Contenu connexe Similaire à Chevron Upstream & Gas (20) Chevron Upstream & Gas1. Upstream and Gas
George Kirkland
Executive Vice President
Upstream & Gas
© 2008 Chevron Corporation
2. Delivering on Our 2007 Commitments
2.6 MMBOED Production Target
Bibiyana Startup
Tengiz Staged Oil Startup
Agbami Progress
Blind Faith Progress
Frade Progress
Nigeria GTL Progress
Tahiti Progress
2
© 2008 Chevron Corporation
3. Additional 2007 Accomplishments
Superior Safety Performance
Thailand Contract Extension
Angola LNG FID
Chuandongbei PSC Signing
Agbami FPSO Arrival on Location
Gorgon Environmental Approvals
Exploration Success
Competitive Margins and Returns
NWS Train 5 Progress
Reserves Replacement
3
© 2008 Chevron Corporation
4. Net BOE Production
2007 vs. 2006
Thousands of Barrels Equivalent Per Day
73
(62)
(16)
2,667
2,619
(43)
2006 Actual Empresa Price Base Major Capital 2007 Actual
Mixta Production Projects
Impact
4
© 2008 Chevron Corporation
5. Delivering Strong Earnings per Barrel
and Competitive ROCE
Earnings/BOE (A/T) Competitive ROCE 1
$/barrel ROCE
50%
$20
40%
$15
30%
$10
20%
10%
$5
2007 Rank: #2 2006 Rank: #2
0%
$0
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
Competitor Group: XOM, BP, COP and RDS
Competitive ROCE calculated based on Chevron estimates and public information handled on a consistent basis.
Excludes special items. Reconciliation to non-GAAP earnings measure for Chevron is available at www.chevron.com under Investors.
2007 ROCE updated on March 26, 2008
1
5
© 2008 Chevron Corporation
6. Effective
Right Profitable
Execution
Strategies Growth
6
© 2008 Chevron Corporation
7. Right
Strategies
7
© 2008 Chevron Corporation
8. Upstream Has the Right Strategies
Grow profitably in core areas
and build new legacy positions
Achieve world-class operational
performance
Maximize and grow the
Base Business
Lead the industry in selection and
execution of Major Capital Projects
Achieve superior Exploration
performance
Identify, capture and effectively
incorporate new core positions
8
© 2008 Chevron Corporation
9. Positioned With a Strong
Worldwide Portfolio
Regional Exploration & Production Companies
North America Europe, Eurasia and Middle East
800 MBOED 620 MBOED
11 billion BOE net
proved reserves
2.7 million BOED
net production
capacity
Leading positions
in key oil and gas
basins
Africa and Asia-Pacific
Latin America 700 MBOED
580 MBOED
9
© 2008 Chevron Corporation
10. Exploration Strategy
Focus and Impact
West
Norway
Greenland
Alaska West of
Shetlands
Canada
East Coast
Canada
Gulf of Mexico
Deepwater
Libya Gulf of
Thailand
Northwest
Australia
West Africa
Focus Areas Deepwater
Brazil
Test Areas Deepwater
New Entry
10
© 2008 Chevron Corporation
11. Growing a Diversified Resource* Portfolio
Resource Growth Resource Distribution
Billion BOE Billion BOE
70 70
12%
Europe, Eurasia
60 60
and Middle East
50 50
Asia-Pacific
40 40
30 30
Americas
20 20
10
10
Africa
0 0
YE 2004 YE 2007
* Resource is defined as unrisked proved, probable and possible reserves plus potential recoverable resources contingent on
commerciality. Includes oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining
operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission.
11
© 2008 Chevron Corporation
12. Proved Reserve Changes
2004–2007 and 2010 Projected
Millions of Barrels
1,465
2,748
1,413
605
11,252 ~11,300
10,777
YE 2004 Production Price Effect Unocal Net YE 2007 Projected
Additions YE 2010
Does not include oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining
operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission.
12
© 2008 Chevron Corporation
13. Proved Reserve Changes
2007–2010 Projection
Millions of Barrels
1,100
2,400
3,000
~11,300
10,777
YE 2007 Production MCP Base Adds & YE 2010
Actual Contract Projection
Extensions
Does not include oil volumes associated with Athabasca Oil Sands mining. Crude oil extracted through bitumen mining
operations is not considered to be an oil and gas producing activity by the Securities and Exchange Commission.
