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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Nordana Sea Delivered to Symphony Shipping

After successful sea trials, M.V. Nordana Sea was delivered to Symphony Shipping on February 11, 2016. Constructed by builder Ferus-Smit in the Netherlands (yard number 419),

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Offshore

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

Eni, Exxon, Statoil Win Irish Offshore O&G Licences

The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Sonar 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: 0.1060 sec (9 req/sec)