Chevron revises 2017 output target lower

摘要

Houston—Chevron on Friday revised slightly lower an earlier production target due to prolonged but uncertain lower oil prices, while also slashing its capital spending for 2016 by 25% compared to this year. The company now sees production volume growth at 13-15% annually from yearend 2015 to 2.9 million to 3 million b/d of oil equivalents in 2017. That is down from an earlier target of 3.1 million boe/d, mainly due to natural declines, slower growth in US shales, less near-term spending on US shale gas and no output from the Gulf of Mexico’s Big Foot project, Chevron CEO John Watson said in a quarterly earnings call.