— and we act on it. Based on feedback, we are working to Build Our Tomorrow, by putting new digital technologies in the hands of employees, promoting better, faster decision making and revamping our performance management system. 

We use social media and other platforms to create access to information, remove organizational barriers, and bridge vast geographic expanses to exchange ideas and communicate. These are just some of the ways we put The Chevron Way to work, ensuring a culture in which all voices are heard, all ideas are considered and all our people have the opportunity to contribute to their fullest. 

Actions like these are essential in today’s environment. 

But we recognize that leadership goes well beyond delivering strong financial returns and creating a compelling work experience. We must also deliver value for society. 

We provide the affordable, reliable, ever-cleaner energy needed to meet rising demand. By 2040, the global population is expected to reach roughly 9 billion people, and the International Energy Agency expects global energy demand to increase by nearly 30 percent. Our strengths across Upstream, Midstream and Downstream position us to help meet society’s growing need for energy. 

We will meet this demand in a way that respects society’s concerns about climate change and aspirations for a cleaner environment — views we share. This requires innovation. In 2018, we launched the $100 million Future Energy Fund, a venture capital fund established to invest in breakthrough technologies. Early investments include an electric vehicle charging network, novel battery technology and direct capture of carbon dioxide from the air. 

We also joined the Oil and Gas Climate Initiative (OGCI), a coalition of 13 global companies cooperating on constructive actions to reduce greenhouse gas emissions. 

Our commitment includes a $100 million contribution to OGCI’s more than $1 billion fund to invest in technologies and businesses that promise meaningful greenhouse gas emissions reductions. 

During my first year as chairman and CEO, I visited our operations around the world to listen to and learn from our employees. In my travels, I was often asked: “Why do you work for Chevron?” We work for our families. We work for our communities. We work to make the world a better place. And we work because we are proud of what we do. 

I am honored to serve the women and men of Chevron. I am humbled by the opportunity to help build on our company’s 140-year history and the work of generations of talented problem solvers who have turned some of the greatest challenges of our time into vast, human opportunities for advancement. I am proud, too, to represent a fundamental truth: energy enables human progress. I am committed to this truth, and I am fully confident that our people will continue to lead in the decades to come. 



Management's Discussion and Analysis of Financial Condition and Results of Operations

Business Environment and Outlook

Chevron is a global energy company with substantial business activities in the following countries: Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Canada, China, Colombia, Denmark,