CHEVRON CORP. $118 (New York symbol CVX;Conservative Growth Portfolio, Resources sector;Shares outstanding: 1.9 billion; Market cap: $224.2billion; Price-to-sales ratio: 1.0; Dividend yield: 3.4%;TSINetwork Rating: Above Average; www.chevron.com) is the second-largest integrated oilcompany in the U.S. after ExxonMobil.
Chevron continues to make progress on two bigAustralian projects. The first is its 47.3%-owned Gorgonnatural gas development off the country’s westcoast. Gorgon, which includes afacility to liquefy gas for shipping,is now 60% complete and shouldstart producing in 2015. Chevron’sshare of Gorgon’s $52-billioncost is $24.6 billion. Its reserveswill last 40 years.
Another big Australian projectis Chevron’s 64.14%-ownedWheatstone LNG facility on thecountry’s west coast. An offshoreoil field will supply 80% of thegas for this plant; Chevron owns80.17% of the joint venture thatwill build and operate the platformsand supply lines. Thisproject is 10% complete andshould start up in 2016. Wheatstone’sreserves should last 30years. Chevron’s share of the $29-billion cost is $18.6billion.
In the first quarter of 2013, Chevron’s output rose0.5%, to 2.65 million barrels of oil equivalent a day(67% oil and 33% gas). However, weaker oil and gasprices cut its revenue by 6.4%, to $56.8 billion from$60.7 billion a year earlier. Earnings fell 4.5%, to $6.2billion from $6.5 billion. Per-share earnings declined ata slower pace of 2.8%, to $3.18 from $3.27, on fewershares outstanding. Cash flow fell 9.4%, to $4.70 ashare from $5.19.
The stock trades at 9.5 times Chevron’s forecast2013 earnings of $12.41 a share, and 5.5 times itsexpected cash flow of $21.40 a share. These are lowmultiples, particularly because Chevron’s earnings andcash flow should quickly rise in the next few years asits big new projects start up. The $4.00 dividend yields3.4%.
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