The more I study Chevron's business, it gets progressively easier to like the stock, even as shares soar higher. But in this sector, growth and profitability hinge on production and exploration, which require significant ongoing capital investments. As seen by the higher expenses seen in the upstream/downstream businesses, management seems committed to growth. It's easy to look at Chevron's books and see that the company is not lacking in capital. But should oil and gas prices stay lethargic, it's easy to kiss these investments in production and exploration goodbye. To that end, Chevron's current projects, which includes construction on the Gorgon and Wheatstone LNG in Australia, are progressing well. As are other initiaves, including Big Foot deepwater projects in the Gulf of Mexico, which management said are still on track for a 2014 kickoff.