Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Chevron Corporation : Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/25/2013 | 02:05pm CET

Coronado prospect adds to Chevron's deepwater portfolio in prolific Lower Tertiary Trend

Chevron Corporation (NYSE: CVX) has announced an oil discovery at the Coronado prospect in the deepwater U.S. Gulf of Mexico.

The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet (122 m) of net pay. The well is located approximately 190 miles (308 km) off the Louisiana coast in 6,127 feet (1,868 m) of water and was drilled to a depth of 31,866 feet (9,713 m).

"The Coronado discovery demonstrates how Chevron is achieving its strategy of superior exploration performance," said George Kirkland, vice chairman, Chevron Corporation. "The discovery adds to our global portfolio of high-quality opportunities for future growth."

"The Coronado discovery continues our string of exploration successes in the Lower Tertiary Trend, where Chevron is advancing multiple projects," said Gary Luquette, president, Chevron North America Exploration and Production Company. "It also highlights the importance of the deepwater Gulf of Mexico as a source of domestic energy for the United States."

The well results are still being evaluated, and additional work is needed to determine the extent of the resource. Chevron, with a 40 percent working interest in the prospect, is the operator of the Coronado discovery well. Other owners are ConocoPhillips (NYSE: COP) with 35 percent, a subsidiary of Anadarko Petroleum Corporation (NYSE: APC) with 15 percent and Venari Offshore LLC with 10 percent.

Chevron is one of the largest leaseholders in the Gulf of Mexico and is currently constructing the Jack/St. Malo and Big Foot projects, which are scheduled to begin production in 2014. The company is also conducting appraisal activities at its previously announced Buckskin and Moccasin discoveries, also in the Lower Tertiary Trend.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about Chevron's activities in the U.S. Gulf of Mexico. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimates," "budgets" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Chevron Corporation
Russell Johnson, +1 713-372-1841


© Business Wire 2013
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CHEVRON CORPORATION
12/04 CHEVRON : Clay Neff Named President of Chevron Africa & Latin America Exploratio..
12/02DJOil Giants Set to Bid on Mexico's Deep-Water Oil Fields
12/01 Facebook and Dollar General fall while Chevron and Ford rise
12/01 CHEVRON : Clay Neff Named President of Chevron Africa and Latin America Explorat..
12/01 CHEVRON : Rolls out New, Bigger and Better Delo 400 Product Line and its Next Ge..
12/01 CHEVRON : Clay Neff Named President of Chevron Africa, Latin America Exploration..
11/29 DOW MOVERS : Cvx, unh
11/29DJU.S. Stocks Edge Higher
11/29 CHEVRON : harps on CSR program, commitment on Gas Master Plan
11/26 Netflix, Inc., American International Group, Inc., Chevron Corporation
More news
Sector news : Petroleum Refining
12/02DJOil Giants Set to Bid on Mexico's Deep-Water Oil Fields
12/02 Buffett's Berkshire is urged to sell fossil fuel stocks
12/02DJROYAL DUTCH SHELL A : Shell to Shut Unit at Deer Park Refinery
12/01DJBP to Proceed with Deep Water Project in Gulf of Mexico -- 2nd Update
12/01DJBP to Proceed with Deep Water Project in Gulf of Mexico -- Update
More sector news : Petroleum Refining
News from SeekingAlpha
12/04 December 2016's 10 Worst CCC Stocks At Various Market Caps
12/03 Income Investors Have Done Well In 2016
12/03 How To Invest In Response To OPEC Oil Production Cuts
12/01 With 2016 Nearing A Close, Our Dividend Growth Portfolio Is Up Almost 10%
12/01 WisdomTree Equity Income ETF (DHS) November Summary
Advertisement
Financials ($)
Sales 2016 116 748 M
EBIT 2016 2 025 M
Net income 2016 600 M
Debt 2016 39 145 M
Yield 2016 3,80%
P/E ratio 2016 598,83
P/E ratio 2017 24,40
EV / Sales 2016 2,16x
EV / Sales 2017 1,60x
Capitalization 213 318 M
More Financials
Chart CHEVRON CORPORATION
Duration : Period :
Chevron Corporation Technical Analysis Chart | CVX | US1667641005 | 4-Traders
Full-screen chart
Technical analysis trends CHEVRON CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 116 $
Spread / Average Target 2,3%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
John S. Watson Chairman & Chief Executive Officer
Patricia E. Yarrington Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Robert E. Denham Lead Independent Director
Ronald D. Sugar Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CHEVRON CORPORATION25.61%213 318
BHARAT PETROLEUM CORP ..36.79%12 928
SINOPEC SHANGHAI PETRO..-4.01%8 529
POLSKI KONCERN NAFTOWY..14.73%7 715
HOLLYFRONTIER CORP-26.72%5 160
WESTERN REFINING, INC.1.52%3 986
More Results