CVX Chevron Corporation

   By Colin Kellaher 
 

Chevron Corp. (CVX) on Friday said it aims to increase production by 4% to 7% this year after posting strong output growth last year.

The San Ramon, Calif., energy company said its net oil-equivalent production rose more than 7% in 2018, to a 2.93 million barrels a day, with fourth-quarter production averaging 3.08 million barrels a day.

Chevron said it expects 2019 production will rise by another 4% to 7%, excluding the impact of any asset sales.

The company said it added about 1.46 billion barrels of net oil-equivalent proved reserves in 2018, equal to about 136% of production for the year. Chevron said the largest reserve additions were from the Permian Basin in the U.S. and liquefied natural gas projects in Australia.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 01, 2019 09:01 ET (14:01 GMT)

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