13
© 2008 Chevron Corporation
14. Over 140 Tcf of Equity
Natural Gas Resources*
Gas portfolio is growing and becoming a key component
of Chevron’s overall production.
Gas Production as %
Europe, Eurasia
of Total Chevron
and Middle East
Net Production
18 Tcf
45%
40%
35%
Americas
35 Tcf
30%
Africa
Asia-Pacific 25%
26 Tcf
67 Tcf 2010 2015 2020
2007
Unrisked
*
Circles represent geographic coverage and not the size of the resource.
14
© 2008 Chevron Corporation
15. Growing the Gas Business
Commercialize our equity
resource base while growing a
high-impact global gas business
Progressing the queue of more than
10 world-class gas projects
Building a global portfolio of
LNG supply
Progressing the construction of our
first GTL plant
Enabling gas business growth
through midstream capabilities
15
© 2008 Chevron Corporation
16. Gas Business Achievements 2007
Angola LNG FID
Gorgon LNG environmental
approval and capacity expansion
Bibiyana startup
Thailand contract extension
Angola LNG Plant site schematic
and gas sales agreement signed
with PTT
Chuandongbei sour gas PSC
signed with CNPC
Piceance tight gas entered
development phase
Site works for the Angola LNG Plant
16
© 2008 Chevron Corporation
17. Effective
Execution
17
© 2008 Chevron Corporation
18. Leader in Exploration Results
Chevron “leads its peers on our underlying exploration reserve
replacement metric, having replaced an outstanding 120% of its
production between 2002 and 2006 through new field
exploration success alone.” RADAR report by Wood Mackenzie, January 2008
Reserve* Replacement Through Exploration, 2002-2006
Percent
140
Chevron
120
100
BP
Total
80 COP Shell
60 ExxonMobil
40
20
0
*Wood Mackenzie reserve replacement metric does not reflect the Company’s reported proved reserves.
18
© 2008 Chevron Corporation
19. Consistent Exploration Success
Average Exploration success rate for 2002–2007 is 42%
8
Billions of Barrels
7
of Oil Equivalent
6
5
4
3
Cumulative Resources
2
1 Added From Exploration
0
2002 2003 2004 2005 2006 2007
2002
2003
2004
2005
2006
2007
Year-End Mean Resource Estimates
19
© 2008 Chevron Corporation
20. Exploration Finding Costs Are
Among the Lowest
Underlying Finding Cost
$/BOE
9
8
Competitors
7 XOM
BP
6
RDS
5
COP
4
3 Competitor
Range
2
1
0
2002 2003 2004 2005 2006
Wood Mackenzie, December 2007 (Exploration Costs/Resources Found)
20
© 2008 Chevron Corporation
21. Key 2008 Exploration Activities
Norway Barents
White Hills
Rosebank
Ells River
Orphan
Deepwater
Gulf of Mexico
Gulf of
Libya
Nigeria Thailand
Venezuela
Congo
Brazil
Angola Northwest
Australia
Seismic
Exploration Wells
Appraisal Wells
21
© 2008 Chevron Corporation
22. Cost Management
Definite cost increases, Despite cost increases, our
but not uniform opportunity queue remains robust
IHS/CERA Upstream Capital Costs
Function of local markets Index (2000 = 100)
and varies between
certain items 3Q 2007: 198
200
180
Combating increases 3Q 2006: 167
160
through:
140
Effective contracting
120
Standardization of
designs and materials 100
Modularization 80
2000 2002 2004 2006 2008
Technology advances Source: Cambridge Energy Research Associates
22
© 2008 Chevron Corporation
23. Superior Contracting Strategies Have
Cushioned Rising Deepwater Rig Rates
Worldwide Deepwater Rig Rates Equivalent Rig Years
