A Review of the Nigerian Energy Industry

Chevron announces $36.7bn budget for 2013

06 December 2012, Sweetcrude, Houston – Chevron Corporation, Thursday, announced a $36.7 billion capital and exploratory investment programme for 2013.

Included in the 2013 programme are $3.3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron.

“Consistent with long-stated strategies, we’re investing in a portfolio of very attractive oil and gas projects that will deliver volume growth and real value to our stockholders,” said Chairman and chief executive officer John Watson.

He added: “Next year’s programme supports several projects currently under construction, including our Australian LNG projects and United States deepwater developments. As these and other projects come online, we anticipate production will reach our 2017 goal of 3.3 million barrels
per day.

“With our strong balance sheet and industry-leading producing margins, I further expect to continue our pattern of significant stockholder distributions.”

Approximately 90 percent of the 2013 spending programme is budgeted for upstream crude oil and natural gas exploration and production projects.

Another 7 percent is associated with the company’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products, fuel and lubricant additives, and petrochemicals.

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