Chairman and CEO Dave O'Reilly believes Chevron is creating a "strong platform for sustained performance." The California-based energy company's first-quarter 2006 did nothing to suggest otherwise. Sales and other operating revenues were $54 billion, up 32% from the first three months of 2005; net income in the first quarter of 2006 was $4 billion, up 49% from $2.7 billion in the first quarter of 2005.
First-quarter 2006's financials followed on record financial results for full-year 2005. Last year, Chevron posted net income of $14.1 billion and a return on capital of 22%.
Chevron expects to grow production more than 3% per year during the next five years. "We have aggressive efforts underway to increase utilization at our refineries, a key to maximizing the advantages of our portfolio," said Mike Wirth, the company's executive vice president for downstream operations on April 28. "This year we will bring online additional gasoline manufacturing capacity and execute several projects to extract more value out of each barrel of crude oil."
IW 50 Best Manufacturing Company
