Chevron announces $32.7bn spending programme

Energy corporation Chevron has announced a $32.7bn (£20.8bn) capital and exploratory spending programme for 2012, which includes $3bn of planned expenditures by affiliates that do not require cash outlays by Chevron.

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