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2016-05-19 20:05:00

CHEVRON WILL CUT BUDGET BY 17%

CHEVRON WILL CUT BUDGET BY 17%

American oil and natural gas producer Chevron Corp on Tuesday said it will slash its budget by at least 17% for the next two years to save cash due to the low crude oil prices.

The outlook from one of the world's largest oil companies highlights the unease permeating the energy industry as executives try to contend with what many are forecasting to be crude prices below $50 per barrel through at least the end of the decade.

For 2016, Chevron has already announced it would spend $26.6bn. The company plans to spend between $17bn to $22bn annually in 2017 and 2018.

"Industry conditions are tough right now, with low oil and natural gas prices," Chevron chief executive officer John Watson said in a statement ahead of the company's annual investor day in New York.

"We believe markets will improve, and we'll be well positioned when they do," Watson said.

Part of the spending reduction will come as construction projects are finished around the world, including major liquefied natural gas (LNG) projects in Australia and Angola, as well as oil projects in the US Gulf of Mexico.

On Monday night, Chevron said it had started producing LNG at its Gorgon facility in Western Australia and would begin shipping next week, a major milestone for a long-delayed and over-budget project.

Chevron executives reiterated the company's commitment to pay its $1.07 quarterly dividend, adding they plan to limit debt increases beyond this year.

Chevron had already slashed its budget for this year by more than 24%, but the move on Tuesday signalled more cuts would be needed, especially to protect the dividend, which executives have called their top priority.

Chevron is paying its dividend partially with debt. While executives had outlined a plan last fall to cover the dividend with cash flow by next year, that plan requires oil prices at $50 per barrel.

arabianoilandgas.com

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Earlier: 

MAJORS INVESTMENTS 

CHEVRON NET LOSS $725 MLN 

OIL MAJORS: THE WORST 

CHEVRON: MARKETS ARE BETTER 

OIL MAJORS RATINGS DOWN 

CHEVRON NET LOSS $588 MLN 

CHINA & CHEVRON GAS

 

 

 

Tags: CHEVRON, OIL, GAS, PRICES

Chronicle:

CHEVRON WILL CUT BUDGET BY 17%
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

CHEVRON WILL CUT BUDGET BY 17%
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

CHEVRON WILL CUT BUDGET BY 17%
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

CHEVRON WILL CUT BUDGET BY 17%
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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