Chevron announced on Tuesday that 2011 saw record earnings and the largest cash flow in the oil giant’s history as prices climbed throughout the year.
At its annual security analysts meeting in New York, the San Ramon, California-based company also announced it was on track to reach a 20 percent production growth target by 2017, largely because of two liquefied natural gas projects it hopes begin in Australia in 2014.
“These are long-lived assets that will generate significant cash flow for decades,” vice chairman George Kirkland said of the two projects, which together are expected to cost over $60 billion.
In January, the second-largest U.S. oil company reported annual profits of $26.9 billion for 2011, up 41 percent year-over-year, according to a Fox Business report. Production targets have been set at 3.3 million barrels of oil equivalent per day by 2017, a figure that assumes oil prices of $79 a barrel. This year, the company’s expected production output has been pegged at 2.68 million bpd. Oil prices are today well above $100 a barrel.
“Looking ahead, we are well positioned and committed to delivering consistently strong financial and operating performance,” CEO John Watson said. Chevron also said it was holding on to its West Coast refineries. Rival BP has put its Southern California refinery up for sale.
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