Chevron Announces $32.7 Billion Capital and Exploratory Budget for 2012

Press Release   •   Dec 08, 2011 06:51 EST

Chevron Corporation (NYSE: CVX) today announced a $32.7 billion capital
and exploratory spending program for 2012. Included in the 2012 program
are $3 billion of planned expenditures by affiliates, which do not
require cash outlays by Chevron.

Total investments for 2011 are estimated at $33 billion, reflecting
approximately $28 billion in capital and exploratory expenditures and
$4.5 billion for the acquisition of Atlas Energy, Inc., which closed
earlier in the year.

"We continue to develop an unparalleled project queue," said Chairman
and CEO John Watson. "Our 2012 capital program covers a number of
multi-year projects currently in the construction phase, including two
world-class Australian LNG projects and multiple deepwater
developments. We believe these investments will yield significant
production growth and reward our shareholders for years to come. By
2017, we expect our net crude oil and natural gas production to grow
about 20 percent to 3.3 million barrels per day. This growth profile,
along with our current financial strength, supports our priority of
continuously growing our dividends."

Watson continued, "Our 2012 capital program includes spending of nearly
$9 billion in the United States, with major new investments in the
deepwater Gulf of Mexico, the Marcellus Shale in Pennsylvania and our
refinery at Pascagoula, Mississippi. These projects are expected to
result in new jobs and new sources of revenues for the communities where
we operate. Our investments, both in the United States and elsewhere
around the globe, help provide affordable new energy supplies to support
a growing economy."