Chevron Corporation [NYSE: CVX] announced Dec. 5 that it will have 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% of the 2013 spending program is budgeted for upstream crude oil and natural gas exploration and production projects. Another 7% 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.