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Shale and LNG Drive Upstream Production at Chevron

publication date: Dec 26, 2018
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Image Source: Author's Calculations, Chevron Investor Relations. 

From 2010 to 2017, Chevron’s oil and gas production dropped as output from new producing properties was more than offset by declines at mature fields. By leveraging the company’s extensive unconventional growth runway, management appears to have been able to fix a key structural problem. The revival in Chevron’s upstream production was aided by the completion of two major LNG developments in Australia that offer near-term upside.


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