Case Study_Strategic Management_Chevron

Technological Education Institute (T.E.I) of EMaTh, Department of Oil and Gas Technology, MSc in Oil and Gas Technology

Case Study: Chevron Strategic Management Analysis Stelios Veisakis, Athanasios Pitatzis, Evangelia  Aikaterini Souvatzoglou, Nikolaos D. Ntintas

Course Leader: Georgios Theriou Course: Strategic Management Kavala 2014

Margoni,

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Introduction

Source: Chevron Annual Report 2013

Chevron is one of the first O&G Companies it was establishes in San Francisco, California, and named Pacific Coast Oil Company, they were incorporated by a group of explorers and merchants in 1879. Since, their brand name has changed seventeen times. In 1900 they were

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acquisitions and joint ventures began. The majority of thoughts led the company to fully integrate in the Oil & Gas Industry. They eventually vertically integrated in the Upstream, Downstream, but also the Midstream sector. In 1936 Texas Company and Socal Company formed Caltex Group of Companies to explore and produce in Middle East and Indonesia, the crude oil produced was introduced in the African and Asian markets via future Texaco’s marketing networks. Acquiring Sigma Oil Company they dominated midstream sector in Western U.S. adding 2,000 retail stations. Until 1961 the company was a major producer in the U.S. Gulf of Mexico and Louisiana, due to the fact, they needed new markets for the crude oil produced. Therefore a major acquisition of Standard Oil Company (Kentucky) took  place and they entered five major markets in the southeastern states to distribute petroleum  products. About twenty year later from 1984 until today, major mergers, acquisitions and  joint ventures took place in an average of four years. Acquiring Gulf Corporation they involved with activities concerning industrial chemicals, natural gas and coal. Their new  products were branded as Chevron. Further purchasing Petroleum properties in the Gulf of Mexico U.S. from Tenneco Inc.’s, made them the largest Natural Gas producers U.S. In 1993 they are the first entering independent Kazakhstan, forming Tengizchevroil in joint venture with the Republic of Kazakhstan in order to exploit the major Tengiz Field. Six years later they entered the Asian Natural Gas markets by acquiring Rutherford-Moran Oil Corporation. Until 2005 they relocated the cooperate headquarters to San Ramon California. They were established as second largest energy company, based in the U.S. after merging with Texaco Inc. and acquired Unocal Corporation an independent strong upstream O&G, E&P Company. Initially the brand name change to Chevron Texaco but then to ensure international brand name integrity they switched and are known until today as Chevron Corporation. The last acquisition in 2011 was Atlas Energy Inc, focusing in the future by investing to develop and  produce shale gas resource primary Marcellus shale gas development. In our days Chevron has also a partnering with Weyerhaeuser, the forest products company, on developing technology to commercialize biofuels from wood fiber and other waste prod

Vision of Chevron

 At the heart of The Chevron Way is our vision…to be the global energy company most admired for its people, partnership and performance. Our Suggestion:  At the heart of The Chevron Way is our vision….to expand the technological capabilities and knowledge through innovation of oil and gas industry

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worldwide and we imagine our company impact could be beneficially for global society and local communities. Mission of Chevron:

Our company’s foundation is built on our values, which distinguish us and guide our actions. We conduct our business in a socially responsible and ethical manner. We respect the law,  support universal human rights, protect the environment and benefit the communities where we work. Our Suggestion:  It’s general accepted by oil and gas industry and proven by chevrons history that they had a satisfy tool faced the challenges.

