SAN RAMON (Yosefardi) – Chevron Corporation sets a $39.8 billion capital and exploratory investment program for 2014, approximately $2 billion lower than expected total investments for 2013.
For the current year, total investments are estimated at $42 billion, including expenditures of approximately $4 billion for major resource acquisitions not included in the original budget.
Approximately 90 percent of the 2014 spending program is budgeted for upstream crude oil and natural gas exploration and production projects. Another 8 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.
Planned capital spending is also directed toward improving crude oil and natural gas recovery and reducing natural field declines from existing producing assets throughout the world. About 30 percent of the Upstream capital program is allocated to highly profitable development wells and other projects associated with current producing assets. The 2014 base program includes an increase in activity across several producing regions of North America as well as in Thailand and Indonesia.