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Chevron Corporation (NYSE:CVX): Current Price $119.56
Beach Energy predicts that the Cooper Basin region in the outback of Australia, where it is searching for natural gas with Chevron, will become a major onshore petroleum province, says Bloomberg. Reginald Nelson, the managing director of Beach, says the region could have sufficient gas to permit exports.
In conjunction with Chevron’s annual security analyst meeting, executives noted that “Our key development projects remain on track, and we are well positioned to deliver our 2017 target of 3.3 million barrels of oil-equivalent production first announced three years ago. In addition, our project queue is gaining momentum to deliver growth beyond 2017. Construction on our Australian LNG projects, Gorgon and Wheatstone, is progressing very well, with first LNG for Gorgon targeted for early 2015. Construction continues on the Jack/St. Malo and Big Foot deepwater projects in the U.S. Gulf of Mexico, both of which are scheduled for start-up in 2014. We’ve sold under-performing or non-strategic assets, simplified our operations and reduced costs. Returns have increased 10 percent as a direct function of the improvements we’ve captured. We will maintain a focused and competitive portfolio, and selectively pursue growth in petrochemicals and lubricants.”
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