Capital Markets | Capital Expenditure | Capital Expenditure - 2022
Chevron Spending 20% More in 2022; $3.0B Earmarked for the Permian
Chevron Corp. announced its 2022 capital plans.
2022 Overview
- Capital Budget: $15 billion (the low end of its $15 to $17 billion guidance range) - this is up 20% vs. 2021 spending
- Upstream: $8.0 billion
This includes about $3 billion for Permian Basin unconventional development, $1.5 billion for other shale & tight assets worldwide.
Additionally, $3 billion of the upstream program is planned for major capital projects underway, of which about $2 billion is associated with the Future Growth Project and Wellhead Pressure Management Project (FGP / WPMP) at the Tengiz field in Kazakhstan. Finally, approximately $1.5 billion is allocated to exploration, early-stage development projects, midstream activities and carbon reduction opportunities.
- Lower Carbon Spending: $800 million
- Downstream: $2.3 billion
The program excludes expected inorganic capital of $600 million in anticipation of the formation of a renewable fuel feedstocks joint venture with Bunge.
Chevron Chairman and CEO Mike Wirth said: "The 2022 capital budget reflects Chevron's enduring commitment to capital discipline. We're sizing our capital program at a level consistent with plans to sustain and grow the company as the global economy continues to recover."
Share Buybacks
Consistent with its track record of returning excess cash to shareholders, the company is raising its share buyback guidance range to $3 to $5 billion per year, versus prior guidance of $2 to $3 billion per year.
"We're a better company than we were just a few years ago. We're more capital and cost efficient, guided by a clear and consistent objective to deliver higher returns and lower carbon," Wirth continued. "And this enables us to return more cash to shareholders."
Related Categories :
Capital Expenditure - 2022
More Capital Expenditure - 2022 News
-
Capex Plans Jump After 2Q: Nearly 30 E&P Companies Raise 2022 Budgets -
-
Civeo Corp. Second Quarter 2022 Results; Raises Guidances
-
2022 Guidance Growth: Several Operators Bolster Capex, Production Outlook -
-
PDC Updates Budget Following Great Western Deal; Adds $50MM
-
Enerplus Bets on Bakken for 2022; Drill 50 Wells, 1.5 Rigs -
Austral-Asia News >>>
-
Oilfield Service Report : 11 New Leads/Company Formation & Contacts
-
Civitas Provides Update on Current Rigs & Frac Crews -
-
New E&P Company Just Raised $2.0 Billion, Hunting for Assets.
-
New Comapny : New Permian E&P Secures Funds From Large PE-Firm
-
IOG forms Partnership with PE-Firm First Reverse To Fund DrillCo's -
Gulf of Mexico News >>>
-
These Permian Companies Will Frac 3600 Wells In 2025, Using 160 Rigs & 55 Frac Crews
-
Permian Resources Plans 280 Wells For 2025 -
-
Diamondback Drill & Complete 456 Wells with $4 Billion Capex IN 2025 -
-
Top E&P Outline Drilling & Frac Program For 2025; 18 Rigs & 5 Frac Crews
-
Liberty Energy Reducing Frac Fleets As Market Activity Slows; Talks 2025 -