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Chevron Shaves Capex by -24% for 2016; International Focus

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   |    Thursday,December 10,2015

Chevron Corporation announced a $26.6 billion capital and exploratory investment program for 2016. Included in the 2016 program are $4.5 billion of planned expenditures by affiliates. The 2016 budget is 24% lower than total expected investments for 2015.

Chairman and CEO John Watson said: "Our capital budget will enable us to complete and ramp-up projects under construction, fund high return, short-cycle investments, preserve options for viable long-cycle projects, and ensure safe, reliable operations.

"We gain significant flexibility in our capital program as we complete projects under construction," Watson continued. "Given the near-term price outlook, we are exercising discretion in pacing projects that have not reached final investment decision."

For Upstream, approximately $9 billion of planned capital spending is for existing base producing assets, which includes shale and tight resource investments. Roughly $11 billion is related to major capital projects currently underway, and approximately $3 billion relates to projects yet to be sanctioned. Global exploration funding accounts for approximately $1 billion.

Approximately 80 percent of affiliate expenditures are associated with investments by Tengizchevroil LLP in Kazakhstan and Chevron Phillips Chemical Company LLC (CPChem) in the United States.


2024 Development Plan



Category
2023		 2024
Est. Initial		 Updated
2024 Guidance		 %Difference
(2023 vs 2024)
Total Capital Expenditure($mm)

      
Production Daily Equivalent(boe/d)

 Click here for More Planned 2024 Activity


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