Chevron meeting in Texas hears positive CEO overview amid Wheatstone LNG countdown
Chevron Corp. has provided an overview of the company’s operational performance and future growth plans at its 2017 annual meeting in Midland, Texas, where executives said the Wheatstone LNG project in Western Australia was on track for its start up in the next few weeks.
Chevron returns to profit
Jan 30 (LNGJ) - Chevron Corp., the California-based US major with LNG projects in Australia and elsewhere, has posted fourth-quarter net income of $415 million compared with a loss of $588M in the same three months of the previous year. “Our 2016 earnings reflect the low oil and gas prices we saw during the year,” said Chairman and Chief Executive John Watson. “We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion,” he added. “We achieved first gas and cargo shipments at our Gorgon Project in Australia, first gas at our Chuandongbei Project in China and increased production from our (US) Permian Basin shale and tight oil properties,” said CEO Watson.
Australian Gorgon project to ship first cargo amid Chevron optimism on Asia LNG sales
Chevron Corp. said it expected to ship the first cargo from the Gorgon project on Barrow Island off the northwest coast of Western Australia as the US major expressed optimism about the Asian LNG market.
