Chevron Corporation has said that it is continuing to generate industry leading operational and financial results and advancing key projects to drive future growth, at the company’s annual security analyst meeting in New York.
John Watson, Chevron’s Chairman and CEO said, ‘world energy demand continues to grow and the outlook for the energy business remains excellent. Our strategies are sound, and we’re poised to deliver significant production growth through the end of the decade. We believe this compelling growth profile, combined with flattening capital spending levels these next few years, should serve as a strong catalyst for value creation for our shareholders in the years ahead.’
The upstream business in 2013 was reviewed as market yet another year where the company led the industry on multiple upstream financial metrics including earnings and cash unit margins, as well as return on capital employment. The base business is performing exceptionally well and is providing a substantial, longer term competitive advantage, driving continued peer leading financial and operational performance.
Mike Wirth, executive vice president, Downstream and Chemicals said, ‘our strategy is to deliver competitive returns and grow earnings, including integration opportunities with our upstream business. We have a focused refining and marketing portfolio with strategically located and competitive assets. Our petrochemicals business leads its industry, and we continue to target profitable growth opportunities, primarily in chemicals and lubricants.’
Adapted from a press release by Claira Lloyd.
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