Chevron Corporation has released an overview of the company’s 2013 operational and social performance and future growth plans following its 2014 Annual Meeting of Stockholders in Midland, Texas.
During the meeting, John Watson, chairman of the board and chief executive officer, discussed Chevron’s 2013 financial and operational performance, highlighting earnings of US$ 21.4 billion and return on capital employed (ROCE) of 13.5%. In 2013, the company. 2013 marked the company’s 26thconsecutive year of annual dividend payment increases. Chevron announced another quarterly dividend increase of 7% in April 2014.
Watson said: “Chevron’s 2013 results demonstrate that we remain well positioned to grow profitably and continue to deliver superior stockholder value. We continue to advance key development projects, which underpin our planned growth strategy and capacity to deliver affordable energy to world markets, a cornerstone of economic prosperity”.
Watson further reiterated Chevron’s long standing dedication to safe, reliable operations. He noted that Chevron’s goal remains zero incidents. Watson also discussed the partnerships that Chevron has formed to address health, education and economic development in the communities where the company operates. Over the past eight years, Chevron has made approximately US$ 1.5 billion in social investments to local communities.
George Kirkland, Chevron vice chairman, said that the company is on track to grow production to 3.1 million bbls of oil equivalent per day by 2017, up 20% from 2013, with more growth expected through to the end of the decade. To reach this goal, the company has more than 70 projects, each worth a Chevron share of more than US$ 250 million, scheduled to start up by 2020.
Kirkland also discussed Chevron’s Downstream and Chemicals business, where the company’s refining and marketing earnings per barrel ranked 2ndamong peers. The business also posted 10% ROCE.
Adapted from a press release by Emma McAleavey.
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