Chevron to boost spending by 35% in 2006

Chevron Corp. plans a 35% increase in capital and exploratory spending next year to a worldwide total of $14.8 billion.

Dec. 8, 2005

By OGJ editors
HOUSTON, Dec. 8 -- Chevron Corp. plans a 35% increase in capital and exploratory spending next year to a worldwide total of $14.8 billion.

Including its share of spending with affiliated companies, Chevron plans outlays totaling $11.3 billion for upstream projects ($3.3 billion in the US); $2.8 billion for refining, marketing, and transportation ($1 billion in the US); and $700 million for chemicals and other activities.

Chevron noted that of the planned $3.8 billion increase over 2005 spending, $3 billion is for upstream projects. It said the upstream tilt reflects several major projects that have entered the construction phase, full-year spending on projects it gained with the Unocal Corp. acquisition last August, and increased costs for materials and services.