Chevron plans $26 billion budget for 2011

Paula Dittrick
OGJ Senior Staff Writer

HOUSTON, Dec. 9 -- Chevron Corp. plans a $26 billion capital spending budget for 2011, of which $22.6 billion is targeted for oil and gas exploration and production projects worldwide with $5.4 billion going to US projects and $17.2 billion going to projects elsewhere.

For 2010, Chevron had a $21.6 billion capital and exploration spending program (OGJ Online, Mar. 1, 2010).

Major 2011 upstream investments include development of natural gas resources in Western Australia and development of assets in the Gulf of Mexico, West Africa, and the Gulf of Thailand.

George Kirkland, Chevron vice-chairman, said the company’s 2011 capital budget involves “sizeable investment in our LNG megaprojects,” including development of Gorgon and Wheatstone gas resources and LNG operations in Western Australia and an LNG development in Angola.

In Nigeria, Chevron plans to develop Usan and Agbami deepwater oil fields. Downstream, meanwhile, Chevron plans to spend $2.9 billion during 2011, including outlays for its refineries in Mississippi and California. Chevron has the 269,000-b/cd refinery in El Segundo, Calif., the 243,000-b/cd refinery in Richmond, Calif., and the 330,000-b/cd refinery in Pascagoula, Miss.

“The company’s 50%-owned GS Caltex affiliate is also expected to continue to upgrade the Yeosu refining complex in South Korea,” Chevron said. “Additional projects associated with the company’s chemicals operations in Saudi Arabia and Qatar are managed through the 50%-owned Chevron Phillips Chemical Co. LLC.” The Yeosu refinery has a 750,000-b/cd capacity.

The 2011 budget includes $2 billion of expenditures by affiliates, and that will do not require cash outlays by Chevron. Acquisition costs associated with the recently announced purchase of Atlas Energy Inc. also are not included in the 2011 budget.

Contact Paula Dittrick at paulad@ogjonline.com.

Related Articles

Fire hits PBF Energy’s Delaware refinery

08/21/2015 PBF Energy Inc., Parsippany, NJ, is running its 190,000-b/sd refinery in Delaware City, Del., at reduced rates following a fire that broke out in t...

Fire hits Shell’s integrated processing operations in Singapore

08/21/2015 Royal Dutch Shell PLC has extinguished a fire that occurred at one of the units at the company’s Pulau Bukom manufacturing site on Bukom Island, Si...

API: US petroleum demand up in July

08/21/2015 Total petroleum deliveries, a measure of demand, rose 2.2% from July 2014 to average nearly 19.6 million b/d last month, according to the American ...

Statoil: Ministry approves PDO for first phase of Johan Sverdrup

08/21/2015 Statoil ASA reported the plan for development and operation (PDO) for Johan Sverdrup field in the North Sea has been approved by Norway’s Ministry ...

MARKET WATCH: NYMEX oil prices edge up, but decline trend continues

08/21/2015 Crude oil prices on the New York market edged above $41/bbl Aug. 20, but started sliding again in early Aug. 21 trading and looked to be on track f...

Irving Oil plans massive turnaround for New Brunswick refinery

08/20/2015 Irving Oil Ltd. will undertake the largest turnaround in the privately held company’s history beginning next month at its 300,000-b/d St. John refi...

Make Shell disclose offshore drilling risks, Senate members demand

08/20/2015 Eleven US Senate Democrats and Independent Bernard Sanders (Vt.) asked the US Securities and Exchange Commission to make Royal Dutch Shell PLC disc...
White Papers

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by
Available Webcasts


The Resilient Oilfield in the Internet of Things World

When Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.

register:WEBCAST



On Demand

Taking the Headache out of Fuel License and Exemption Certificates: How to Ensure Compliance

Tue, Aug 25, 2015

This webinar, brought to you by Avalara, will detail the challenges of tax document management, as well as recommend solutions for fuel suppliers. You will learn:

-    Why it’s critical to track business partner licenses and exemption documents
-    The four key business challenges of ensuring tax compliance through document management
-    Best practice business processes to minimize exposure to tax errors

register:WEBCAST


Driving Growth and Efficiency with Deep Insights into Operational Data

Wed, Aug 19, 2015

Capitalizing on today’s momentum in Oil & Gas requires operational excellence based on a clear view of what your business data is telling you. Which is why nearly half* of oil and gas companies have deployed SAP HANA or have it on their roadmap.

Join SAP and Red Hat to learn more about using data to drive process improvements and identify new opportunities with the SAP HANA platform running on Red Hat Enterprise Linux. This webinar will also show how your choice of infrastructure impacts the performance of core business applications and your ability to achieve data-driven insights quickly and reliably.

*48% use SAP, http://go.sap.com/solution/industry/oil-gas.html

register:WEBCAST


OGJ's Midyear Forecast 2015

Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected