Chevron to still grow in next five years even amid weak prices
Chevron Corporation (NYSE: CVX) executives said March 10 that in the next five years it will still manage to grow despite an environment of weaker crude oil prices.
"The fundamentals of the oil and gas business remain attractive for our company and investors, as our products are vital to a growing world economy," said John Watson, Chevron's chairman and CEO. "We are well-positioned to manage through the recent drop in commodity prices and are taking several responsive actions, including curtailing capital spending and lowering costs," he added
"Over the next few years, we expect to deliver significant cash flow growth as projects currently under construction come online. Our intention is to demonstrate performance that will allow our 27-year history of successive increases in our annual dividend payout to continue," Watson added.
Jay Johnson, senior vice president, said that the company expects to achieve 20 percent production growth by 2017. The new production to come online will have better profit margins for the company, he added.
