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Chevron Reaffirms 2017 Production Target, Highlights Future Growth

Chevron Corporation (NYSE: CVX) executives said today at the company’s annual security analyst meeting in New York that the company is continuing to deliver industry-leading operational and financial results and progressing key development projects.

“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. In addition, our project queue is gaining momentum to deliver growth beyond 2017.”

George Kirkland, vice chairman and executive vice president, Upstream, highlighted Chevron’s industry-leading upstream results, which include top rankings on earnings per barrel, cash margin per barrel and return on capital employed. The company also highlighted the strong performance of Chevron’s current producing base, where a consistent focus on reliability, operating efficiency and targeted investments has reduced natural field decline rates. He also noted ample investment opportunities and the ability to expand shale and tight reservoir operations, particularly in North America’s Permian and Marcellus basins.

Kirkland 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 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.” He highlighted encouraging results from recent, new technology applications designed to improve recoveries and reduce costs for deepwater developments. Finally, Kirkland commented on favorable project returns, noting, “The projects we are bringing on line over the next five years have very sound economics and potential to increase our cash margins.”

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