Generally, we believe that chevron mission includes all the aspects of a company mission  statement. Strategies:

Our major business strategies will develop leading integrated positions in growth areas of the world: Global Upstream Grow profitably in core areas and build new legacy positions Global Gas Commercialize our equity gas resource base while growing a high-impact global gas business Global Downstream  Improve base business returns and selectively grow with a focus on integrated value value creation  Renewable Energy  Invest in renewable energy technologies and capture profitable positions in important renewable sources of energy. Objectives: 

 Invest in people to achieve our strategies



 Leverage technology to deliver superior performance and growth



 Build organizational capability (“4+1”) to deliver world -class world -class performance in operational excellence, cost reduction, capital stewardship and profitable growth[1]

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Oil Sands OIL SANDS

Oil sands are a natural mixture of sand, water, clay, and bitumen. BITUMEN

Bitumen is heavy, high viscous crude oil. Oil sands could be found 70 meters (200 ft) from the surface but the majority is deeper underground. At the temperature of 10°C bitumen have reached to solid phase. To extract when the depth exceeds 70 m the underground should be heated and additional upgrading should be applied. LOCATION

 Near Fort McMurray the Oil Sands are ar e at the surface and easy e asy to retrieve. Al other deposits d eposits in Athabasca, Peace River and Cold Lake deposits in Alberta and Saskatchewan, are deeper underground.

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Environmental Impact Impact of the Oil Sands 

GHG EMISSIONS AIR

The most harmful GHG emissions are CO2, CH4, N2O, which are responsible for climate changes and F-Gases that are responsible for high global warning. All thoughts gasses among others are emitted into the air by burning fossil fuels for electricity generation, industrial uses, and transportation also for heat in our case underground heating.

Source: http://oilsandsfactcheck.org/learn/environment-health/

Water supply and waste water disposal are among the most serious concerns because of heavy use of water to extract bitumen from the sands. For an oil sands mining operation, as stated by M Humphries - 2008 [21] about 2-3 barrels of water are used from the Athabasca river for each barrel of bitumen produced; but when recycled produced water is included, 0.5

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water from deeper underground aquifers. Serious disposal problems have occurred due to the large amount of solid waste that is produced by using saline water.[2] Wastewater tailings (a bitumen, sand, silt, and fine clay particles slurry) also known as “fluid fine tailings” are disposed in large ponds until the residue is used to fill mined -out pits. From the disposal ponds can result erosion, breaching, and foundation creep.[2]

Another major issue is the rehabilitation of the natural environment by the Oil Sand Industry after exploitation is completed to avoid Surface disturbance.

Chevron in Canada- Oil sand industry position of the company Western Canada

Athabasca Oil Sands Project (AOSP) The Company holds a 20 percent non operated working interest in the AOSP near Fort Mc-Murray, Alberta. Oil sands are mined from both the Muskeg River and the Jack-pine mines. After extracting the bitumen from the Oil Sands, they are transported via pipeline Near Edmonton, Alberta. There they are upgraded to synthetic oil  by the th e use of hydro h ydro processing. pro cessing. In 2013, 2013 , average ave rage total daily production increased to 236,000 2 36,000  barrels (43,000 net) of synthetic oil. During 2013, there was progress in the constructions work concerning the Quest Project, a carbon capture and sequestration project that is designed to capture and store more than 1 million tons of carbon dioxide produced annually  by bitumen processing at the AOSP. By 2015. May 2014, by Chevron. [22]

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The Athabasca Oil Sands that was completed in 2003 is the latest fully integrated Project, that was developed in 25 years. In our days it supplies over 10% of Canada's needs in Oil. The  project consists of two main components: c omponents: •

The Muskeg River Mine, located 75km north of Fort Mc Murray in Alberta.

The Scot-ford Up-grader, next to Shell's Scot-ford Refinery north of Fort • Saskatchewan in Alberta The development of Athabasca is a joint venture between Shell Canada Limited (60%), Chevron Canada Limited (20%) and Western Oil Sands L.P. (20%). Shell is the majority owner; therefore they are the operators of the Scot-ford Up-grader and the overall project administrators. A new company was created by the joint venture named Albian Sands Energy; they operate the Muskeg River Mine. Shell has a goal to obtain 15% of its  production from sources such as oil sands by 2015. The Athabasca oil sands development controls leases over 1.7 million acres in the region. [3] SWOT Analysis of Oil Sands Industry

SWOT Opportunities Analysis

Strengths

Weaknesses

1

167 BILLION BARRELS Canada has 173 billion barrels of oil that can be recovered economically with today’s technology. Of Canada’s 173 billion barrels of oil, 167 billion barrels are located in the oil sands. SOURCE: AER 2014 AND OIL AND GAS JOURNAL 2013. [5]

