Chevron Corp. announced a $32.7 billion capital and exploratory budget for 2012 compared with an estimated $28 billion capex investment for 2011.
The 2012 budget includes anticipated upstream spending of $28.5 billion. US investments are expected to total nearly $9 billion, with substantial outlays in the Gulf of Texas Coast region, California, US Midcontinent, and Pennsylvania.
John Watson, Chevron chairman and chief executive officer, said the 2012 spending program covers numerous multiyear projects currently in the construction phase, including Australian LNG projects and multiple deepwater developments.
“By 2017, we expect our net crude oil and natural gas production to grow about 20% to 3.3 million b/d,” Watson said.
The estimated 2011 capital and exploratory expenditure total excluded the $3.2 billion Chevron paid for Atlas Energy Inc., an acquisition announced in late 2010. Chevron also assumed $1.1 billion in debt in that transaction.
About the Author
Paula Dittrick
Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.