$M/day Under Contract
500 6
Market Average Rate
Chevron Average
400 Contract Rate
4
300
200
2
100
0 0
2003 2004 2005 2006 2007 2008
Forecast
Drilling units rated for >7,500 ft water depth
Market data sources for similar type of rig: GDC, Fearnley Offshore, Rig Logix
23
© 2008 Chevron Corporation
24. Upstream Costs Have Been
Among the Lowest
$/BOE Competitors
BP MRO
28
COP MUR
RDS OXY
24
XOM TOT
$19.40
HES
20
Competitor
16 Range
12
8
2002 2003 2004 2005 2006 2007
Ranking
3/10 3/10 2/10 3/10 2/10
Source: AG Edwards; includes production costs, exploration expense, DD&A and other expenses
24
© 2008 Chevron Corporation
25. Disciplined Base Business Focus
McAllen Ranch Field PNZ
200 200
Production MMCFPD Production MBOEPD
160
180
10% decline
120
160
80
30% decline 1% decline
140
40
0 120
2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007
San Joaquin Valley Business Unit Duri Steamflood, Indonesia
280 250
Production MBOPD Production MBOEPD
240
6% decline
260
230
16% decline
220
2% decline
240
3% decline
210
200
220
190
180
200
2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007
25
© 2008 Chevron Corporation
26. Global Leader in
Thermal Recovery Processes
World’s largest thermal operations:
San Joaquin Valley and Duri Field
Well-positioned for future
opportunities, such as Ells River,
Petropiar (Hamaca) and PNZ
Heavy Oil Center of Excellence
develops and deploys technology
applications, tools and best
practices
26
© 2008 Chevron Corporation
27. Profitable
Growth
27
© 2008 Chevron Corporation
28. A Leading Portfolio of Projects
Amauligak
Rosebank Lochnagar
AOSP Expansion 1
TCO SGI/SGP
AOSP Expansion 2
Karachaganak III
Hebron
Blind Faith Tengiz Expansion
Tahiti
Piceance Chuandongbei Gas
Perdido
ACG II-III
Big Foot
Petropiar Upgrader
Jack
Platong II
Plataforma Deltana
St.Malo
Vietnam Gas
Tubular Bells
Gendalo - Gehem
Frade North Duri
Papa Terra
Agbami
Nigeria GTL
Moho Bilondo
Usan
NWS Train 5
Tombua Landana
Bonga SW Aparo
Greater Gorgon
Angola LNG
Nsiko
Wheatstone
Lucapa
Olokola
Nigeria EGP 3
All projects shown are >$1B Chevron share
28
© 2008 Chevron Corporation
29. A Leading Portfolio of Projects
2004-2007
Amauligak
Rosebank Lochnagar
AOSP Expansion 1
TCO SGI/SGP
AOSP Expansion 2
Karachaganak III
Hebron
Blind Faith Tengiz Expansion
Tahiti
Piceance Chuandongbei Gas
Perdido
ACG II-III
Big Foot
Petropiar Upgrader
Jack
Platong II
Plataforma Deltana
St.Malo
Vietnam Gas
Tubular Bells
Net Production - MBOEPD
Gendalo - Gehem
Frade North Duri
1200
MCP Papa Terra
Base
Agbami
800
Nigeria GTL
Moho Bilondo
Usan
NWS Train 5
Tombua Landana
Bonga SW Aparo
Greater Gorgon
400
Angola LNG
Nsiko
2007
Wheatstone
Lucapa
Olokola
Nigeria EGP 3
2004
All projects shown are >$1B Chevron share
0
29
© 2008 Chevron Corporation
30. A Leading Portfolio of Projects
2008-2009
Amauligak
Rosebank Lochnagar
AOSP Expansion 1
TCO SGI/SGP
AOSP Expansion 2
Karachaganak III
Hebron
Blind Faith Tengiz Expansion
Tahiti
Piceance Chuandongbei Gas
Perdido
ACG II-III
Big Foot
Petropiar Upgrader
Jack
Platong II
Plataforma Deltana
St.Malo
Vietnam Gas
Tubular Bells
Net Production - MBOEPD
Gendalo - Gehem
Frade North Duri
1200
MCP Papa Terra
Base
Agbami
800
2009
Nigeria EGP 3
Moho Bilondo
Nigeria GTL
NWS Train 5
Tombua Landana
2008
Usan
Greater Gorgon
400
Angola LNG
Bonga SW Aparo