Environmental The Government impact of Alberta implemented GHG regulations in 2007 requiring a mandatory 12% reduction in GHG emissions intensity for all large industrial sectors including existing oil sands facilities, or a payment in

Increase of Oil prices

Threats

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3

South East Asia oil and gas demand will increase until 2040 (BP Energy statistics 2013)

Canada independence from oil Imports

4

USA market of oil and Gas

USA independence from Oil imports of Middle East. Canada is the largest supplier of crude oil and petroleum products to the U.S. [5]

5

The majority (81%) of The oil sands has world oil reserves are significant economic owned or impact outside controlled by national Alberta  —   in the rest of governments. Only Canada, the U.S. and 19% of total world oil around the reserves are accessible world. Almost every region for private sector in Canada has been investment, 53% of stimulated which are found in by oil sands development through job creation and Canada’s oil sands. [5] sands.  [5] economic activity.[5]

Cost of production per barrel. Some organization estimate that the profitable price of oil for oil sands must be between 110$ and 150$.[4] Northern Alberta, where oil sands operations occur, has more than 86% of Alberta’s water supply[5] 182 KM2 The total area of existing tailings ponds is 182 km2 including associated structures such as ditches and dykes. The total surface area of all fluid tailings is 77 km2.

USA production boom from shale oil can reduce the imports of Oil from Canada to USA.

The Athabasca River is the main source of water for oil sands mining projects. Strict regulations restrict water withdrawal when river flow is low [5] Canadian government regulations and environmental legislation [5]

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energy efficiency (reduce waste of water and fuels generally). All of that of course required the necessary costs in R&D development and innovation. Key Words for Chevron: eliminate the environmental threats, differentiation strategy, specialization inside the specialize sector (oil sands) of oil and gas global industry.

Shale Gas Shale gas is an unconventional natural gas trapped within shale rock formations. Shale rocks are fine-grained sedimentary rocks that have a tendency to trap within they thin cracks oil and gas. Horizontal Drilling and Hydraulic Fracturing

A combination of horizontal drilling and hydraulic fracturing is applied over the last years, and has allowed access to large volumes of shale gas that were previously not cost effective to exploit. Natural gas production from shale formations has rejuvenated the natural gas industry in the United States. [6]

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Source: http://www.horizontaldrilling.org/

Environmental Impact of Shale Gas

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It was concluded by biologists of Princeton University and seven other biologists from various organization and institutions after conversations. The industrial impact to the environmental by the Shale-Gas extraction; cannot be yet fully understood by today's science. Individually and eventually collectively gas wells can act as a source and can pollute by air, water, noise and light pollution. In such case it is possible to negatively affect, wild animal health, habitats and reproduction. By hydraulic fracturing, a technique that releases natural gas from shale by breaking the rock up with a high-pressure blend of water, sand and other chemicals; by this procedure a huge amount of fluids and waste water are produced that can that can lead to major environmental issues. [7] Is fracking safe? •

Shale gas exploitation seams to lead to pollution of clean water horizons

•

It is stated that risks as water pollution could be solved

•

Earth tremors and explosions are also a concerning issue [8]

Is shale gas beneficial for climate change prevention? •

The CO2 emission of burning gas is less of when burning oil or coal

•

It is believed by the industry that shale gas could reduce CO2 emissions.

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Source: www.chevron.com

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SWOT Analysis of Shale Gas Industry

SWOT Analysis 1

2

Strength

Opportunities

Weaknesses

Threats

Low prices of natural gas locally increasing economic growth and increase economic competitiveness for the national industry (BP Statistics 2013-4)

Increasing demand for natural gas due to increasing electricity demand worldwide and especially from South East Asia, Africa and Middle East . (Many of these countries use natural gas to produce electricity) (BP Statistics 20134) Friendly environmental production for

Environmental impact during drilling operations such us Horizontal Drilling and Hydraulic Fracturing (see environmental impact above)

Government environmental and taxation legislation

Cost of production per barrel , ‘If ‘If crude

Decreasing of oil prices globally

Energy security for the countries producer,

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consumption energy mix which replaced (BP Statistics by natural gas 2013-4) (BP Statistics 2013-4)

5

Reserves uncertainty Reserves accessibility Equipment shortages[10] Increase national Energy Brand/reputation Energy and GPD (see USA Security of damage of the climate change example since European operator policies [10] shale gas boom) Union( EU company such us independence Chevron in a on Russian case of an natural gas) accident.

