Are Chevron’s Growth Claims Just What These Top Institutional Shareholders Wanted?

Chevron (NYSE:CVX) stated that it had already begun nearly all the projects that would deliver 25 percent growth in oil and gas output over the next half a decade. At the company’s annual New York meeting with analysts, Chevron stated that 98 percent of its targeted production by 2017 was already in design, construction, or production. Chevron decided to reiterate its target of 3.3 million barrels per day of oil equivalent, which has risen from an estimated 2.65 million bpd during the year. Additionally, Chevron highlighted expansion in Kazakhstan, steam-flooded oil production in the Middle East, and even more liquefied natural gas (AMEX:LNG) from Canada and Australia.

These institutional firms indicated owning shares of Chevron in Q4 2012. They reported owning a total of 1.238 billion shares on 12/31/2012. The shares closed at $107.30 on 12/31/2012.

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Here are the ten largest positions in Chevron at the end of December 31, 2012.

State Street Corp held 106,520,361 shares on 12/31/2012 worth $11,519,111,774. This brought the portfolio total to 1.67 percent.

Vanguard Group Inc held 94,551,138 shares on 12/31/2012 worth $10,224,760,006. This brought the portfolio total to 1.28 percent.

Capital World Investors held 57,361,130 shares on 12/31/2012 worth $6,203,032,563. This brought the portfolio total to 2.3 percent.

Blackrock Institutional Trust Company N.A. held 53,695,950 shares on 12/31/2012 worth $5,806,680,000. This brought the portfolio total to 1.35 percent.

Wellington Management Co LLP held 36,837,320 shares on 12/31/2012 worth $3,983,587,762. This brought the portfolio total to 0.27 percent.

FMR LLC held 33,991,885 shares on 12/31/2012 worth $3,675,882,423. This brought the portfolio total to 0.66 percent.

Bank of New York Mellon Corp held 30,460,395 shares on 12/31/2012 worth $3,293,987,097. This brought the portfolio total to 1.16 percent.

Northern Trust Corp held 30,377,532 shares on 12/31/2012 worth $3,285,026,292. This brought the portfolio total to 1.35 percent.

T. Rowe Price Associates Inc /MD/ held 23,715,705 shares on 12/31/2012 worth $2,564,616,324. This brought the portfolio total to 0.75 percent.

JPMorgan Chase & Co held 23,468,770 shares on 12/31/2012 worth $2,537,912,773. This brought the portfolio total to 0.88 percent.

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