Chevron announces capital and exploratory budget for 2013

Chevron has announced a $36.7bn (£22.9bn) capital and exploratory investment programme for 2013, which includes $3.3bn of planned expenditures by affiliates that do not require cash outlays by Chevron.

Approximately 90 per cent of the 2013 spending programme is budgeted for upstream crude oil and natural gas exploration and production projects.

Seven per cent is associated with Chevron’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products, fuel and lubricant additives and petrochemicals.