s revenue experienced a decade of heavy fluctuations, with 2020 the lowest operating revenues have been in the time period shown here. That year's oil crisis following a coronavirus-induced decline in transportation fuel demand. Nevertheless, Chevron was the second largest U.S. oil and gas company by market value.

Post-Recession price swings

From 2014 to 2020, 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 a low of 110.26 billion U.S. dollars 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.