This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Chevron On Track To Achieve 20 Percent Production Growth Target By 2017

Stock quotes in this article: CVX

Chevron Corporation (NYSE: CVX) 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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs