13:45 | 12.11.2010
Chevron Affirms Full-Year Net Production Guidance for 2010
Chevron Corporation (NYSE:CVX) today affirmed its previously
stated full-year net production guidance for 2010 of 2,750 MBOED based
on the first nine months’ 2010 average WTI price of $78. This represents
a two percent increase from 2009 actual net production.
The corporation is issuing this statement following a recent news report
that implied the company had revised its production guidance.
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995This press release contains forward-looking statements relating to
Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum, chemicals
and other energy-related industries. Words such as “anticipates,”
“expects,” “intends,” “plans,” “targets,” “projects,” “believes,”
“seeks,” “schedules,” “estimates,” “budgets” and similar expressions are
intended to identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, some of which are beyond the
company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. The reader should not
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Unless legally required,
Chevron undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are: changing
crude oil and natural gas prices; changing refining, marketing and
chemical margins; actions of competitors or regulators; timing of
exploration expenses; timing of crude oil liftings; the competitiveness
of alternate-energy sources or product substitutes; technological
developments; the results of operations and financial condition of
equity affiliates; the inability or failure of the company’s
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production
from existing and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of planned
projects; the potential disruption or interruption of the company’s net
production or manufacturing facilities or delivery/transportation
networks due to war, accidents, political events, civil unrest, severe
weather or crude oil production quotas that might be imposed by the
Organization of Petroleum Exporting Countries; the potential liability
for remedial actions or assessments under existing or future
environmental regulations and litigation; significant investment or
product changes under existing or future environmental statutes,
regulations and litigation; the potential liability resulting from other
pending or future litigation; the company’s future acquisition or
disposition of assets and gains and losses from asset dispositions or
impairments; government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies; and
the factors set forth under the heading “Risk Factors” on pages 30
through 32 of the company’s 2009 Annual Report on Form 10-K. In
addition, such statements could be affected by general domestic and
international economic and political conditions. Unpredictable or
unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.
|
