Chevron Corporation** (NYSE: CVX) announced today that it
started oil and natural gas production from the Anchor project in
the deepwater U.S. Gulf of Mexico. Anchor production marks the
successful delivery of high-pressure technology that is rated to
safely operate at up to 20,000 psi, with reservoir depths reaching
34,000 feet below sea level.
“The Anchor project represents a breakthrough for the energy
industry,” said Nigel Hearne, executive vice president, Chevron
Oil, Products & Gas. “Application of this industry-first
deepwater technology allows us to unlock previously
difficult-to-access resources and will enable similar deepwater
high-pressure developments for the industry.”
The Anchor semi-submersible floating production unit (FPU) has a
design capacity of 75,000 gross barrels of oil per day and 28
million gross cubic feet of natural gas per day. The Anchor
development will consist of seven subsea wells tied into the Anchor
FPU, located in the Green Canyon area, approximately 140 miles (225
km) off the coast of Louisiana, in water depths of approximately
5,000 feet (1,524 m). Total potentially recoverable resources from
the Anchor field are estimated to be up to 440 million barrels of
oil equivalent.
“This Anchor milestone demonstrates Chevron’s ability to safely
deliver projects within budget in the Gulf of Mexico,” said Bruce
Niemeyer, president, Chevron Americas Exploration & Production.
“The Anchor project provides affordable, reliable, lower carbon
intensity oil and natural gas to help meet energy demand, while
boosting economic activity for Gulf Coast communities.”
The Anchor FPU is Chevron’s sixth operated facility currently
producing in the U.S. Gulf of Mexico, one of the lowest carbon
intensity oil and gas basins in the world. Chevron’s operated and
non-operated facilities in the Gulf of Mexico are expected to
produce a combined 300,000 net barrels of oil equivalent per day by
2026.
To reduce carbon emissions, the Anchor FPU was designed as an
all-electric facility with electric motors and electronic controls.
Additionally, the FPU utilizes waste heat and vapor recovery units
as well as existing pipeline infrastructure to transport oil and
natural gas directly to U.S. Gulf Coast markets.
Chevron, through its subsidiary Chevron U.S.A. Inc., is operator
and holds a 62.86 percent working interest in the Anchor project.
Co-owner TotalEnergies E&P USA, Inc. holds a 37.14 percent
working interest.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable, and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our oil and
gas business, lower the carbon intensity of our operations and grow
lower carbon businesses in renewable fuels, carbon capture and
offsets, hydrogen and other emerging technologies. More information
about Chevron is available at www.chevron.com.
Notice
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
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where Chevron often discloses important information about the
company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and lower carbon strategy that are based on
management’s current expectations, estimates, and projections about
the petroleum, chemicals and other energy-related industries. Words
or phrases such as “anticipates,” “expects,” “intends,” “plans,”
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and are subject to numerous risks, uncertainties and other factors,
many of which are beyond the company’s control and are difficult to
predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this news release. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics and epidemics, and any
related government policies and actions; disruptions in the
company’s global supply chain, including supply chain constraints
and escalation of the cost of goods and services; changing
economic, regulatory and political environments in the various
countries in which the company operates; general domestic and
international economic, market and political conditions, including
the military conflict between Russia and Ukraine, the conflict in
Israel and the global response to these hostilities; changing
refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates; the
inability or failure of the company’s joint-venture partners to
fund their share of operations and development activities; the
potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of the
company’s operations due to war, accidents, political events, civil
unrest, severe weather, cyber threats, terrorist acts, or other
natural or human causes beyond the company’s control; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
operational, investment or product changes undertaken or required
by existing or future environmental statutes and regulations,
including international agreements and national or regional
legislation and regulatory measures related to greenhouse gas
emissions and climate change; the potential liability resulting
from pending or future litigation; the risk that regulatory
approvals with respect to the Hess Corporation (Hess) transaction
are not obtained or are obtained subject to conditions that are not
anticipated by the company and Hess; potential delays in
consummating the Hess transaction, including as a result of
regulatory proceedings or the ongoing arbitration proceedings
regarding preemptive rights in the Stabroek Block joint operating
agreement; risks that such ongoing arbitration is not
satisfactorily resolved and the potential transaction fails to be
consummated; uncertainties as to whether the potential transaction,
if consummated, will achieve its anticipated economic benefits,
including as a result of regulatory proceedings and risks
associated with third party contracts containing material consent,
anti-assignment, transfer or other provisions that may be related
to the potential transaction that are not waived or otherwise
satisfactorily resolved; the company’s ability to integrate Hess’
operations in a successful manner and in the expected time period;
the possibility that any of the anticipated benefits and projected
synergies of the potential transaction will not be realized or will
not be realized within the expected time period; the company’s
future acquisitions or dispositions of assets or shares or the
delay or failure of such transactions to close based on required
closing conditions; the potential for gains and losses from asset
dispositions or impairments; government mandated sales,
divestitures, recapitalizations, taxes and tax audits, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; higher inflation and related impacts; material
reductions in corporate liquidity and access to debt markets;
changes to the company’s capital allocation strategies; the effects
of changed accounting rules under generally accepted accounting
principles promulgated by rule-setting bodies; the company’s
ability to identify and mitigate the risks and hazards inherent in
operating in the global energy industry; and the factors set forth
under the heading “Risk Factors” on pages 20 through 26 of the
company’s 2023 Annual Report on Form 10-K and in subsequent filings
with the U.S. Securities and Exchange Commission. Other
unpredictable or unknown factors not discussed in this news release
could also have material adverse effects on forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240812453723/en/
Deena McMullen Deena.mcullen@chevron.com +1 281-733-9323
Paula Beasley Paula.beasley@chevron.com +1 281-728-4426
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