Chevron Showcases How Integration Can Pay Big Dividends in the Oil Patch

The integrated energy company delivered solid first-quarter results despite much weaker natural gas prices.Chevron (CVX 0.37%) has an integrated business model, meaning it operates in the upstream (oil and gas production), midstream (transportation and storage), and downstream (chemicals and refining) sectors. That strategy has enabled the company to deliver steadier results because stronger parts of its business can help mute the effects of weaker areas.The power of its integrated business model was on ful ...