Chevron spending challenges value

摘要

Chevron will push already record capital expenditure (capex) to new highs in 2014-15 to cover ambitious production growth targets, while striving to beat its rivals on value. Chevron continues to target a 25pc increase in production to hit 3.3mn b/d of oil equivalent (boe/d) in 2017, based on an average oil price of $79/bl. The firm has stepped up growth targets for 2014-17 to 5-6pc/yr from 4-5pc/yr to reach this goal, after output edged lower by 2pc last year to 2.61mn boe/d, from 2.67mn boe/d in 2011. Chevron expects production to recover to 2.65mn boe/d this year. Capacity addi- tions will also need to offset a 4pc/yr decline in base production.