Chevron at Jefferies Conference Notes

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. Full transcripts can be found at Seeking Alpha

Jeff Shellebarger – President, Chevron North America Exploration & Production Company

Beneath the surface of a deepwater rig

“The well is on the seafloor or about 6 mile deep. The anchor chain could hold this thing in place would be anchored on the Northeast, Northwest, Southeast, Southwest corners of 610. And then the fields that we are producing from are Beltway 8 and I10 on one side, and Beltway 8 and I10 on the other side. So 15, 20 miles away there is seafloor pumps, booster pumps all kinds of kit to bring those things from the wellhead to this floating production unit and then there is an export pipeline that takes it to market.”

Innovation has re-opened North America

“when we talk about why are we back in North America, the headline I guess I would say is that the technology innovation over the last 10, 12 years in the industry is really unlocked or allowing us to pursue plays that we never thought possible 15, 20 years ago”

North America represents 30% of Chevron’s global production

“We represent – at the end of the third quarter, our year-to-date average is 731,000 barrels a day. This is about 30% of Chevron’s global production. Third quarter average was about 751,000 barrels a day. We are growing production year-over-year in North America most of that is driven by the activity that we got going on in the Permian Basin.”

Been in California a long, long time

“California is really the poster child of our base business. We have been there a long, long time. The Kern River field, Midway Sunset field, we are very actively investing in California today. Those are some of the best basis of investments we have in our portfolio.”