Chevron position in the Shale Gas Industry

Chevron is involved in every phase of natural gas development. We are leasing land and exploring for natural gas. We are conducting pilot projects to test technologies and evaluate gas shales for future projects. We are drilling and completing new wells. And we are  producing, processing and distributing natural gas from shale, which, like other dense or “tight” rock formations, can also produce oil and natural gas liquids. Chevron produces natural gas from the Marcellus Shale, which underlies a large area of the eastern United States, and the company is drilling to substantially increase production there. The company has significant shale and tight resources with 7 million net acres (28,300 sq

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Methane Hydrate: The fuel of the future? Methane hydrate or fire-ice is water crystals formations that have trapped methane gas within then and have a sherbet-like substance. They are buried beneath continental shelves around the world; energy experts estimate that it could be the next major energy resource. It was previously believed to exist only in the outer reaches of the solar system –  in  in our days scientists begin to believe that it could be 'the new shale gas'.[12]

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reserves that have been discovered on its coast. Japan experienced an energy crisis after Fukushima nuclear accident. This led Japan to become the largest global LNG importer in order to fulfill the domestic needs in energy consumption. Japan's trade ministry after  production tests that was followed by analysis concerning the amount of gas that was  produced; they believe believ e that they can achieve commercial production within wit hin six years. [12]

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SWOT Analysis of Chevron Upstream Section Highlights

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Strengths 

Financial stability

Financial Analysis of Chevron Corporation Corporation Πηγή: Chevron Annual Report 2013 Supplement

Particulars

2013

2012

2011

2010

2009

2008

Current ratio

1.50

1.60

1.60

1.70

1.40

1.10

Interest coverage

126.20

191.30

165.40

101.70

62.30

166.90

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For example, In 2009, Chevron turned on its most aggressive “outside track” campaign to date, creating a veritable lobbying tsunami. Chevron increased its federal lobbying expenditures by more than 60% over 2008 — itself itself Chevron’s previous record  breaking year. By comparison, ExxonMobil actually decreased its lobbying expenditures from 2008 to 2009. With more than $21 million spent on federal lobbying, Chevron earned a spot on the top ten list of highest spenders on all federal lobbying in 2009. The only other oil company in the top ten was ExxonMobil (number two). [16] (the numbers are ok, we have checked them).

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(Source: 2013 Global Employee Survey Favorability Percentage in Chevron 2013 Corporate Responsibility Report)

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Chevron’s potential future project portfolio (2014 -2050 production) is generally low cost, with 46% requiring a market price of at least $75/bbl for sanction and 26% (6.1bn barrels) at least $95/bbl.

pri ces In the medium term, over the next decade, 14% of Chevron’s  production will need oil prices over $95/bbl for sanction. But by the end of 2025, projects requiring $95/bbl or more will have risen to 36% of the oduction. This is at the upper end of the range for the majors, company’s potential future pr oduction.

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Threats

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SWOT

Strengths

Weaknesses

Opportunities

Threats

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Conclusion Proposed Strategies: 



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An offshoot of the unconventional Management is that sometimes follow offer strategies which may have positive or negative effects that nobody can explain. Our proposal is a scientific collaboration with institutes as NASA investing in environmental studies of the Earth. This practice has no direct relation with their  business activities but b ut will offer both; the opportunity opport unity to unlock secrets sec rets and solve major environmental obstacles, serving future evolution.

