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Chevron Plans To Boost Production

Chevron Corp. said Tuesday it expects to increase production by 4 percent this year

The plan is to be accomplished due to the development of new oil and gas projects while putting off investments in some costlier, more mature fields.

Despite the expected growth in 2009, the San Ramon, Calif.-based company has backed off a long-term forecast of 3 percent increases in production, on average, between 2005 and 2010.

Coming off a year in which its daily global production fell 3.4 percent, Chevron reiterated its plans to invest $22.8 billion in capital and exploratory projects in 2009, in line with 2008 levels.

Also Tuesday, Chevron Chief Financial Officer Pat Yarrington said that even if oil remains in the $40-to-$50-a-barrel range for the coming months, “we’re in a good balance-sheet position through the rest of the year.”

Author: Ksenia Kochneva