For the latest figures, view the 2022 Supplement to the Annual Report.

Extreme depths, cold water, crushing pressure and challenging currents. Experts agree - easy oil is gone. We reply that innovation isn’t. Chevron has implemented a suite of breakthrough technologies in some of the world’s most complex reservoirs.

Jack/St. Malo is our signature deepwater project in the U.S. Gulf of Mexico. Through innovation and technology, more than 500 million oil-equivalent barrels are expected to be recovered.

The Jack and St. Malo fields were co-developed with subsea completions flowing back to a single host floating production unit (semisubmersible) located between the fields. Steve Thurston, vice president of Exploration and Projects at Chevron, explains that we elected for a joint development to “reduce cost and capture scale” and had field development occur in two stages for “learning and risk reduction.” Stage 1 was put in production in 2014 – on time and under budget. Stage 2 was completed in 2018. The final Stage 3 development well completed in May 2020. The St. Malo Stage 4 waterflood project includes two new production wells, three injector wells and topsides water injection equipment at the St. Malo field. First injection is expected in 2024.

It’s been said that humans know more about the surface of the moon than about the surface of the ocean floor. We’re changing that. Chevron pushed the limits of technology in the deepwater U.S. Gulf of Mexico to find oil beneath 7,000 feet (2,134 m) of water and more than 19,500 feet (5,944 m) of earth. A multitude of new technologies were deployed to safely develop and deliver production. Explore the innovative technologies that are advancing our progress in deepwater exploration and production.

Chevron's innovation of deepwater technology is
redefining what is possible.

To complete this project, Chevron collaborated with hundreds of suppliers and contractors, harnessing the talent of thousands of people across multiple countries. More than 200 Texas- and Louisiana-based businesses were involved in fabricating equipment and supplying materials, and the production at the Jack and St. Malo fields continues to support hundreds of local jobs.

As Jeff Shellebarger, president of Chevron’s North America Exploration and Production, explains, “Jack/St. Malo is delivering sustained economic and community benefits, including job creation, along the Gulf Coast.”

In addition to supporting local businesses, Chevron also invests in a number of charitable and civic initiatives along the Gulf Coast.

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