At its annual securities analyst day held today in New York City, Chevron touted its upstream growth strategy, which includes some of the world’s largest energy projects, and the success of its downstream reorganization.

The company reported $26 billion in total 2012 earnings and detailed its $36.7 billion 2013 capital spending program, 42% of which will be deployed in the Asia Pacific region. A majority of Chevron’s 2013 capital expenditure – 69% – will be focused on 3 major business segments: Upstream base projects, LNG and deepwater.

The company’s executives stated the goal of reaching 3.3 million barrels of oil equivalent output per day by 2017 is progressing on schedule. “Our key development projects remain on track, and we are well positioned to deliver our 2017 target of 3.3 million barrels of oil-equivalent production first announced three years ago. In addition, our project queue is gaining momentum to deliver growth beyond 2017,” John Watson, Chevron’s chairman and CEO said in a statement. The UAE produced about 3.3 mmb/d of total liquids in 2011.

Chevron identifies its major capital projects as the massive Gorgon and Wheatstone LNG projects under development in Australia, as well as the Big Foot and Jack/St. Malo deepwater US Gulf of Mexico projects, which are scheduled to start up in 2014 with a combined production capacity of 256,000 boe/d. Gorgon trains 1 – 3 are also scheduled to come on stream in 2014 and Wheatstone trains 1 – 2 are scheduled for 2016. Those projects will add an incremental 750,000 boe/d of production capacity to Chevron’s upstream portfolio.

The executives highlighted a downstream renaissance that has seen downstream earnings per barrel increase from essentially zero in 2009 to $3.01/bbl in 2012, though the 2012 figure excludes the chemical division’s performance. “Our restructuring efforts are complete. We’ve sold under-performing or non-strategic assets, simplified our operations and reduced costs. Returns have increased 10 percent as a direct function of the improvements we’ve captured,” said Mike Wirth, executive vice president, Downstream and Chemicals.

The downstream restructuring included reducing the total number of countries where Chevron maintains refining and marketing operations from 143 to 47, which involved a 61% reduction in the total number of company-owned service stations from 4,300 to 1,700. Chevron also cut headcount 37% from 18,800 downstream employees to 11,800.

“We will maintain a focused and competitive portfolio, and selectively pursue growth in petrochemicals and lubricants,” Wirth said. One such petrochemical opportunity seeks to leverage the current North American natural gas liquids glut that’s created an “advantaged feedstock position” for US operators. Chevron plans to take a final investment decision on a Gulf Coast cracker plant this year.