{"id":22668,"date":"2012-03-13T14:33:00","date_gmt":"2012-03-13T14:33:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/financially-2011-was-a-record-year-for-chevron-cvx\/22664\/"},"modified":"2012-03-13T14:33:00","modified_gmt":"2012-03-13T14:33:00","slug":"financially-2011-was-a-record-year-for-chevron-cvx","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/financially-2011-was-a-record-year-for-chevron-cvx\/22668\/","title":{"rendered":"Financially, 2011 was a record year for Chevron &#8211; CVX"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/03\/CVX.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-22669\" title=\"CVX\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/03\/CVX.png\" alt=\"\" width=\"174\" height=\"71\"><\/a>Chevron Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=CVX\">NYSE: CVX<\/a>)<\/strong> is delivering strong financial results and progressing the projects that will drive the next significant growth phase, executives said today at the company\u2019s annual security analyst meeting in New York.<\/p>\n<p>\u201cFinancially, 2011 was a record year for Chevron. We generated the strongest earnings and cash flow in our company&#8217;s history,\u201d said John Watson, Chevron\u2019s chairman and CEO. Watson added, \u201cLooking ahead, we are well positioned and committed to delivering consistently strong financial and operating performance. For 2012, we have a sharp focus on executing our major capital projects, which underpin 20 percent volume growth over the next six years.&#8221;<\/p>\n<p>George Kirkland, vice chairman and executive vice president, Upstream and Gas, recapped the 2011 results of the upstream business, which included the No. 1 ranking relative to industry peers in earnings and cash flow per barrel and return on capital employed.<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Kirkland also reviewed Chevron\u2019s portfolio and production growth prospects, rounding out the presentation with a focus on the legacy liquefied natural gas (LNG) projects under construction in Australia. \u201cAs we start up Gorgon, we will begin seeing the financial power of our LNG investments. These are long-lived assets that will generate significant cash flow for decades.\u201d<\/p>\n<p>Joining Kirkland for the upstream discussion, Gary Luquette, president, Chevron North America Exploration and Production, focused on Chevron\u2019s deepwater, heavy oil and unconventional portfolio. \u201cFor years, we have had strong positions in deepwater and heavy oil. Our capabilities and technology make us a leader in these asset classes where we see significant growth opportunities. In our global unconventional portfolio we have grown our acreage position, now holding more than 8 million acres of diverse shales.\u201d<\/p>\n<p>Mike Wirth, executive vice president, Downstream and Chemicals, provided an update on downstream restructuring progress. \u201cImprovements in all aspects of our downstream business are ahead of schedule. We are two years into our three-year plan to improve returns, and we already have surpassed our original goal.\u201d Wirth also outlined Chevron\u2019s targeted growth opportunities, notably in the petrochemicals and lubricants sectors.<\/p>\n<p>Pat Yarrington, vice president and chief financial officer, highlighted Chevron\u2019s continued financial strength and value-generation focus. \u201cWe have delivered record performance, and we continue to distance ourselves from our competitors on key financial metrics.\u201d Yarrington highlighted Chevron&#8217;s quarterly dividend increase of 12.5 percent in 2011. \u201cLooking forward, I&#8217;m confident in the quality of our investment queue, in the cash generation expected from those projects, and in our ability to sustain meaningful dividend growth and fund future growth investments.\u201d<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-flat-in-late-trading\/22745\"><br \/>\nStocks Flat in Late Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/the-charles-schwab-corporation-schw-monthly-market-activity-report\/22742\"><br \/>\nThe Charles Schwab Corporation &#8211; SCHW &#8211; Monthly Market Activity Report<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/scorpio-tankers-stng-contracted-to-time-charter-in-three-mr-product-tankers\/22738\"><br \/>\nScorpio Tankers &#8211; STNG &#8211; Contracted to time charter-in three MR product tankers<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/watsco-wso-to-acquire-carriers-hvac-distribution-network-in-canada\/22736\"><br \/>\nWatsco &#8211; WSO &#8211; To acquire Carrier&#8217;s HVAC distribution network in Canada.<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/zhone-technologies-zhne-to-continue-investing-in-the-development-of-leading-technologies-for-customers\/22734\"><br \/>\nZhone Technologies &#8211; ZHNE &#8211; To continue investing in the development of leading technologies for customers<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-tumble-as-dollar-strengthens-2\/22735\"><br \/>\nGold and Silver Prices Tumble as Dollar Strengthens<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/energysolutions-es-last-year-was-an-important-base-building-year\/22733\"><br \/>\nEnergySolutions &#8211; ES &#8211; Last year was an important base-building year<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chevron Corporation (NYSE: CVX) is delivering strong financial results and progressing the projects that will drive the next significant growth [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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