Forums / Political & Legal / I received this memo from Chevron - My wife is a retired Executive

5 years 35 weeks ago, 3:08 PM

samD

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President
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Join Date:
Aug 2008
Location:
Green Valley, Free State of Arizona, United States

I think they are letting Calif know to play nice! samD

With the variety of challenges faced by California’s economy today, it’s important to understand the
fundamental role that the oil and natural gas sector plays in the state.
To that end, Chevron worked with the Milken Institute, a pre-eminent California think tank, to analyze
the sector and Chevron’s economic contributions to the state.
The Milken Institute concluded that the oil and natural gas sector is a stabilizing factor in the
California economy. According to the report’s analysis, using data from 2007, the industry:
• Supports the employment of nearly 305,000 Californians
• Generated a total of $46.3 billion in economic output in 2007
• Directly employs 65,000 people in the state, many of whom are highly specialized and skilled
workers, engineers and scientists; through the multiplier effect,(1) the industry indirectly supports
the employment of an additional 240,000 Californians, including professionals and skilled labor,
in a wide variety of business services, supply and manufacturing industries
• Has one of the largest employment multipliers in the state(2)
Chevron’s Leadership Role
As the largest company in California and the only major oil
and natural gas producer headquartered here, Chevron was
directly or indirectly responsible for nearly 70,000 California
jobs and more than $9 billion in economic activity in 2007.
According to the report, Chevron:
• Generated $9.2 billion in economic output in California in
2007, directly or indirectly, through its supply chain and
consumption, as determined by standard multiplier effects
• Directly employs approximately 10,000 workers in the state.
Every Chevron job creates nearly six additional jobs in other
sectors, so that Chevron supports a total of nearly 70,000
jobs, or about 1 in 250 jobs in California
• Generated an average of $460,000 in economic output per
employee in 2007 – four times the state average and on par
with the productivity levels of high-technology workers in
the state
• Spent $750 million in 2007 to support minority- and womenowned
businesses in California
(1) To capture both the direct and broader ripple effect of the oil and natural gas industry and Chevron in the state, the Milken Institute applied unique coeffi cients, known as
“multipliers,” developed by the Bureau of Economic Analysis (BEA). These multipliers capture and quantify the additional jobs, earnings, and output created by the company
and beyond the industry.
(2) The petroleum-refi ning sector had the third largest employment multiplier in the state at 8.18 in 2007, a level of impact only exceeded by electric computer manufacturing with
a multiplier of 16.0 and funds, trusts and other fi nancial vehicles at 12.6.
Energizing California:
Mapping Chevron’s Economic Impacts on the Golden State
Manufacturing 18.9%
Transportation and 13.3%
Warehousing
Real Estate 12.7%
Mining* 11.9%
Wholesale and Retail Trade 11.1%
Professional and 9.9%
Scientific Services
Other Services 7.4%
Finance and Insurance 5.1%
Health Care 2.9%
Information 2.7%
* includes oil and natural gas extraction
Economic activity generated
by Chevron
Industries most impacted in California
Chevron’s Local Contributions
The effects of Chevron’s business in the state are most pronounced in the Bay Area, Los Angeles and
Bakersfi eld regions where the company’s major business operations are located.
In the San Francisco • Bay Area, Chevron supported nearly 37,000 jobs and generated more than
$4.4 billion in economic activity in 2007. The Bay Area is home to Chevron’s global headquarters;
the third-largest refi nery in the state; transportation management facilities; the manufacture of
important fuel additives; research and development activities; and Chevron Energy Solutions, its
subsidiary devoted to energy effi ciency solutions
• In Los Angeles, Chevron supported approximately 10,000 jobs and created more than $1.7 billion
in economic activity in 2007. Los Angeles is home to the El Segundo refi nery, one of the largest
facilities in the state. Nearly one in every three refi nery industry workers in the Los Angeles area is
employed through Chevron at this facility
• In Bakersfi eld, Chevron accounts for nearly a fourth of the region’s entire economy, generating
more than $884 million in total economic activity while supporting more than 5,000 jobs in 2007.
Its production in the Kern River oil fi eld alone accounts for 14 percent of all the oil produced in
California. Chevron also operates more than 35 percent of the Midway-Sunset oil fi eld, the state’s
largest oil producing fi eld
Investing for the Future
The Milken Institute report also highlights Chevron’s efforts to ensure the state’s energy future
through continued investment in energy infrastructure, energy effi ciency, renewable energy and
conservation, including:
• Investments in renewable energy and energy-effi ciency
initiatives around the world, with a signifi cant portion of
this spending in California
• Investments in early-stage companies within California
developing renewable energy and advanced technology
• A multi-year research partnership with the University of
California, Davis, to explore the development of non-food
feedstock as a fuel source
• A joint venture with Weyerhaeuser to develop a
manufacturing process for biofuels using forest products
and waste paper
• Installation of energy-effi cient solar power systems in
schools and government agencies throughout the state
that have created signifi cant energy savings
• New ways to extract additional oil from existing fi elds
using steam fl ooding and other advanced technology
• Providing irrigation water reclaimed from this steam for
use by California farmers

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