Chevron Corp (Chevron), is an integrated oil and gas company. It carries out upstream and downstream operations. It explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation lubricants and fuels; manufactures and markets additives and petrochemicals; generates power; and develops and deploys technologies to enhance the company's operations. The company operates through three reportable segments: Upstream, Downstream, and All Other. Chevron continues to invest in its core business sectors to expand its assets base. In FY2023, the company’s capital expenditure stood at US$15,829 million, which was equivalent to 8% of its revenue and increased 32.2% YoY.

Chevron has a centralized and integrated research facility that works on innovative ideas, across the entire value chain. It focuses on technologies that will support in exploration and production of new oil and gas reserves, improve recovery in existing fields and optimize the productivity of downstream assets. The Chevron Technical Center is the company’s technical center which develops and applies innovative technologies and digital solutions for present and future energy systems. Its focus area includes earth sciences, facilities engineering, reservoir and production engineering, capital projects, reserve governance and reporting, drilling and completions, asset performance, information technology, health, safety and environment, technology ventures and downstream technology and services. Chevron leverages its expertise to develop advanced energy solutions and holds over 4,400 patents for new technologies. It also holds over 3,200 additional patent pending applications. As of FY2023, the company spent US$320 million for R&D purposes which as a percentage of revenue, stood at 0.2%.