USA: Chevron’s Production to Grow 20 pct by 2017

USA: Chevron's Production to Grow 20 pct by 2017

Chevron Corporation is delivering strong financial results and progressing the projects that will drive the next significant growth phase, executives said today at the company’s annual security analyst meeting in New York.

“Financially, 2011 was a record year for Chevron. We generated the strongest earnings and cash flow in our company’s history,” said John Watson, Chevron’s chairman and CEO. Watson added, “Looking ahead, we are well positioned and committed to delivering consistently strong financial and operating performance. For 2012, we have a sharp focus on executing our major capital projects, which underpin 20 percent volume growth over the next six years.”

George Kirkland, vice chairman and executive vice president, Upstream and Gas, recapped the 2011 results of the upstream business, which included the No. 1 ranking relative to industry peers in earnings and cash flow per barrel and return on capital employed.

Kirkland also reviewed Chevron’s portfolio and production growth prospects, rounding out the presentation with a focus on the legacy liquefied natural gas (LNG) projects under construction in Australia. “As we start up Gorgon, we will begin seeing the financial power of our LNG investments. These are long-lived assets that will generate significant cash flow for decades.”

Joining Kirkland for the upstream discussion, Gary Luquette, president, Chevron North America Exploration and Production, focused on Chevron’s deepwater, heavy oil and unconventional portfolio. “For years, we have had strong positions in deepwater and heavy oil. Our capabilities and technology make us a leader in these asset classes where we see significant growth opportunities. In our global unconventional portfolio we have grown our acreage position, now holding more than 8 million acres of diverse shales.”

Mike Wirth, executive vice president, Downstream and Chemicals, provided an update on downstream restructuring progress. “Improvements in all aspects of our downstream business are ahead of schedule. We are two years into our three-year plan to improve returns, and we already have surpassed our original goal.” Wirth also outlined Chevron’s targeted growth opportunities, notably in the petrochemicals and lubricants sectors.

Pat Yarrington, vice president and chief financial officer, highlighted Chevron’s continued financial strength and value-generation focus. “We have delivered record performance, and we continue to distance ourselves from our competitors on key financial metrics.” Yarrington highlighted Chevron’s quarterly dividend increase of 12.5 percent in 2011. “Looking forward, I’m confident in the quality of our investment queue, in the cash generation expected from those projects, and in our ability to sustain meaningful dividend growth and fund future growth investments.”

Source: Chevron, March 13, 2012

 

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2015 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Oil and Gas Project and Operations Management

This course is designed for a multi-disciplined audience from the project and operations sectors of the oil and gas industry, including both…

read more >

Oil and Gas Training

EI Oil and Gas Training offers a comprehensive programme of courses for the oil and gas industry, both as classroom training ranging…

read more >

2nd Annual MEXICO UPSTREAM SUMMIT

Mexico Upstream Summit is official strategic meeting and don’t miss this exciting opportunity to meet and discuss first hand those key issues…

read more >

Gas México Congress & Exhibition

The Congress will feature international speakers, the one day Business Program with two days of Technical Presentations, will focus on both…

read more >

Jobs>

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply