Chevron named INFORMS prize winner, best analytics & O.R. company of the year

The Institute for Operations Research and the Management Sciences (INFORMS®), the leading association for analytics professionals, today announced the award of its annual INFORMS Prize for excellence in analytics and operations research to Chevron Corporation for its long and innovative history of applying analytics and operations research across the breadth of the worldwide energy company.

The ceremony took place yesterday at the 2015 INFORMS Conference on Business Analytics & Operations Research, which was held at the Hyatt Regency Huntington Beach Resort and Spa.

"At Chevron, operations research and advanced analytics are not an exception; they are important pieces of the fabric upon which we differentiate our performance," said Louie Ehrlich, Chevron's Chief Information Officer and President of Chevron Information Technology Company.

INFORMS recognizes just one outstanding organization with the INFORMS Prize every year. By awarding the 2015 INFORMS Prize to Chevron, INFORMS salutes the outstanding, system-wide use of analytics and operations research (O.R.) in every facet of the energy company.

Chevron, dedicated to providing the energy that drives human progress, for decades has leveraged a variety of operations research and advanced analytics techniques in its business, creating significant value. The company pioneered applying operations research to refinery planning in the 1970s, it adopted decision analysis in 1991, and it has been employing artificial intelligence techniques to improve asset performance for more than 10 years. From building and running reservoir models with seismic data to managing its crude-to-customer value chain to forecasting resources that fuel its major capital projects, Chevron utilizes operations research and advanced analytics technologies to make data-driven decisions. The results enable Chevron to operate more safely, reliably, and efficiently; reduce material costs; deliver higher value products; effectively recover resources; and better understand and manage risks and uncertainties.

Chevron has more than 700 operations research and advanced analytics practitioners around the world, both in centralized groups and in business units. The company offers extensive training programs and frequent opportunities for practitioners to share lessons learned. Career paths support operations research and advanced analytics from entry level positions to experienced professionals. Leadership at Chevron recognizes that the strategic decision to employ advanced analytics across the enterprise has delivered significant returns along its value chain. The results enable Chevron to develop the energy that people and businesses depend on—helping spur economic growth and improve the quality of life for communities worldwide.

Past recipients of the INFORMS Prize include Mayo Clinic, Intel, UPS, HP, IBM, Ford, Procter & Gamble, and GE Research. More information about the INFORMS Prize is at http://www.informs.org/Recognize-Excellence/INFORMS-Prizes-Awards/INFORMS-Prize.

Provided by Institute for Operations Research and the Management Sciences