Chevron plans to spend $17.5 billion on exploration, production and natural gas-related projects. A significant portion relates to development projects that build on the company’s exploration results in recent years, including opportunities in the deepwater US Gulf of Mexico and western Africa.
Capital spending of $4.1 billion in 2008 is budgeted for global downstream operations, including $2.3 billion for projects in the US. Included in the US expenditure is $1.5 billion for improvements to the refinery network, representing an increase of more than 50% from expected outlays in 2007.
Expenditures of approximately $1.3 billion in 2008 are estimated for chemicals, technology, power generation and other corporate activities. Investments include projects related to unconventional hydrocarbon technologies, reservoir management, and gas-fired and renewable power generation.
Dave O’Reilly, chairman and CEO, said: We have a portfolio of projects that will provide the foundation for our company’s future growth. Much of our 2008 spending continues to be on large, multi-year projects aimed at increasing energy supplies to meet growing global demand and also improving efficiency and reliability.
