Chevron to increase production, maintain capex level through 2017

03/24/2014
Chevron Corp. will increase production by 20% through 2017 without raising capital expenditures, executives said Mar. 11 at the company's annual security analyst meeting in New York. Net production is expected to rise to 3.1 million boe/d in 2017 from 2.6 million boe/d in 2013 due to expansion of the Tengizchevroil (TCO) consortium, deepwater and shale oil production, and increased LNG. Meanwhile, Chevron sees its outlays flattening in 2015-16 after spending peaked in 2013. Chevron's upstream capital and exploratory (C&E) program for 2014 is expected to be $35.8 billion, while C&E for 2015-16 also is expected settle into that range. The company's reporting of near-term capex plans...
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