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Highlight: individual company plans and price expectations
03/07/2011
Many companies, flush with cash after posting hefty profits on last year's strong oil prices, are ready to boost spending in order to ramp up production.Chevron Corp. in December 2010 announced a $26 billion capital and exploratory spending program for this year. About 85% of the budget targets exploration and production projects, while 10% is for operations that manufacture, transport, and sell petroleum products, additives, and petrochemicals.Chevron allocated $17.2 billion of its budget to upstream operations outside the US and $5.4 billion to projects within the US. Major capital investments include development of natural gas resources in Western Australia and development opportunitie...
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