Chevron Announces $18.3 Bln Capital And Exploratory Budget For 2018

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(RTTNews.com) - Chevron Corp. ( CVX ) announced a 2018 capital and exploratory spending program of $18.3 billion, which includes $5.5 billion for the company's share of expenditures by affiliated companies.

"Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies, and investment high-grading," said Chairman and CEO John Watson.

Watson continued, "With production currently exceeding guidance in the Permian, our 2018 plan should deliver both strong production growth and solid free cash flow, at prices comparable to what we've seen this year."

About $2.2 billion of planned capital spending is associated with the company's downstream businesses that refine, market and transport fuels, and manufacture and distribute lubricants, additives and petrochemicals.

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This article appears in: Stocks , Politics , Oil
Referenced Symbols: CVX

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