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    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MicroSeismic wins second Department of Energy grant for carbon capture and storage services

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    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

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    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

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    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

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    Neptune Energy producing natural gas from Merakes project in Indonesia

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Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

venkat by venkat
December 28, 2021
in Market Reports
0
Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

Chevron Corporation announced a 2022 organic capital and exploratory spending program of $15 billion, at the low end of its $15 to $17 billion guidance range and up more than 20% from 2021 expected levels. This capital program supports Chevron’s objective of higher returns and lower carbon, including approximately $800 million in lower carbon spending. The program excludes expected inorganic capital of $600 million in anticipation of the formation of a renewable fuel feedstocks joint venture with Bunge.

“The 2022 capital budget reflects Chevron’s enduring commitment to capital discipline,” said Chevron Chairman and CEO Mike Wirth. “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.”

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 tAdd Imageso shareholders.”

Details of the 2022 Organic Capital and Exploratory Investment Program include:

Upstream

In the upstream business, approximately $8 billion is allocated to currently producing assets, including about $3 billion for Permian Basin unconventional development and approximately $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.

Downstream

Approximately $2.3 billion of planned organic capital spending is associated with the company’s downstream businesses that refine, market and transport fuels, and manufacture and distribute lubricants, additives, and petrochemicals. This also includes capital to grow renewable fuels and products businesses.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines.

 

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