En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Chevron down 4 pct to $18.3 bln spending budget next year

 

 

 

By Gary McWilliams

HOUSTON
Petroleumworld 12 08 2017

Chevron Corp, the second largest U.S.-based oil producer, is budgeting $18.3 billion for capital projects next year, the company said on Wednesday, about 4 percent less than this year and lower for a fourth year in a row.

International energy company capital budgets, closely watched for indications of future oil and gas production, broadly have been shrinking after 2014's oil-price collapse slashed earnings and left many with high debt loads.

In Chevron's case, the sharp declines coincide with its spending winding down on several long-term and costly projects in Australia and elsewhere. Capital and exploratory spending in the first nine months of this year was about half that of three years ago, a company spokeswoman said.

The 2018 budget reflects “project completions, improved efficiencies and investment high-grading,” said Chief Executive John Watson in a statement. Spending on shale will rise to $4.3 billion overall this year, said Watson, who will retire early next year.

The San Ramon, California-based company expects expenditures this year to be less than $19 billion, down from the $19.8 billion it estimated a year ago. It has told investors that capital spending between 2018 and 2020 would range from $17 billion to $22 billion a year.

Next year, Chevron expects to spend $15.8 billion on oil and gas exploration, $2.2 billion on refining, marketing and petrochemicals, and about $300 million for its share of affiliated company spending.

Most oil producers have yet to disclose their 2018 budgets, which generally are released in December and January. Analysts expect companies to pledge to keep 2018 spending in check and focus on reducing debt and boosting cash flow.

Chevron shares were off 78 cents at $119.61 in trading on Wednesday and are up less than 2 percent this year.



Story by Gary McWilliams ; Additional reporting by Shalini Nagarajan in Bengaluru; Editing by Sandra Maler and Grant McCool from Reuters.

reuters.com 12 07 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 

 


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.