Wednesday, May 26, 2010

Chevron (NYSE:CVX) Increases Production 7 Percent

At their annual shareholder meeting, Chevron (NYSE:CVX) CEO John Watson told investors that production for the company in the last year rose by 7 percent, and the company will continue to increase production over the next several years.

The primary engine of growth will be the Wheatstone and Gorgon natural gas projects based in Australia.

Liquid natural gas at the Gorgon project is expected to produce gas by 2014. So far they've plowed $37 billion into Gorgon. Wheatstone is at the front-end engineering and design stage, and investments decisions on that are expected to come in 2011.

Over the next three years plans are in place to launch oil and gas production in 10 capital projects estimated to cost over $1 billion each.

Another seven multibillion-dollar startups are also scheduled for 2011 and 2012.

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