Chevron Eyes Diversified LNG Portfolio Amid Middle East Crisis

Chevron is expanding its global gas portfolio in response to growing demand and disruptions to the market. The company's President of Global Gas, Freeman Shaheen, said that the crisis in the Middle East has reinforced the need for diversity in supply.

Shaheen pointed out that there have been two major disruptions in the past four years: the Ukraine war in 2022 and the Iran conflict this year. These events cut off supplies from top producers Russia and Qatar, driving up liquefied natural gas prices.

Chevron's current capacity for Gulf Coast LNG supply is about 20 million metric tons per annum, comprising 16 million tons of net gas production from its projects and 4 million tons contracted from the U.S. Gulf Coast.