Chevron Vice Chairman Says Company is on Track to Meet Key Project Milestones

Chevron Corporation CVX is generating record operating cash flow and advancing its strong project queue, executives said today at the company's annual meeting with financial analysts in New York.

“Operationally and financially, 2010 was an outstanding year. We continue to deliver on our commitments,” said John Watson, Chevron's chairman and CEO. “We improved our safety performance in 2010, once again closing the year with a world-class standing. We also exceeded our oil and gas production target and made excellent progress on our downstream restructuring.” Watson went on to add, “Over the next few years, our full attention will be on completing our major natural gas development projects in Australia, which will deliver Chevron's next wave of significant growth.”

George Kirkland, vice chairman and executive vice president, Upstream and Gas, outlined the strong 2010 results of the upstream business, focusing on the performance improvements from existing producing assets and the profitability of recent project startups.

Looking forward, Kirkland described the portfolio that will be the growth engine for Chevron. “We continue to advance our major capital projects and we are on track to meet key project milestones.” Kirkland also discussed the extensive new acreage that was added to the portfolio in the past year. “Longer term, our early, low-cost entries into new acreage will generate opportunities for further organic growth. We believe this differentiates us from many of our competitors and will provide superior financial results.”