US oil operator Chevron has told shareholders that it holds an “enviable” position in the Permian Basin.
John Watson, chairman of the board and chief executive officer, made the claim at the 2017 Annual General Meeting of Stockholders in Midland, Texas.
He said: “2016 was a transition year for Chevron and the industry.
“We took significant actions to reduce costs, limit cash consumption and protect the balance sheet. As oil prices improved, recovery in earnings was evident in the second half of the year. This progress has continued into 2017.”
Watson also said he is confident about the company’s future.
He added: “We are well positioned with a strong portfolio and the right business model, including a profitable downstream and chemical business and an upstream portfolio of shorter cycle opportunities, highlighted by our enviable position in the Permian Basin.
“Our long-term strength is also underpinned by projects in Kazakhstan, Australia, the deepwater Gulf of Mexico, and attractive future options in West Africa, South America, Asia and North America.”
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