Chevron Confirms Commitment to LNG, Deepwater

Chevron Corporation confirmed its commitment to LNG and deepwater developments during the company’s annual security meeting in New York. 

"We continue to make steady progress on our LNG and deepwater developments, and will continue to ramp-up production from our shale and tight assets, particularly from our very attractive Permian Basin acreage position," Jay Johnson, senior vice president, upstream, commented in the note released on Tuesday.

The company said that the fundamental of the oil and gas business remain attractive, adding it is reacting to the significant decrease of commodity prices through capital spending cuts. 

Chevron expects a 20% production growth by 2017, despite the aggressive cost management.