Chevron: Gorgon LNG, Mission Accomplished

During Chevron Corporation's (NYSE:CVX) Security Analyst meeting on March 8, several big pieces of news came out. A day before the meeting, Chevron issued a press release stating that its 54 billion Gorgon LNG facility in Australia had just started producing LNG (liquefied natural gas) and condensate. After originally estimated to be operational by the end of 2014 for under 30 billion USD, the project was delayed as costs skyrocketed. As the operator with a 47.3% stake, Chevron lost a lot of credibility due to the massive cost of its mishaps, as did its partners ExxonMobil (NYSE:XOM) and Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B), who each own 25% of the venture. The first cargo of LNG is expected to be shipped out very soon, potentially marking the beginning of a strong source of growth after all the headaches it took to get here.