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Chevron makes USD14bn capital and exploratory budget for 2021

December 04/2020

MOSCOW (MRC) -- Chevron Corporation has made a 2021 organic capital and exploratory spending program of USD14 billion and lowered its longer-term guidance to USD14 to USD16 billion annually through 2025, accoring to The Daily.

This capital outlook will continue to prioritize investments that are expected to grow long-term value and deliver higher returns and lower carbon, including over USD300 million in 2021 for investments to advance the energy transition.

Chevron remains committed to capital discipline with a 2021 capital budget and longer-term capital outlook that are well below our prior guidance, said Chevron Chairman and CEO Michael Wirth.

With our major restructuring behind us and Noble Energy integration on track, were prepared to execute this program with discipline.

Chevrons capital guidance of USD14 to USD16 billion annually from 2022 to 2025 is significantly lower than its previous guidance of USD19 to USD22 billion, which excluded Noble Energy.

During this time period, as capital is expected to decrease for a major expansion in Kazakhstan, the company expects to increase investments in a number of Chevrons advantaged assets, including its world class position in the Permian, other unconventional basins, and the Gulf of Mexico.

He added: Chevron is in a different place than others in our industry. Weve maintained consistent financial priorities starting with our firm commitment to the dividend. We took early and swift action at the beginning of the pandemic to prudently allocate capital, reduce costs and protect our industry-leading balance sheet. And weve completed a major acquisition and restructuring that positions our company to deliver higher returns and grow long-term value.

As MRC reported earlier, Chevron Phillips Chemical, part of Chevron Corporation, still has not lifted force majeure on its polyethylene (PE) products after assessing the impact of Hurricane Laura to its Gulf Coast PE operations. The force majeure circumstances were declared on 1 September, 2020. CP Chem operates a 420,000 mt/year high-density polyethylene (HDPE) plant in Orange, Texas, and an 855,000 mt/year cracker in Port Arthur. The company plans to minimize the impact of the event and return to full PE deliveries as soon as possible.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,760,950 tonnes in the first ten months of 2020, up by 3% year on year. Only high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased. At the same time, PP shipments to the Russian market reached 978,870 tonnes in  January-October 2020 (calculated using the formula: production minus exports plus imports minus producers' inventories as of 1 January, 2020). Supply of exclusively of PP random copolymer increased.

Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, LLDPE, crude and gaz condensate, PP random copolymer, propylene, HDPE, ethylene, petrochemistry, Chevron, Chevron Phillips, Russia, USA.
Category:General News
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