Chevron Corp. said it was continuing to deliver industry-leading operations and is advancing project queue as planned such as our Australian LNG projects, Gorgon and Wheatstone.
The first LNG for Gorgon is targeted for early 2015, and the one venture alone has cost $50 billion to completion.
"We had another outstanding year in 2012. We continue to lead the industry in total shareholder returns and most other safety and financial performance metrics," said John Watson, Chevron's chairman and CEO.
Watson added: "Our key development projects remain on track, and we are well positioned to deliver our 2017 target of 3.3 million barrels of oil-equivalent production first announced three yearsago. In addition, our project queue is gaining momentum to deliver growth beyond 2017."
George Kirkland, vice chairman and executive vice president, Upstream, highlighted Chevron's industry-leading upstream results, which include top rankings on earnings per barrel, cash margin per barrel and return on capital employed.
Kirkland reviewed progress on key growth projects under construction. "We are advancing our project queue as planned. Construction on our Australian LNG projects, Gorgon and Wheatstone, is progressing very well, with first LNG for Gorgon targeted for early 2015."
Finally, Kirkland commented on favorable project returns, noting, "The projects we are bringing on line
over the next five years have very sound economics and potential to increase our cash margins."
As part of the upstream discussion, Jay Johnson, president, ChevronEurope, Eurasia and Middle East Exploration and Production, focused on Chevron's queue of projects and exploration opportunities aimed to deliver additional long-term production growth.
