Chevron (CVX) Details 2012 Exploratory Budget

Chevron (NYSE:CVX) announced today the amount of cash it would use for 2012 exploration – $32.7 billion dollars.

The forecast $32.7 billion dollar figure for 2012 exploration is slightly down from 2011’s estimated number, $33 billion.  Included in 2012’s number is $3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron, according to the company.  Note, the 2011 estimate includes approximately $28 billion of capital and exploratory expenditures including $4.5 billion dollars for the acquisition of Atlas Energy which was processed earlier this year.

Chevron released the following statement, “We continue to develop an unparalleled project queue,” said Chairman and CEO John Watson. “Our 2012 capital program covers a number of multi-year projects currently in the construction phase, including two world-class Australian LNG projects and multiple deepwater developments. We believe these investments will yield significant production growth and reward our shareholders for years to come. By 2017, we expect our net crude oil and natural gas production to grow about 20 percent to 3.3 million barrels per day. This growth profile, along with our current financial strength, supports our priority of continuously growing our dividends.”

Watson continued, “Our 2012 capital program includes spending of nearly $9 billion in the United States, with major new investments in the deepwater Gulf of Mexico, the Marcellus Shale in Pennsylvania and our refinery at Pascagoula, Mississippi. These projects are expected to result in new jobs and new sources of revenues for the communities where we operate. Our investments, both in the United States and elsewhere around the globe, help provide affordable new energy supplies to support a growing economy.”

CVS stock for a positive day at the end of Wednesday’s trading session to $38.32 versus yesterday’s close of $38.27.

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