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Chevron Corporation on December 9 announced a $26.0 billion capital and exploratory spending program for 2011. Included in the 2011 program are $2.0 billion of expenditures by affiliates, which do not require cash outlays by Chevron. Acquisition costs associated with the recently announced purchase of Atlas Energy Inc. are not included.
“We have an unparalleled set of opportunities. Our previous investments have performed well, giving us the cash and financial strength to fund numerous attractive projects in rapid succession. We’re building legacy asset positions which will reward shareholders for decades to come,” said chairman and CEO John Watson. “At the same time, we are committed and able to reward shareholders with competitive dividend growth and share repurchases.”
Approximately 85 percent of the 2011 spending program is for upstream oil and gas exploration and production projects worldwide. Another 10 percent is associated with the company’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products, fuel and lubricant additives, and petrochemicals.