Chevron affirms production growth

Recently, Chevron Corp. hosted its annual security analyst meeting in New York, US, where executives reiterated priorities, expressed confidence in the company's near term outlook and emphasised an advantaged position when markets rebound.

"We're completing major projects that have been under construction for several years. This enables us to grow production and reduce spending at the same time, which should improve our net cash flow significantly," said John Watson, Chevron's Chairman and CEO.

Watson aims to limit debt increases beyond 2016.

"Industry conditions are tough right now, with low oil and natural gas prices. We believe markets will improve, and we'll be well positioned when they do," Watson continued. "We have an excellent upstream and downstream portfolio, and we are driving operating and administrative efficiencies across the company."Jay Johnson, Executive Vice President, Upstream, added: "We're focused on safe, reliable operations and effective project start-ups and ramp-ups. At Gorgon, we're producing LNG and the first cargo is expected to ship next week. With an advantaged position in the Permian and a deep portfolio of operating assets, we're transitioning our spending to more short-cycle, higher-return activity that utilises existing infrastructure. We have a portfolio of assets that should allow production growth through the end of the decade, even at moderate prices."

Edited from press release by Angharad Lock

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