Chevron Plans to Invest $15 Billion in 2022

Written by Roberta Souza

Published on 02/12/2021 at 20:20

Chevron/ Fonte: Money Times

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The Leading American Oil Company Chevron Corporation Announced Its Organic Capital of US$ 15 Billion for Spending in 2022

The capital is at the lower end of the estimate, which was between US$ 15 and US$ 17 billion and is more than 20% above what was expected for 2021. The oil company also expects to increase its share buyback program. Last Monday, Chevron explained that this capital program aims to support the goal of higher returns and lower carbon, which includes approximately US$ 800 million less in carbon spending.

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Additionally, the program excludes the US$ 600 million expected for the formation of a joint venture with Bunge, a multinational in the agriculture and food sector, aimed at producing raw materials for renewable fuels.

It is worth noting that, in March 2021, Chevron reaffirmed its 2021-2025 guidance for organic capital and exploratory expenses of US$ 14 to US$ 16 billion.

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Upstream Investments and Exploratory Spending

Chevron has a total planned capital for upstream and exploratory spending of approximately US$ 12.6 billion, with US$ 8 billion currently directed towards production assets. This includes about US$ 3 billion for unconventional development in the Permian Basin and approximately US$ 1.5 billion for other shale and tight assets worldwide.

Additionally, US$ 3 billion from the company’s upstream program is designated for ongoing capital projects. Of that amount, approximately US$ 2 billion is associated with the Future Growth Project and Wellhead Pressure Management Project (FGP / WPMP) in the Tengiz field in Kazakhstan.

Finally, the amount of US$ 1.5 billion is reserved for exploration, early-stage development projects, intermediate activities, and carbon reduction opportunities.

Approximately US$ 2.3 billion of planned organic capital spending is allocated to the downstream sector of the oil company, which refines, markets, and transports fuels, in addition to manufacturing and distributing lubricants, additives, and petrochemical products. This also includes capital to develop renewable products and fuels businesses.

Chevron Plans to Invest $15 Billion in 2022

The Leading American Oil Company Chevron Corporation Announced Its Organic Capital of US$ 15 Billion for Spending in 2022

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