Chevron Announces $36.7 Billion Capital And Exploratory Budget For 2013

Chevron Corporation (NYSE: CVX) today announced a $36.7 billion capital and exploratory investment program for 2013. Included in the 2013 program are $3.3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron.

“Consistent with long-stated strategies, we’re investing in a portfolio of very attractive oil and gas projects that will deliver volume growth and real value to our stockholders,” said Chairman and CEO John Watson. “Next year’s program supports several projects currently under construction, including our Australian LNG projects and United States deepwater developments. As these and other projects come online, we anticipate production will reach our 2017 goal of 3.3 million barrels per day. With our strong balance sheet and industry-leading producing margins, I further expect to continue our pattern of significant stockholder distributions.”

Approximately 90 percent of the 2013 spending program is budgeted for upstream crude oil and natural gas exploration and production projects. Another 7 percent is associated with the company’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products, fuel and lubricant additives, and petrochemicals.

HIGHLIGHTS OF THE 2013 CAPITAL AND EXPLORATORY SPENDING PROGRAM

Chevron 2013 Planned Capital and Exploratory Expenditures		Billions
U.S. Upstream		$	7.5
International Upstream			25.5
Total Upstream			33.0
U.S. Downstream			1.4
International Downstream			1.3
Total Downstream			2.7
Other			1.0
TOTAL (Including Chevron’s Share of Expenditures by Affiliated Companies)		$	36.7
Expenditures by Affiliated Companies			(3.3	)
Cash Expenditures by Chevron Consolidated Companies		$	33.4

Upstream

Investment of $33 billion is planned for exploration and production activities, including major natural gas-related projects. Notable major capital investments include developments in Australia, Nigeria, the U.S. deepwater Gulf of Mexico, Kazakhstan, Angola and the Republic of Congo. Planned capital spending also is directed toward improving crude oil and natural gas recovery and reducing natural field declines for existing producing assets throughout the world.

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