Chevron reaffirms 2017 production target, highlights future growth

San Ramon, California-based Chevron Corporation executives said that the company is continuing to deliver industry-leading operational and financial results and key development projects are progressing well, during the company’s annual securities analyst meeting in New York.
“We had another outstanding year in 2012. We continue to lead the industry in total shareholder returns and most other safety and financial performance metrics,” said John Watson, Chevron’s chairman and CEO.
Watson added, “Our key development projects remain on track, and we are well positioned to deliver our 2017 target of 3.3 million barrels of oil-equivalent production first announced three years ago. ”
George Kirkland, vice chairman and executive vice president of Upstream, reviewed progress on key growth projects under construction. “We are advancing our project queue as planned. Construction on our Australian LNG projects, Gorgon and Wheatstone, is progressing very well, with the first LNG for Gorgon targeted for early 2015. Construction continues on the Jack/St. Malo and Big Foot deepwater projects in the U.S. Gulf of Mexico, both of which are scheduled for start-up in 2014.”
As part of the upstream discussion, Jay Johnson, president of Chevron Europe, Eurasia and Middle East Exploration and Production, stated, “[o]ur growth opportunities include multiple frontier exploration plays and developing existing resources, most notably Tengiz operations in Kazakhstan, Wafra steamflood operations in the Partitioned Zone, and Australian and Canadian LNG. We’re well positioned for growth beyond 2017,” Johnson said.
Mike Wirth, executive vice president of Downstream and Chemicals, summarized the results of Chevron’s multi-year plan to improve earnings in refining and marketing. “Our restructuring efforts are complete. We’ve sold under-performing or non-strategic assets, simplified our operations and reduced costs. “
Pat Yarrington, vice president and chief financial officer, highlighted Chevron’s financial performance and consistent financial priorities. Yarrington noted the company’s history of investing for growth while significantly increasing the dividend, repurchasing shares and strengthening the balance sheet.
Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels.
 
(March 12, 2013)