Chevron Executives Detail Growth Plan
By Cara Lombardo
Chevron Corp. (CVX) expects to grow its free cash flow in 2018 and deliver stronger upstream cash margins and production growth, Chief Executive Michael Wirth told analysts at a meeting in New York Tuesday.
Mr. Wirth also said the oil company intends to maintain capital discipline, with an $18 billion investment program this year and an $18 billion to $20 billion annual investment range through 2020.
Jay Johnson, the company's executive vice president of upstream, said the company is focused on ensuring its upstream business provides competitive returns throughout the price cycle, including delivering production growth from the Gorgon and Wheatstone LNG projects in Australia.
The company is also advancing the development of unconventional resources, particuarly in the U.S. Permian basin, Mr. Johnson said in prepared remarks. He added that Chevron's Tengiz growth project in Kazakhstan is on track to deliver first production in 2022.
Chevron shares, down less than 1% over the past year, were inactive premarket Tuesday.
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(END) Dow Jones Newswires
March 06, 2018 08:09 ET (13:09 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.