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Chemron Announced a Capex of US$ 20 Billion for 2019, Marking a First Increase in Budget After Reducing Investment for Four Consecutive Years. The Budget for 2018 Was US$ 18.3 Billion
Of the US$ 20 billion, Chevron, headquartered in California, plans to spend US$ 17.3 billion on its Upstream businesses, of which US$ 7.6 billion in the US Upstream and US$ 9.7 billion in International Upstream. In the upstream business, approximately US$ 10.4 billion is estimated to sustain and grow currently producing assets, including US$ 3.6 billion for the Permian and US$ 1.6 billion for other more conservative investments.
Approximately US$ 5.1 billion of the upstream program is planned for large ongoing capital projects, including US$ 4.3 billion associated with the Future Growth Project in the Tengiz field in Kazakhstan.
Global exploration funding is expected to be around US$ 1.3 billion. Remaining spending will go to early-phase projects supporting future developments.
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President and CEO Michael K. Wirth: “Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class position in the Permian Basin, additional shale and disciplined development in other basins, and our major capital project in TCO in Kazakhstan,”
“Our investments are anchored in high-return short-cycle projects, with more than two-thirds of projected spending aimed at generating cash flow within two years.”
Wirth continued: “We expect to continue generating steady production growth, enabling ongoing free cash flow to sustain our strong dividend and share repurchase program.”
Approximately US$ 2.5 billion in planned capital spending is associated with the company’s downstream businesses, which refine, market, and transport fuels and manufacture and distribute lubricants, additives, and petrochemical products.
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