Thursday 8 December 2016

Chevron Corporation (NYSE:CVX) today announced a $19.8 billioncapital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures.

“Our spending for 2017 targets shorter-cycle time, high-return investments and completing major projects under construction. In fact, over 70 percent of our planned upstream investment program is expected to generate production within two years,” said Chairman and CEO John Watson. “This is the fourth consecutive year of spending reductions. Construction is nearing completion on several major capital projects, which are now online or expected to come online in the next few quarters. This combination of lower spending and growth in production revenues supports our overall objective of becoming cash balanced in 2017.”

The 2017 budget represents a reduction of 42 percent from 2015 outlays and is expected to be at least 15 percent lower than projected 2016 capital investments.

More - http://www.chevron.com/investors/press-releases