Wheatstone
Lucapa
Nsiko
Olokola
2004
All projects shown are >$1B Chevron share
0
30
© 2008 Chevron Corporation
31. A Leading Portfolio of Projects
2010-2011
Amauligak
Rosebank Lochnagar
AOSP Expansion 1
TCO SGI/SGP
AOSP Expansion 2
Karachaganak III
Hebron
Blind Faith Tengiz Expansion
Tahiti
Piceance Chuandongbei Gas
Perdido
ACG II-III
Big Foot
Petropiar Upgrader
Jack
Platong II
Plataforma Deltana
St.Malo
Vietnam Gas
Tubular Bells
Net Production - MBOEPD
Gendalo - Gehem
Frade North Duri
1200
2011
MCP Papa Terra
Base 2010
Agbami
800
Nigeria EGP 3
Moho Bilondo
Nigeria GTL
NWS Train 5
Tombua Landana
Usan
Greater Gorgon
400
Angola LNG
Bonga SW Aparo
Wheatstone
Lucapa
Nsiko
Olokola
2004
All projects shown are >$1B Chevron share
0
31
© 2008 Chevron Corporation
32. Execution Focus
2008 & 2009 Startup Projects
Blind Faith – Gulf of Mexico
Drill and complete 3 wells in initial
development plan
Set topsides on hull and complete integration
Tow to location 1Q 2008
Drill and complete 4th well 2Q 2008
First oil 2Q 2008
Tahiti – Gulf of Mexico
Drill all 6 wells in initial development plan
Topsides modules ready to install
Tow spar hull to field 1Q 2008
Subsea installation Phase 1 complete 2Q 2008
Set topsides on hull 3Q 2008
Subsea installation Phase 2 complete 1Q 2009
First oil 3Q 2009
32
© 2008 Chevron Corporation
33. Execution Focus
2008 Startup Projects
Agbami – Nigeria
FPSO arrived in Nigeria at year-end 2007
FPSO and subsea hookup in progress
Complete 5 producers and 1 injector by
first production date
First oil by 3Q 2008
Tengiz Sour Gas Injection/
2nd Generation Plant – Kazakhstan
Staged oil startup and sour gas injection
Construction and commissioning of oil,
gas and sulfur plants 3Q 2008
Full production facilities startup 3Q 2008
33
© 2008 Chevron Corporation
34. Global Leader in
Sour Oil & Gas Processing
Wyoming Tengiz China
Carter Creek Sour Production Chuandongbei
Sour Gas Plant Facilities Project
Excellent safety, One of a kind with New opportunity
reliability and excellent to apply our sour
environmental performance production
record capabilities and
technologies
34
© 2008 Chevron Corporation
35. Significant Position in Asia-Pacific
2007-2011 Growth
NWS Train 5
Chuandongbei Gas Project
Bibiyana
North Duri Steamflood
Platong II
Net Production MBOEPD
2012+ Growth
base growth
800
Gorgon
Wheatstone
600
Vietnam Gas Development
400
Gendalo – Gehem
200
0
'05 '06 '07 '08 '09 '10 '11
35
© 2008 Chevron Corporation
36. Strong Presence in the Caspian and
Middle East Regions
2007-2011 Growth
Tengiz SGI/SGP
Azeri-Chirag-Guneshli
Phase III
PNZ – Large Scale
Steamflood Pilot
2012+ Growth
Net Production MBOEPD
Tengiz Expansion
600 base growth
Karachaganak III Expansion
400
200
0
'05 '06 '07 '08 '09 '10 '11
36
© 2008 Chevron Corporation
37. New Projects Will Increase Production
in West Africa
2007-2011 Growth
Agbami
Tombua Landana
Moho Bilondo
Usan
Nigeria GTL
Nigeria EGP 3
Net Production MBOEPD
base growth
800
2012+ Growth
Angola LNG
600
Bonga SW/Aparo
400
Olokola LNG
200
Negage
Lucapa
0
'05 '06 '07 '08 '09 '10 '11
37
© 2008 Chevron Corporation
38. Deepwater Brazil Adding to
Latin America’s Growth
2007-2011 Growth
Frade
Papa-Terra
2012+ Growth
Net Production MBOEPD
Plataforma Deltana
base growth
300
Starfish
Petropiar Expansion
200
100
0
