Chevron Sees Growth, May Expand Refinery

Chevron Corp. said its oil and natural gas production would rise 24% by 2010, and it announced plans for a possible major expansion of a Mississippi refinery.

At an annual gathering of Wall Street analysts, the company, based in San Ramon, Calif., announced that it would spend $15 billion to $16 billion a year through 2008 -- up from $11 billion in 2005 -- in an effort to keep annual production growth above 3% for the next five years.

Analysts said they were generally pleased with the growth forecasts, though they remained concerned, especially after Chevron said its 2006 output would be 60,000 barrels a day lower than originally forecast.