- Continued discipline with capital at low end of 2022-2025
guidance
- Raises share buyback guidance range to $3 to $5 billion per
year
Chevron Corporation (NYSE: CVX) today announced a 2022 organic
capital and exploratory spending program of $15 billion, at the low
end of its $15 to $17 billion guidance range and up more than 20%
from 2021 expected levels. This capital program supports Chevron’s
objective of higher returns and lower carbon, including
approximately $800 million in lower carbon spending. The program
excludes expected inorganic capital of $600 million in anticipation
of the formation of a renewable fuel feedstocks joint venture with
Bunge.
“The 2022 capital budget reflects Chevron’s enduring commitment
to capital discipline,” said Chevron Chairman and CEO Mike Wirth.
“We’re sizing our capital program at a level consistent with plans
to sustain and grow the company as the global economy continues to
recover.”
Consistent with its track record of returning excess cash to
shareholders, the company is raising its share buyback guidance
range to $3 to $5 billion per year, versus prior guidance of $2 to
$3 billion per year. “We’re a better company than we were just a
few years ago. We’re more capital and cost efficient, guided by a
clear and consistent objective to deliver higher returns and lower
carbon,” Wirth continued. “And this enables us to return more cash
to shareholders.”
Details of the 2022 Organic Capital and Exploratory Investment
Program include:
Chevron 2022 Organic Planned Capital
& Exploratory Expenditures1
$
Billions
U.S. Upstream
6.4
International Upstream
6.2
Total Upstream
12.6
U.S. Downstream
1.7
International Downstream
0.6
Total Downstream
2.3
Other
0.4
TOTAL (Inc. Chevron’s Share of
Expenditures by Affiliated Companies)
15.3
Expenditures by Affiliated Companies
(3.6)
Organic Cash Expenditures by Chevron
Consolidated Companies
11.7
(1) Numbers may not sum due to rounding
Upstream
In the upstream business, approximately $8 billion is allocated
to currently producing assets, including about $3 billion for
Permian Basin unconventional development and approximately $1.5
billion for other shale & tight assets worldwide. Additionally,
$3 billion of the upstream program is planned for major capital
projects underway, of which about $2 billion is associated with the
Future Growth Project and Wellhead Pressure Management Project (FGP
/ WPMP) at the Tengiz field in Kazakhstan. Finally, approximately
$1.5 billion is allocated to exploration, early-stage development
projects, midstream activities and carbon reduction
opportunities.
Downstream
Approximately $2.3 billion of planned organic capital spending
is associated with the company’s downstream businesses that refine,
market and transport fuels, and manufacture and distribute
lubricants, additives, and petrochemicals. This also includes
capital to grow renewable fuels and products businesses.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and seeking to grow lower carbon businesses along with our
traditional business lines. More information about Chevron is
available at www.chevron.com.
NOTICE
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations that are based on management's current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,”
“believes,” “approaches,” “seeks,” “schedules,” “estimates,”
“positions,” “pursues,” “may,” “can,” “could,” “should,” “will,”
“budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,”
“goals,” “objectives,” “strategies,” “opportunities,” “poised,”
“potential,” “ambitions,” “aspires” and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company's products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
development of large carbon capture and offset markets; public
health crises, such as pandemics (including coronavirus (COVID-19))
and epidemics, and any related government policies and actions;
disruptions in the company's global supply chain, including supply
chain constraints; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions; changing refining, marketing and chemicals margins; the
company’s ability to realize anticipated cost savings, expenditure
reductions and efficiencies associated with enterprise
transformation initiatives; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
the results of operations and financial condition of the company’s
suppliers, vendors, partners and equity affiliates, particularly
during the COVID-19 pandemic; the inability or failure of the
company’s joint-venture partners to fund their share of operations
and development activities; the potential failure to achieve
expected net production from existing and future crude oil and
natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to pay future dividends; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 18 through 23 of the company's 2020
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
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Sean Comey -- +1 925-842-5509
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