Banks warn on Chevron

BARCLAYS and Standard & Poor's have cut their expectations for Chevron, believing the "wave of development delays and outages" would hurt the US super-major in the near-term as it faces further Gorgon and Wheatstone delays and cost pressures.

Chevron warned in its second quarter investor briefing this week that it could miss its revised year-end target to ship first cargo from the $54 billion Gorgon LNG project in Western Australia.