The second-biggest oil and gas producer in the U.S. went into the 2014 oil crash in a weaker position than ExxonMobil and has been struggling more in its efforts to come to terms with the new low price environment. (Average annual crude oil hit a 10-year low in 2016.) Chevron’s restructuring costs drove it to a loss in the first quarter of 2016 and it has pared back its workforce, which now numbers about 55,000, in a broader effort to rein in spending. (In 2016 it reduced capital spending by 34% to $22.4 billion and reduced operating expenses by almost 10%.) On the bright side, major projects including Gorgon in Australia, Chuandongbei in China, Bangka in Indonesia, and Alder in the U.K. have all been completed. Chevron was founded in 1879 and is headquartered in San Ramon, Calif.
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It would also help U.S. businesses.