Chevron Corporation provided production guidance for the fiscal 2014. For the period, the company expects net production is 2.61 million barrels oil equivalent per day, based on an average brent price of $109 per barrel which was the same average price as 2013. This outlook does not assume OPEC curtailments, interim security or other market impacts.

Full year estimate for 2014 includes modest production ramp-ups at Angola LNG, Papa-Terra and in the Permian Basin. These are expected to be partially offset by declines from base-producing assets where continue to assume an average decline rate of approximately 4%. The company focus is on managing the decline rate related to base business, which is performing very well, and on executing with excellence those developments which are expected to add material production volumes in the years ahead.

The long-term production growth outlook is compelling, profitable and will add value. It is driven by 5 large projects, Angola LNG, Jack/St. Malo, Big Foot, Gorgon and Wheatstone, which in total will add over 500,000 barrels per day of net new production to Chevron at full capacity.