'05 '06 '07 '08 '09 '10 '11
38
© 2008 Chevron Corporation
39. Sustaining North American Production
2007-2011 Growth
Blind Faith
Tahiti
Piceance
San Ardo
Perdido
AOSP Expansion 1
Net Production MBOEPD
base growth
2012+ Growth
1000
800
Big Foot Tubular Bells
AOSP Expansion 2
Tonga
600
Hebron
Jack
400
Amauligak
St. Malo
200
0
'05 '06 '07 '08 '09 '10 '11
39
© 2008 Chevron Corporation
40. Production Growth Driven by a
Steady Queue of Projects
Net Production MBOED 100% Peak
Chevron WI
Production Current
Startup Project
Operator % Project
@ $70/bbl MBOEPD
3.5
Phase
2007 Tengiz SGI/SGP √ 50 250 Prod
3.0 Bibiyana √ 98 85 Prod
San Ardo √ 100 15 Prod
2008 Agbami √ 68 250 Const
2.5
Blind Faith √ 75 70 Const
NWS Train 5 17 95 Const
2.0 N Duri Steamflood √ 100 70 Const
Moho Bilondo 32 90 Const
1.5 Callanish-Brodgar
Callanish- 16-25
16- 45 Const
ACG III 10 340 Const
2009 Tombua Landana √ 31 100 Const
1.0
Tahiti √ 58 135 Const
Frade √ 52 90 Const
0.5
Piceance √ 100 70 Const
Nigeria EGP 3 √ 40 140 Const
0.0 2010 Perdido 33-60
33- 130 Const
2007 2010 Nigeria GTL √ 75 35 Const
AOSP Expansion I 20 100 Const
40
© 2008 Chevron Corporation
41. Our Continued Commitment to
Earnings and Returns
Production CAGR >3% 2005-2010
Reserves Replacement
2008-2010
Ratio >100%
TCO SGP Full Capacity 2008
Blind Faith Startup 2008
Agbami Startup 2008
NWS Train 5 Startup 2008
Tahiti Startup 2009
Frade Startup 2009
Tombua-Landana Startup 2009
41
© 2008 Chevron Corporation
43. Upstream Major Capital Projects
Asia-Pacific Region
C&E Peak Prod Current
Project Location Operator WI % $Billion MBOED Phase Startup
Bibiyana Gas Development Bangladesh Chevron 98.0 0.3 85 Production 2007
NWS Train 5 Australia Other 16.7 2.1 95 Construction 2008
North Duri Steamflood
Indonesia Chevron 100 1.3 70 Construction 2008
Development (all phases)
Platong II Thailand Chevron 69.8* 3.1 65 Construction 2011
Chuandongbei Gas Area China Chevron 49.0 TBD 80 Design TBD
Greater Gorgon Offshore 440
Australia Chevron 50.0 TBD Design TBD
Development & LNG Capacity
Wheatstone Australia Chevron 100 TBD TBD Evaluation TBD
Gendalo - Gehem Indonesia Chevron 80.0 TBD TBD Design TBD
Vietnam Gas Development Vietnam Chevron 42.9* 4.3 85 Evaluation 2012
*Represents a weighted average of Chevron’s interest across multiple blocks
C&E is estimated 100% gross project C&E
Peak production is estimated 100% gross production when project is at its maximum level
43
© 2008 Chevron Corporation
44. Upstream Major Capital Projects
Caspian and Middle East Regions
C&E Peak Prod Current
Project Location Operator WI % $Billion MBOED Phase Startup
Tengiz Sour Gas Injection/
Kazakhstan Chevron 50.0 7.2 250 Production 2007
Second Generation Plant
Azeri-Chirag-Guneshli (ACG)
Azeri- Chirag- Refer to
Azerbaijan Other 10.3 340 Construction 2008
Development III Operator
Large-Scale Steamflood Pilot
Large- PNZ Chevron 50.0 0.2 10 Construction 2007
Tengiz Expansion Kazakhstan Chevron 50.0 TBD TBD Design TBD
Refer to
Karachaganak Expansion III Kazakhstan Other 20.0 235 Evaluation 2012+
Operator
C&E is estimated 100% gross project C&E
Peak production is estimated 100% gross production when project is at its maximum level
44
© 2008 Chevron Corporation
45. Upstream Major Capital Projects
West Africa Region – Angola/Congo
C&E Peak Prod Current
