CHEVRON CORP. $122 (New York symbol CVX; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.9 billion; Market cap: $231.8 billion; Price-to-sales ratio: 1.0; Dividend yield: 3.3%; TSINetwork Rating: Above Average; www. chevron.com) is the second-largest integrated oil company in the U.S., after ExxonMobil.
The company plans to spend $39.8 billion on exploration and upgrading its operations in 2014. That’s down 5.2% from the $42 billion it will likely spend in 2013. Chevron will devote 90% of the 2014 capital budget to extracting oil and gas. The remaining 10% will go toward improving its refineries and gas stations.
Among Chevron’s bigger projects is its 47.3%-owned Gorgon natural gas development off Australia’s west coast. Gorgon, which includes a plant that liquefies gas for export, is 75% complete and should start up in 2015. Its reserves will last 40 years.
Chevron now expects Gorgon to cost $54 billion, up from its earlier estimate of $52 billion. The company’s share of the new estimate is $25.5 billion.
Chevron is applying its experience from Gorgon to its 64.14%-owned Wheatstone project, which includes a liquefied natural gas (LNG) facility on Australia’s west coast. Wheatstone is 25% complete and should start up in 2016. Chevron’s share of the $29-billion cost is $18.6 billion.
Even with its lower capital spending, Chevron’s cash flow per share should rise 24.9%, from a projected $18.50 in 2013 to $23.10 in 2014. The stock trades at just 5.3 times the 2014 forecast. The $4.00 dividend yields 3.3%.
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