China Fact Sheet May 2014 Mentioned that Chevron has expanded operations in China through our subsidiaries. The range of businesses includes petroleum exploration and production and fuels and lubricants marketing. In addition, we contribute to the development of people and technology. Richard Pullin says that Chevron has co investor in a $6.4 billion gas project being built by Chevron CVN.X in China, now facing further delays due to disagreements with partner PetroChina (0857.HK) over how to develop the technically tricky fields, three industry sources said. The Chuandongbei project, the U.S. firm's largest investment in China, is now not expected to deliver first gas until the second half of 2014, nearly 7 years after the firms clinched a 30-year deal to produce 7.6 billion cubic meters of gas a year. Although this project has significantly delayed; thus we proposed that they should find ways to pursuit partners to accelerate the project completion, it is a great opportunity to penetrate in the Chinese Gas upstream industry before major competitors appear in the region. [23]

As we mentioned the Proposed Strategies for Chevron for Methane Hydrate Industry: 1. Buy or emerge with Baker Hughes, because they probably have the technology of the extraction methane hydrates. (see above statement about Baker Hughes) 2. Invest a lot of money to create of expand the knowledge and technological capabilities for methane hydrates exploration and refinery process. 3. Become the first operator in methane hydrate industry 4. Strategic alliance with JOGMEC (Japan Oil, Gas and Metals National Corporation),  propose to japan government gove rnment new invests in japan japa n exclusive economic zone zo ne for exploration of methane hydrates with major target the energy security of Japan. 5. Due to the global estimated methane hydrate reserves if Chevron enters the industry first may become the biggest oil and gas operator globally. By this strategies Chevron is expected to be the pioneer in the next generation of the energy

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sector by supporting and advertising the brand name in the E.U. countries. Europe is attracted by high quality specialized and environmental friendly products. For them to approach those markets they must minimize the environmental hazard beginning with decreasing GHG Emissions.

The Company’s global upstream operations are often locates in countries, known for the  political instability. Being innovative and using techniques of which, the environmental impact can’t be fully assessed; increases the risk of uncertain legal, environm ental and social impact. Furthermore the low bargaining power of the national entities; resolving from geoeconomic instability and pour regulation, could be beneficially used from the company and wider from the industry to apply change .It is a fact that leaders in regions as Africa, Argentina and other Counties, owners of huge hydrocarbon reserves, are driven by corruption. Consequentially leading nations; into high political instability as also social misguidance, while decreasing the power of local communities. Chevron has experienced several legal issues concerning operations abroad. The strategy proposed is Chevron to be innovative. To generate this time a innovative legal framework or best operation practices. To apply transparency of all entities involved, in every phase of upstream exploitation and exploration. By applying strict rules if the national entities are not complying with the  practices required from the company. Pre-requirements concerning facilitation and operations abroad, prohibiting any agreements or operations, predefining serious penalties or even cancellation of contracts; concerning the following issues: transparency, environment, community care. If all major Oil & Gas Companies agreed to common Best Practices regarding the matter, then they could use thus practices as a pressure point. National Entities depend on extracting the hydrocarbon reserves as they are sometimes the only countable revenue. According to international regulation major O&G companies are obliged to take all legal responsibility, for any illegal act performed by third parties even if they were not aware about though actions. Furthermore, the technologies applied for unconventional oil and gas have a great risk involved. They require a high level of environmental and social foundations to avoid hazard environmental impact, terrorist attacks and other undesired outcome. The same stands in our days for conventional reserves; their becoming more and more demanding concerning the extraction phase, they are technologically advanced but involve unknown risks. Creating a western operating platform will be beneficial in several ways. It will increase the brand name integrity by operating in a more environmental friendly manner. Being environmentally friendly will lead to fewer GHG emissions and other  polluting consequences. Best operation op eration practices abroad will secure the integrity of tangible assets. Those are many times targets of terrorist or revels. Due to unstable political situation, the communities have no gain from the industries activities. Furthermore they suffer experiencing the decrease of clean water air and food. Chevron can gain high future sustainability by being a part in the evolution of local societies linked to the O&G Industry  by creating a fair play environment. en vironment.

