Press

Chevron Announces $18.3 Billion Capital and Exploratory Budget for 2018


Chevron Corporation (NYSE:CVX) today announced a 2018 capital and exploratory spending program of $18.3 billion. This figure includes $5.5 billion for the company's share of expenditures by affiliated companies.

“Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies, and investment high-grading,” said Chairman and CEO John Watson. “We're fully funding our advantaged Permian Basin position and dedicating approximately three-quarters of our spend to projects that are expected to realize cash flow within two years.”

Watson continued, “With production currently exceeding guidance in the Permian, our 2018 plan should deliver both strong production growth and solid free cash flow, at prices comparable to what we've seen this year.”

Details of the 2018 Capital and Exploratory Spending Program include:

     
Chevron 2018 Planned Capital & Exploratory Expenditures    
    

$ Billions

U.S. Upstream   6.6
International Upstream   

9.2

Total Upstream   15.8
U.S. Downstream   1.4
International Downstream   

0.8

Total Downstream   2.2
Other   

0.3

TOTAL (Including Chevron's Share of Expenditures by Affiliated Companies)   18.3
Expenditures by Affiliated Companies   

(5.5)

Cash Expenditures by Chevron Consolidated Companies   12.8
     

In the upstream business, approximately $8.7 billion is forecasted to sustain currently producing assets, including $3.3 billion for the Permian and $1.0 billion for other shale and tight rock investments. Approximately $5.5 billion of the upstream program is planned for major capital projects underway, including $3.7 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan. Global exploration funding is expected to be about $1.1 billion. Remaining upstream spend will be for early stage projects supporting potential future developments.

Approximately $2.2 billion of planned capital spending is associated with the company's downstream businesses that refine, market and transport fuels, and manufacture and distribute lubricants, additives and petrochemicals.


Visit source site

https://chevroncorp.gcs-web.com/news-releases/news...

ChevronNYSEBudget

More items from oilvoice


Empyrean Energy: Dempsey 1-15 Well (Onshore California) 2nd Zone to be Placed on Production Pending Stimulation

Empyrean Energy (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has been informed by Sacgasco Limited (ASX: SGC) (“Sacgasco”), the operator of the Dempsey 1-15 well in the Sacramento Basin, onshore California, ...

OilVoice Press - OilVoice


Posted 1 day agoPress > CaliforniaUnited StatesEmpyrean Energy +4

Royal Dutch Shell Plc Third Quarter 2017 Euro and GBP Equivalent Dividend Payments

The Board of Royal Dutch Shell plc (“RDS”) has announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2017 interim dividend, which was announced on November 2, 2017 at US$0.47 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends ...

OilVoice Press - OilVoice


Posted 1 day agoPress > Royal Dutch ShellShellDividend +1

U.S. Liquefied Natural Gas Exports Have Increased As New Facilities Come Online

Source: U.S. Energy Information Administration, Natural Gas Monthly (data for October and November 2017 are EIA estimates based on tanker loads) In August 2017, total U.S. natural gas liquefaction capacity in the Lower 48 states increased to 2.8 billion cubic feet per day (Bcf/d) following ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesLNGgas +3

Total U.S. Rig Count Rose in November to 1,053: S&P Global Platts Analytics

S&P Global Platts Analytics, today announced the U.S. rig count for November 2017 was 1,053, up 20 (+2%) from October 2017, and up 373 (+55%) from November 2016. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs. November U.S. land rig coun ...

OilVoice Press - OilVoice


Posted 2 days agoPress > S&P Global PlattsRig CountUnited States +1

Faroe Petroleum: Update on the Incident at Tambar Field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the further press release provided below by Aker BP, the operator, regarding the incident reported yesterday at the Tambar fi ...

OilVoice Press - OilVoice


Posted 2 days agoPress > Faroe PetroleumTambar FieldAker BP
All posts from oilvoice