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    Home > Chemicals Industry > International Chemical > Chevron announced an increase in capital and exploration expenditures to $20 billion in 2019

    Chevron announced an increase in capital and exploration expenditures to $20 billion in 2019

    • Last Update: 2022-12-28
    • Source: Internet
    • Author: User
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    Chevron Corp.
    , the second-largest U.
    S.
    oil producer, has announced plans to spend $20 billion in capital and exploratory spending in 2019, including $7.
    6 billion in U.
    S.
    upstream projects and $9.
    7 billion in international upstream projects.

    The company said it would spend $10.
    4 billion to maintain and grow its current production assets, and the announcement marked the first increase in capital spending
    in four years.

    Chevron Inc.
    , the second-largest U.
    S.
    oil producer, said it would spend more on shale production and invest more in refining and chemicals
    .
    It plans to invest $3.
    6 billion in the Permian Basin in West Texas/New Mexico and $1.
    6 billion
    in other shale regions.

    The planned $5.
    2 billion investment in U.
    S.
    shale in 2019 is a significant increase
    from $4.
    3 billion this year.
    "Our 2019 budget supports a strong upstream and downstream portfolio, which includes our world-class Permian Basin, major capital projects at TCO Saxo, and other shale asset developments," said Michael K.
    Wirth, Chairman and Chief Executive Officer.

    Michael K.
    Wirth added, "We expect to continue to deliver steady production growth and continued free cash flow, which underpins
    our strong dividend and share repurchase program.

    Chevron also said it plans to spend $4.
    3 billion on
    Kazakhstan's Tengiz megafield.
    That's up from
    the $3.
    7 billion budgeted for this year.

    In addition, approximately $2.
    5 billion will be used for Chevron's refining, transportation and sale of fuels and petrochemicals businesses, including lubricants and additives, an increase of approximately $300 million from 2018
    inputs.
    At the same time, the company also said it has set aside $1.
    3 billion for global exploration
    .

    Chevron Corp.
    , the second-largest U.
    S.
    oil producer, has announced plans to spend $20 billion in capital and exploratory spending in 2019, including $7.
    6 billion in U.
    S.
    upstream projects and $9.
    7 billion in international upstream projects.

    The company said it would spend $10.
    4 billion to maintain and grow its current production assets, and the announcement marked the first increase in capital spending
    in four years.

    Chevron

    Chevron Inc.
    , the second-largest U.
    S.
    oil producer, said it would spend more on shale production and invest more in refining and chemicals
    .
    It plans to invest $3.
    6 billion in the Permian Basin in West Texas/New Mexico and $1.
    6 billion
    in other shale regions.

    The planned $5.
    2 billion investment in U.
    S.
    shale in 2019 is a significant increase
    from $4.
    3 billion this year.
    "Our 2019 budget supports a strong upstream and downstream portfolio, which includes our world-class Permian Basin, major capital projects at TCO Saxo, and other shale asset developments," said Michael K.
    Wirth, Chairman and Chief Executive Officer.

    Michael K.
    Wirth added, "We expect to continue to deliver steady production growth and continued free cash flow, which underpins
    our strong dividend and share repurchase program.

    Chevron also said it plans to spend $4.
    3 billion on
    Kazakhstan's Tengiz megafield.
    That's up from
    the $3.
    7 billion budgeted for this year.

    In addition, approximately $2.
    5 billion will be used for Chevron's refining, transportation and sale of fuels and petrochemicals businesses, including lubricants and additives, an increase of approximately $300 million from 2018
    inputs.
    At the same time, the company also said it has set aside $1.
    3 billion for global exploration
    .

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