Chevron Corporation (NYSE: CVX) today announced an expected
organic capital expenditure range of $15.5 to $16.5 billion for
consolidated subsidiaries (capex) and an affiliate capital
expenditure (affiliate capex) budget of approximately $3 billion
for 2024.
Upstream spending in 2024 is expected to be about $14 billion.
Of this planned expenditure, two-thirds is allocated to the United
States, including approximately $6.5 billion to develop Chevron’s
U.S. shale and tight portfolio, of which around $5 billion is
planned for Permian Basin development. About 25 percent of U.S.
upstream capex is planned for projects in the Gulf of Mexico,
including the Anchor project, which is expected to achieve first
oil in 2024.
Downstream capex is expected to be roughly $1.5 billion, with 80
percent allocated to the United States. Corporate and other capex
is projected to be about $0.5 billion.
Included in the upstream and downstream budgets is approximately
$2 billion in lower carbon capex to lower the carbon intensity of
traditional operations and grow new energy business lines.
Chevron’s Geismar renewable diesel expansion project is expected to
start-up in 2024.
Nearly half of affiliate capex is planned for Tengizchevroil’s
FGP / WPMP project in Kazakhstan and about a third is planned for
Chevron Phillips Chemical Company, including the Golden Triangle
Polymer Project and Ras Laffan Petrochemical Project. WPMP field
conversion is forecasted to begin start-up in the first half of
2024.
“We’re maintaining capital discipline in both traditional and
new energies,” said Chevron Chairman and CEO Mike Wirth. “These
investments are expected to underpin durable free cash flow growth
to support our objective of returning more cash to
shareholders.”
With the acquisition of PDC Energy, Chevron announced an annual
capex guidance range of $14 to $16 billion through 2027. On October
23, 2023, Chevron announced that it had entered into an agreement
to acquire Hess Corporation. This acquisition is expected to close
in the first half of 2024, subject to Hess shareholder approval,
regulatory approvals and other customary closing conditions.
Following closing of the acquisition, Chevron’s annual capex budget
is expected to be between $19 and $22 billion.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our
traditional oil and gas business, lower the carbon intensity of our
operations and grow new lower carbon business in renewable fuels,
hydrogen, carbon capture, offsets and other emerging technologies.
More information about Chevron is available at www.chevron.com.
NOTICE
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management’s current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “progress,”
“may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,”
“trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic, market and
political conditions, including the military conflict between
Russia and Ukraine, the war between Israel and Hamas and the global
response to these hostilities; changing refining, marketing and
chemicals margins; actions of competitors or regulators; timing of
exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
development of large carbon capture and offset markets; the results
of operations and financial condition of the company’s suppliers,
vendors, partners and equity affiliates; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war (including the war between Israel and Hamas and related
military operations), accidents, political events, civil unrest,
severe weather, cyber threats, terrorist acts, or other natural or
human causes beyond the company’s control; the potential liability
for remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the ability to successfully integrate the operations of
the company and PDC Energy, Inc. and achieve the anticipated
benefits from the transaction, including the expected incremental
annual free cash flow; the risk that Hess Corporation (Hess)
stockholders do not approve the potential transaction, and the risk
that regulatory approvals are not obtained or are obtained subject
to conditions that are not anticipated by the company and Hess;
potential delays in consummating the potential transaction,
including as a result of regulatory proceedings; the company’s
ability to integrate Hess’ operations in a successful manner and in
the expected time period; the possibility that any of the
anticipated benefits and projected synergies of the potential
transaction will not be realized or will not be realized within the
expected time period; the company’s future acquisitions or
dispositions of assets or shares or the delay or failure of such
transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or
impairments; government mandated sales, divestitures,
recapitalizations, taxes and tax audits, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; higher inflation and related impacts; material reductions
in corporate liquidity and access to debt markets; the receipt of
required Board authorizations to implement capital allocation
strategies, including future stock repurchase programs and dividend
payments; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies;
the company’s ability to identify and mitigate the risks and
hazards inherent in operating in the global energy industry; and
the factors set forth under the heading “Risk Factors” on pages 20
through 26 of the company’s 2022 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
IMPORTANT INFORMATION FOR INVESTORS AND
STOCKHOLDERS
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act. In connection
with the potential transaction, Chevron expects to file a
registration statement on Form S-4 with the SEC containing a
preliminary prospectus of Chevron that also constitutes a
preliminary proxy statement of Hess. After the registration
statement is declared effective, Hess will mail a definitive proxy
statement/prospectus to stockholders of Hess. This communication is
not a substitute for the proxy statement/prospectus or registration
statement or for any other document that Chevron or Hess may file
with the SEC and send to Hess’ stockholders in connection with the
potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON
AND HESS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to obtain
free copies of the proxy statement/prospectus (when available) and
other documents filed with the SEC by Chevron or Hess through the
website maintained by the SEC at http://www.sec.gov. Copies of the
documents filed with the SEC by Chevron will be available free of
charge on Chevron’s website at http://www.chevron.com/investors.
Copies of the documents filed with the SEC by Hess will be
available free of charge on Hess’ website at
http://www.hess.com/investors.
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version on businesswire.com: https://www.businesswire.com/news/home/20231206243230/en/
Randy Stuart -- +1 713-283-8609
Chevron (NYSE:CVX)
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