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The US supermajor Chevron Corporation has announced a US$21.6 billion capital and exploratory spending programme for 2010.
In a statement the company said that the budget is a 5% decrease from projected 2009 expenditures and $1.6 billion of expenditures by affiliates, which do not require cash outlays by Chevron’s consolidated companies is included.
“Our company is in a strong financial position,” said chairman and CEO Dave O’Reilly.
O’Reilly also said about 80% of the 2010 spending program is for upstream oil and gas exploration and production projects worldwide. Another 16% is associated with the company’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products.
“Much of our 2010 spending continues to be on large, multiyear projects consistent with our upstream growth strategies and on improving operating efficiency and reliability,” O’Reilly added.
