The company estimates approximately $1.0 bn in 2009 for chemicals, technology, power generation
US-based integrated oil and gas company Chevron has announced a $22.8 billion capital and exploratory spending program for 2009, unchanged from the level of expenditure in 2008. Included in the 2009 program are $1.8 billion of expenditures by affiliates, which do not require cash outlays by Chevron’s consolidated companies.
Chevron said that it has planned capital spending of $17.5 billion for exploration, production and natural gas-related projects. In addition, the planned capital spending is $4.3 billion for global downstream operations in 2009, including $2 billion for projects in the US. Included in the US spending is $1.5 billion for improvements to the refinery network.
According to the company, planned expenditures of approximately $1 billion in 2009 are budgeted for chemicals, technology, power generation and other corporate activities.
Outlays in 2009 include projects in the company’s refineries in Mississippi and California. The company’s 50 percent-owned GS Caltex affiliate is also expected to continue development work on upgrading of its Yeosu refining complex in South Korea. In support of projects to commercialize the company’s large natural gas resource base, downstream expenditures will be made in 2009 on gas-to-liquids manufacturing facilities.
Dave O’Reilly, chairman and CEO of Chevron, said: “Much of our 2009 spending continues to be on large, multi-year projects aimed at increasing energy supplies to meet global need. About 10% of the budget is for large, one-time payments related to upstream production concessions outside the US.”
Chevron Corporation is an integrated energy company. It is engaged in exploration, production and transportation of crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing the energy resources, including biofuels and other renewables.