Chevron projects in place for 25 percent growth by 2017
Chevron Corp , the second-largest U.S. oil company, said on Tuesday it had started at least more than 90 percent of the projects that will deliver 25 percent growth in oil and gas output by 2017.
At its annual New York meeting with analysts, Chevron executives reaffirmed its target of 3.3 million barrels per day of oil equivalent by 2017, and highlighted its expansion in Kazakhstan and steam-flooded oil production in the Middle East.
"We're well positioned for growth beyond 2017," Jay Johnson, president of the company's Europe, Eurasia and Middle East exploration and production unit, said in a statement.
As for this year, Chevron said it expected to drill about 440 wells in the Permian basin, located in the west part of Texas and New Mexico. The company bought assets in the area from Chesapeake in September.
Asked about potential asset sales by Chevron, Chief Executive John Watson noted the Permian represented an area where the company had a legacy position which became attractive again because of the improvements in shale drilling technology.
"We'll sell assets when it makes sense to do so," Watson said.
Shares of Chevron were 0.4 percent higher on Tuesday at $119.22, having touched a record high of $119.29 earlier.
(Reporting by Braden Reddall in New York;editing by Sofina Mirza-Reid)