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.
Pat Yarrington, vice president and chief financial officer, highlighted
Chevron's continued financial strength and value-generation focus.