Chevron Funds Upstream Growth in $5.1 Billion Capital Program

Thursday, September 23, 1999
Chevron Corp. announced a $5.1 billion capital and exploratory spending program for 1999 and a plan to reduce expenses in 1999 by $500 million. The planned actions will fund the company's economic long-term growth plan and address the need to improve near-term results, given poor current industry conditions. The 1999 capital budget is about eight percent less than projected spending for 1998, but significant spending will continue for promising long-term growth projects in Kazakhstan, West Africa and the Gulf of Mexico. Ken Derr, chairman, discussed the company's budget plans for 1999. Among the topics he addressed was the current merger trend in the oil industry. "As I've said before, we will consider mergers or acquisitions as one possible way to improve business results. But it is not necessary for Chevron to merge with a competitor to continue to provide top returns to our shareholders. We need to execute our business plan." Derr added, "We have the financial strength to deal with low oil prices, poor economic conditions in Asia and other financial challenges over the next few years. Our business is one of cycles. I feel confident and optimistic about our company and our industry over the long term." The company plans to invest nearly $3.7 billion, or 73 percent of the total, in worldwide exploration and production. About $2.6 billion will be outside the United States, while about $1.1 billion will be in the U.S. One major project will be the deep-water U.S. Gulf of Mexico, where the Genesis platform, in water 2,600 ft. deep, is expected to start production in January. Chevron has a 57 percent working interest.
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


French President Inaugurates CMA CGM’s New Mega Ship

The CMA CGM Bougainville, the largest containership sailing under French flag, was inaugurated Tuesday by French President François Hollande in Le Havre.   Other

Wärtsilä 31 Engine for Aker ARC 124 Icebreaker

The recently introduced Wärtsilä 31 engine, which has been acknowledged by Guinness World Records as being the world's most efficient four-stroke diesel engine,

Tsakos Fixes Three LR2s on Timecharter

Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax


US Senators Introduce Bill to Limit Offshore Drilling

A group of U.S. Senators on the West Coast have introduced a bill Wednesday aiming to prohibit offshore drilling on the outer continental shelf of California, Oregon and Washington.

Danish-South Korean Co-operation Strengthened

The Danish-South Korean Green Growth Alliance met for roundtable talks yesterday. The Minister for Business and Growth's meeting with the South Korean Minister

Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1348 sec (7 req/sec)