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Business Briefing / Energy

Chevron expects 4% hike in output

March 11, 2009|Times Wire Reports

Chevron Corp. said it expected to increase production 4% this year as it continued to develop new oil and gas projects while putting off investments in some costlier, more mature fields.

Despite the expected growth in 2009, the San Ramon, Calif., company has backed off a long-term forecast of 3% increases in production, on average, from 2005 to 2010.

Chevron Chief Executive Dave O'Reilly declined to give analysts a new long-term production forecast, citing "a kind of uncertain point in the global economy" linked to the economic downturn.

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