Chevron Plans To Further Lower Cost Structure - Quick Facts

(RTTNews) - Chevron Corp. (CVX) said, even with no commodity price appreciation, the company expects to deliver stronger upstream cash margins and production growth. The company intends to grow free cash flow in 2018 and thereafter.

Michael Wirth, Chevron's CEO, said: "We plan to further lower our cost structure, get more value from our existing assets and continue to high-grade our portfolio. We believe execution of these plans will support our primary commitment to shareholders, which is a sustained and growing dividend over time. As we generate surplus cash, we would expect to be in a position to resume our share repurchase program."

Jay Johnson, executive vice president, upstream, said: "Our objective is to ensure our upstream business provides competitive returns throughout the price cycle. We're focused on operating safely and reliably, continuing to lower our costs, and delivering production growth from the Gorgon and Wheatstone LNG projects in Australia. In addition, we're advancing development of our unconventional resources, particularly in the U.S. Permian Basin."