Project Location Operator WI % $Billion MBOED Phase Startup
Benguela Belize Lobito
Tomboco (BBLT) Deepwater Angola Chevron 31.0 2.5 200 Production 2006
Development
Tombua Landana Deepwater
Angola Chevron 31.0 3.8 100 Construction 2009
Development
Moho Bilondo Deepwater Refer to
Congo Other 31.5 90 Construction 2008
Development Operator
Chevron
Angola LNG Angola 36.4 TBD 110 Construction 2012
(co-operator)
(co-
Negage Angola Chevron 31.0 TBD TBD Evaluation TBD
Lucapa Angola Chevron 31.0 TBD TBD Evaluation TBD
C&E is estimated 100% gross project C&E
Peak production is estimated 100% gross production when project is at its maximum level
45
© 2008 Chevron Corporation
46. Upstream Major Capital Projects
West Africa Region – Nigeria
C&E Peak Prod Current
Project Location Operator WI % $Billion MBOED Phase Startup
Agbami Deepwater
Nigeria Chevron 68.2 5.4 250 Construction 2008
Development
Usan Deepwater Refer to
Nigeria Other 30.0 180 Construction 2011
Development Operator
Nigeria GTL Nigeria Chevron 75.0 2.9 35 Construction 2010
Nigeria EGP3 Nigeria Chevron 40.0 2.8 140 Construction 2009
Bonga SW/Aparo Deepwater Refer to
Nigeria Other 19.7* 150 Design 2012
Development Operator
500
Olokola LNG Plant Nigeria Other 19.5 TBD Design TBD
capacity
Olokola Gas Supply Nigeria Chevron 40.0 TBD 360 Design TBD
*Equity is pending execution of the pre-unit agreement.
C&E is estimated 100% gross project C&E
Peak production is estimated 100% gross production when project is at its maximum level
46
© 2008 Chevron Corporation
47. Upstream Major Capital Projects
Latin America Region
C&E Peak Prod Current
Project Location Operator WI % $Billion MBOED Phase Startup
Frade Deepwater
Brazil Chevron 51.7 2.8 90 Construction 2009
Development
Papa-Terra BC-20 Deepwater
Papa- BC-
Brazil Other 37.5 TBD 80 Evaluation 2011
Development
Plataforma Deltana Venezuela Chevron 60.0 TBD TBD Evaluation TBD
Petropiar Expansion Venezuela Other 30.0 TBD TBD Evaluation TBD
Trinidad
Starfish and Other 50.0 TBD TBD Evaluation TBD
Tobago
C&E is estimated 100% gross project C&E
Peak production is estimated 100% gross production when project is at its maximum level
47
© 2008 Chevron Corporation
48. Upstream Major Capital Projects
North America Region
C&E Peak Prod Current
Project Location Operator WI % $Billion MBOED Phase Startup
Mid
Piceance Chevron 100 7.3 70 Construction 2009
Continent
San Ardo Steamflood SJV Chevron 100 0.3 15 Production 2007
Tahiti Deepwater GOM Chevron 58.0 4.7 135 Construction 2009
Blind Faith Deepwater GOM Chevron 75 1.4 70 Construction 2008
33.3 –
Perdido Region Deepwater GOM Other 4.5 130 Construction 2010
60.0
Athabasca Oil Sands Project
Canada Other 20.0 10.2 100 Construction 2010
(AOSP) Expansion 1
Jack GOM Chevron 50.0 TBD TBD Evaluation TBD
St. Malo GOM Chevron 41.3 TBD TBD Evaluation TBD
Big Foot GOM Chevron 60.0 TBD TBD Evaluation TBD
Tonga GOM Chevron 20.5 TBD TBD Evaulation TBD
AOSP Expansion 2 Canada Other 20.0 TBD TBD Evaluation TBD
Tubular Bells GOM Other 30.0 TBD TBD Evaluation TBD
Hebron Canada Chevron 28.0 TBD TBD Evaluation TBD
Amauligak Canada Other 32.5 TBD TBD Evaluation TBD
C&E is estimated 100% gross project C&E
Peak production is estimated 100% gross production when project is at its maximum level
48
© 2008 Chevron Corporation