Chevron Corporation‘s liquefied natural gas (LNG) operations are crucial to its strategy, focusing on the Gorgon and Wheatstone projects in Australia. The Gorgon Project, which began LNG exports in March 2016, is a three-train facility with a capacity of 15.6 million metric tons per annum (Mtpa), and features the largest carbon capture and storage (CCS) system globally. The Wheatstone Project, with Chevron holding a 64.1% stake, has two LNG trains with a combined capacity of 8.9 Mtpa, averaging 1 million cubic feet per day in natural gas production in 2024.
Chevron’s long-term gas contracts provide a stable revenue stream amidst volatile oil prices. The company’s shares have increased by over 5% in 2023. Competitors such as ExxonMobil and Shell are also enhancing their LNG capabilities, with Exxon focusing on projects like PNG LNG and Shell starting operations at LNG Canada, aiming for annual sales growth of 4-5% through 2030.