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References [1] History, Vision, Mission, Strategies and Objectives of Chevron is from Annual Report of Chevron 2013 and from the official website of Chevron: http://www.chevron.com/ [2] North American Oil Sands: History of Development, Prospects for the Future, Updated December 11, 2007 Marc Humphries, Analyst in Energy Policy, Resources, Science, and Industry Division, CRS Report for Congress [3] Information from technology.com/projects/athabasca/

the

website:

http://www.hydrocarbons-

[4] Information from the website: http://gulfnews.com/business/oil-gas/canada-s-oilsands-feel-heat-of-price-drops-1.1400762 [5] Information from this report: Upstream Dialogue  –   The facts on oil Sands, CANADA’S OIL SANDS PRODUCERS, PRODUCERS, OILSANDSTODAY.CA [6] Information from the website: http://geology.com/energy/shale-gas/

(Frontiers in Ecology and the Environment) See more at: [7] http://wws.princeton.edu/news-and-events/news/item/fracking-dark-biological-fallout-shalegas-production-still-largely#sthash.RQ8lcYpJ.dpuf  [8] Information from the website: http://www.theguardian.com/environme http://www.theguardian.c om/environment/2012/apr/17/shale-gas-fra nt/2012/apr/17/shale-gas-fracking-uk  cking-uk  [9] Information from the website: http://www.businessstandard.com/article/companies/c standard.com /article/companies/crude-oil-fall-to-nix-ril-s-returns-from-us-s rude-oil-fall-to-nix-ril-s-returns-from-us-shale-gashale-gasassets-114101300036_1.html [10] Information from the report: Risk Assessment for the Shale Gas industry in Europe,Lucie Roux*, Jim Seaton, Dr Patrick Gougeon, Dr Kostas Andriosopoulos, Andriosopoulos, Research Centre for Energy Management, ESCP Europe Business School, London, United Kingdom, http://www.rcem.eu/media/188904/risk_as http://www.rcem.eu/m edia/188904/risk_assessment_for sessment_for_the_shale_gas _the_shale_gas_industry_in_e _industry_in_eur ur ope.pdf  [11] Information from the http://www.chevron.com/deliveringe http://www.chevron.c om/deliveringenergy/naturalgas nergy/naturalgas/shalegas/ /shalegas/

website:

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http://www.dailymail.co.uk/sciencetech/article-2292555/Japanes http://www.dailymail.co.uk/sciencetech/art icle-2292555/Japanese-breakthroughe-breakthroughcountry-extract-fuel-ice-reserves-loc country-extrac t-fuel-ice-reserves-locked-beneath-coast.h ked-beneath-coast.html#ixzz2NSgeQfQe tml#ixzz2NSgeQfQe [13] Information from the website: http://www.bakerhughes.com/news-andmedia/press-center/product-announc media/press-ce nter/product-announcements/houston-te ements/houston-texas-april-19-2013 xas-april-19-2013 [14] Information from the scientific article: A global survey of gas hydrate development and reserves :Specifically in the marine field Shyi-MinLu, Energy and Environment Research Laboratories ,Industrial Technology ResearchInstitute , Chutung ,Hsinchu310 ,Taiwan [15] Chevron Annual Report 2013 Supplement [16] Chevron Alternative Annual Report 2010 , http://truecostofchevron.com/ [17] Carbon Tracker Initiative Report, Oil & Gas Majors: Fact Sheets Chevron Corporation August 2014, http://www.carbontracker.org/ [18] Chevron 2013 Corporate Responsibility Report [19] Chevron Annual Report 2013 [20] OPEC oil downstream outlook for 2040, OPEC Oil Outlook 2014 [21] By M Humphries - 2008 www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA477532 [22] Chevron, May 2014 http://www.chevron.c http://www.chevron.com/countries/ca om/countries/canada/businesspor nada/businessportfolio/ tfolio/ [23] [23]http://in.reuters.com/a http://in.reuters.com/article/2013/12/06/us-che rticle/2013/12/06/us-chevron-cnpc-gas vron-cnpc-gas idINBRE9B507520131206