BRIEF-Chevron sees Richmond crude unit starting up in Q1

Fri Nov 2, 2012 12:07pm EDT

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Nov 2 (Reuters) - Chevron Corp : * Says Richmond crude unit expected to start up in Q1 of next year * Says expects 2012 oil and gas production to be 97 percent of its original

target of 2.68 million bpd * CFO says on pace to have drilled more than 300 wells in Midland basin in west

Texas in 2012 * Exec says Chevron phillips chem jv can self-fund current investments, but

Chevron would invest more if opportunity arose * Downstream head says consolidation of west coast refineries would be pretty

difficult for Chevron given market concentration * Downstream head says California carbon emissions policy to increase state

gasoline prices further * Downstream head says believes the company still can compete in California

market better than anyone * CFO says now expects Angola lng production to start up in Q1 2013 * Downstream head says British Columbia, Salt Lake City refineries have

benefited from discounted crudes via pipeline * Downstream head says compliance with California carbon policy may be met

through reduced refining runs * Downstream head says weakening sales of products around the world point to

tougher refining margins in near term