Chevron Corporation (NYSE: CVX) hosted its annual security
analyst meeting in New York, where executives highlighted the
company’s plans to excel in any market environment.
“We intend to grow free cash flow in 2018 and thereafter,” said
Michael K. Wirth, Chevron’s chairman and chief executive officer.
“Even with no commodity price appreciation, we expect to deliver
stronger upstream cash margins and production growth. This is a
powerful combination.”
“And we intend to maintain capital discipline, as evidenced by
an $18 billion investment program this year and an $18-$20 billion
annual investment range projected through 2020,” Wirth added. The
company emphasized its portfolio strength, highlighting resilience
and sustainability through the price cycle, as well as numerous
attractive development opportunities under a ratable capital
program.
“We plan to further lower our cost structure, get more value
from our existing assets and continue to high-grade our portfolio.
We believe execution of these plans will support our primary
commitment to shareholders, which is a sustained and growing
dividend over time. As we generate surplus cash, we would expect to
be in a position to resume our share repurchase program.”
Jay Johnson, executive vice president, upstream, reviewed
Chevron’s upstream opportunities. “Our objective is to ensure our
upstream business provides competitive returns throughout the price
cycle. We’re focused on operating safely and reliably, continuing
to lower our costs, and delivering production growth from the
Gorgon and Wheatstone LNG projects in Australia.”
“In addition, we’re advancing development of our unconventional
resources, particularly in the U.S. Permian Basin, where we have a
leading position. We’re seeing reserves grow, costs shrink,
efficiencies expand and production rise.”
Mr. Johnson provided an update on the company’s Tengiz growth
project in Kazakhstan, which is on track to deliver first
production in 2022. He also discussed multiple deepwater assets and
emphasized near-term opportunities to leverage existing
infrastructure, apply technology and increase standardization to
improve capital and operating cost efficiencies for these deepwater
assets.
Presentations and a full transcript of the meeting will be
available on the Investor Relations website at www.chevron.com.
As used in this press release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we” and “us” may refer
to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
CAUTIONARY STATEMENT RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This press release contains forward-looking statements relating
to Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “may,” “could,” “should,”
“budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,”
“on track,” “is slated,” “goals,” “objectives,” “strategies,”
“opportunities,” and similar expressions are intended to identify
such forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, many of which are beyond the
company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. The reader should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless legally
required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and expenditure reductions; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; technological developments; the
results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during extended periods of low prices for crude oil and natural
gas; the inability or failure of the company’s joint-venture
partners to fund their share of operations and development
activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company’s operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries, or other natural or human causes beyond its
control; changing economic, regulatory and political environments
in the various countries in which the company operates; general
domestic and international economic and political conditions; the
potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation;
significant operational, investment or product changes required by
existing or future environmental statutes and regulations,
including international agreements and national or regional
legislation and regulatory measures to limit or reduce greenhouse
gas emissions; the potential liability resulting from other pending
or future litigation; the company’s future acquisition or
disposition of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government-mandated sales, divestitures,
recapitalizations, industry-specific taxes, changes in fiscal terms
or restrictions on scope of company operations; foreign currency
movements compared with the U.S. dollar; material reductions in
corporate liquidity and access to debt markets; the impact of the
2017 U.S. tax legislation on the company’s future results; the
effects of changed accounting rules under generally accepted
accounting principles promulgated by rule-setting bodies; the
company's ability to identify and mitigate the risks and hazards
inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 19
through 22 of the company’s 2017 Annual Report on Form 10-K. Other
unpredictable or unknown factors not discussed in this press
release could also have material adverse effects on forward-looking
statements.
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Chevron CorporationKent Robertson, +1 925-842-1456
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