Press

Chevron Announces $20 Billion Capital and Exploratory Budget for 2019


SAN RAMON, Calif.--(BUSINESS WIRE)--Dec. 6, 2018-- Chevron Corporation (NYSE:CVX) today announced a 2019 organic capital and exploratory spending program of $20 billion.

“Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basin position, additional shale and tight development in other basins and our major capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K. Wirth. “Our investments are anchored in high-return short-cycle projects, with more than two-thirds of spend projected to realize cash flow within two years.”

Wirth continued, “We expect to continue to deliver steady production growth, enabling continued free cash flow that underpins our strong dividend and share repurchase program.”

Details of the 2019 Capital and Exploratory Spending Program include:

     
Chevron 2019 Planned Capital & Exploratory Expenditures    
    

$ Billions

U.S. Upstream   7.6
International Upstream   

9.7

Total Upstream   17.3
U.S. Downstream   1.5
International Downstream   

1.0

Total Downstream   2.5
Other   

0.2

TOTAL (Including Chevron's Share of Expenditures by Affiliated Companies)   20.0
Expenditures by Affiliated Companies   

(6.3)

Cash Expenditures by Chevron Consolidated Companies   13.7
     

In the upstream business, approximately $10.4 billion is forecasted to sustain and grow currently producing assets, including $3.6 billion for the Permian and $1.6 billion for other shale and tight investments. Approximately $5.1 billion of the upstream program is planned for major capital projects underway, including $4.3 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan. Global exploration funding is expected to be about $1.3 billion. Remaining upstream spend will be for early stage projects supporting potential future developments.

Approximately $2.5 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...

ChevroncapitalBudgetNYSEChevron CorporationupstreamPermian BasinPermian

More items from oilvoice


Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 2 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 2 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 2 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 2 months agoPress > TotalDividend

Methyl Tertiary Butyl Ether Capacity Will Grow at a CAGR of 16.8% in India Over Next Four Years, says GlobalData

India's Methyl Tertiary Butyl Ether (MTBE) plant capacity is forecasted to grow at a compound annual growth rate (CAGR) of 16.8% from 0.211 million tons per annum (mtpa) in 2017 to 0.460 mtpa in 2022, according to GlobalData , a leading data and analytics company. The company's report: ‘ Met ...

OilVoice Press - OilVoice


Posted 2 months agoOpinion > GlobalDataIndiaMTBE
All posts from oilvoice