Chevron consolidates upstream, midstream and downstream segments

Chevron Corporation is consolidating its Upstream, Midstream and Downstream business segments under a new executive vice president for Oil, Products & Gas, who will oversee the full value chain. As part of this change, the company is consolidating into two Upstream regions – Americas Exploration & Production and International Exploration & Production.

The company is also organizing its Strategy & Sustainability, Corporate Affairs and Business Development functions under a new executive vice president for Strategy, Policy & Development.

The change is intended to strengthen execution and pace to deliver on the company’s objectives of higher returns and lower carbon. It is expected that the new leadership structure will enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and facilitate more effective external engagement and business development impact.

The changes effective October 1, 2022 build on the company’s enterprise-wide transformation in 2020, which has produced improved operational and financial results, according to Chevron.

“We’ve made significant progress over the last two years, and these changes position us to further enhance execution across all aspects of our business as the energy system evolves,” said Mike Wirth, Chevron’s chairman and chief executive officer. “It will also bring strategy, policy and business development into tighter alignment as we focus on leveraging our strengths to deliver lower carbon energy to a growing world.”

The company made the following personnel appointments, effective October 1, 2022:

• Mark Nelson was named executive vice president, Strategy, Policy & Development
• Nigel Hearne was named executive vice president, Oil, Products & Gas
• Clay Neff was named president, International Exploration & Production
• Bruce Niemeyer was named president, Americas Exploration & Production
• Balaji Krishnamurthy was named vice president, Chevron Strategy & Sustainability

Nelson and Hearne will report to Wirth in their new roles.

In addition, the company made the following personnel announcements:

Jay Johnson, executive vice president, Upstream, was named executive vice president, senior advisor, effective October 1, 2022, and will support the transition until January 31, 2023. Johnson has more than 41 years of service to the company.

Jay Pryor, vice president, Chevron Business Development, will retire after more than 43 years of service to the company, effective July 29, 2022.

Steve Green, president, Chevron North America Exploration & Production, will retire after more than 24 years of service to the company and its predecessors, effective September 30, 2022.

“I want to especially thank Jay Johnson, Jay Pryor and Steve Green for all they’ve done for our company, our industry and our employees over the course of their careers. Each of them exemplifies the finest qualities of character, integrity and excellence, and their influence will be felt for many decades still to come,” Wirth added.