Chevron’s Goal of Record Output Slips as Production Drops
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Chevron Corp. Chairman and Chief Executive Officer John Watson’s goal of breaking a production record three years from now just got harder to reach.
After spending more than $100 million a day on average during the first three months of the year on new oil wells and other projects, Chevron posted its lowest first-quarter crude and natural gas output since 2006 today. The company pumped the equivalent of 2.59 million barrels a day during the period, 1 percent below the average estimate of three analysts in a Bloomberg survey.