Chevron Targets Over $17billion Annual Capex for 2017-2018

American oil giant, Chevron Corporation, has unveiled plans to achieve capital spending budget of between $17 billion and $22 billion yearly for 2017 and 2018.

The company’s executives at its annual security analyst meeting in New York reiterated priorities, expressed confidence in the company’s near term outlook and emphasized an advantaged position when markets rebound.

They also highlighted upcoming project completions and shale drilling efficiency.

Chevron’s chairman and chief executive officer, John Watson said:“We’re completing major projects that have been under construction for several years. This enables us to grow production and reduce spending at the same time, which should improve our net cash flow significantly.”

Watson reiterated the importance of dividend growth and maintaining a strong balance sheet in the company’s financial priorities, noting the company’s record of 28 consecutive years of dividend increases, and plans to limit debt increases beyond 2016.

 

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