Oil firms raise capital spending on bullish outlook

摘要

Chevron released its plans for spending in 2012, including $28.5B in total upstream ($6.2B in US, $22.3B international), $3.6B in total downstream ($2.1B in US, $1.5B international), and $600MM for power generation, technology, and other activities. The budget is 17% higher than the amount the company spent in 2011 (~$28B). Of the budgeted spending for 2012, 87% will go toward its upstream crude oil and natural gas exploration and production projects. Downstream businesses will receive 11%. Investments in downstream operations include improvements to refineries' returns through energy efficiency and feedstock flexibility and cleaner fuel production. Production of base oils at Pascagoula, Mississippi is also targeted, as well as expanding production of Oronite additives in Singapore. Chevron affiliates will fund additional investments including the Yeosu refining complex in South Korea's continued upgrading, associated with Chevron's 50% owned GS Caltex along with additional US and Saudi Arabia chemicals projects with its 50% owned Chevron Phillips Chemical Company.