Amerikanske Chevron er presset af faldende oliepriser

Trods virksomhedens downstream-operationer er Chevron presset af olie- og gaspriserne og forventer at reducere investeringer i nye projekter. Virksomheden vurderes af Morningstar som lettere undervurderet med en Price/Fair Value på 0,8.

Allen Good 10/12/2015
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Investeringskommentar, Allen Good CFA, 06/11/2015

In recent years, Chevron's oil portfolio has led to peer-leading margins and returns on capital. New production from the Gulf of Mexico, West Africa, western Australia, and the Gulf of Thailand will preserve its liquids price exposure and serve as the growth engine for Chevron in years to come, setting it up for peer-leading growth for 2015-18. However, we expect elevated spending and lower oil prices to result in lower returns.

Two liquefied natural gas projects in Australia, Gorgon and Wheatstone, will be the primary drivers of growth in the next few years. Gorgon, slated to start in 2016, will add more than 200 thousand barrels of oil equivalent per day of production at peak levels. Wheatstone, scheduled for startup in late 2016, will add almost 200 mboed. The investment in LNG production, while primarily gas volumes, has prices indexed to oil, which should allow Chevron to preserve its peer-leading liquids exposure. Also, projects like LNG, with long-plateau production levels that require little additional capital expenditure, help reduce decline rates while generating significant free cash flow to support reinvestment elsewhere or shareholder returns.

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Allen Good  Allen Good is a senior stock analyst covering the oil and gas industries.

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