The Rising Influence of Rising Affluence

[DewDiligence]

CVX’s actual 4Q11 production was 2.64M boe/d, the same as the amount reported (based on Oct and Nov only) in CVX’ 1/12/12 PR in #msg-70819948. The 2.64 figure for 4Q11 was up 1.5% from 3Q11, but down 5% from 4Q10:

http://finance.yahoo.com/news/Chevron-Reports-Fourth-bw-500739268.html?x=0

There was no single explanation for the YoY production decline, but a lower take from various PSC’s due to higher oil price in 4Q11 was part of the cause.

CVS maintained its 201*7* production guidance of 3.3M boe/d (25% higher than 4Q11), based on 1% annual growth to 2014 and 4-5% annual growth in 2014-2017.

CVX’s 4Q11 CC slides are at http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTI0Mjg3fENoaWxkSUQ9LTF8VHlwZT0z&t=1 .