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4-Traders Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX

CHEVRON CORPORATION (CVX)
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Chevron : projects $18.3 billion spending budget, down 4 percent

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12/07/2017 | 03:20am CET
FILE PHOTO - John Watson, Chevron's chairman and CEO, speaks during an interview on the floor of the NYSE in New York

Chevron Corp, the second largest U.S.-based oil producer, is budgeting $18.3 billion for capital projects next year, the company said on Wednesday, about 4 percent less than this year and lower for a fourth year in a row.

International energy company capital budgets, closely watched for indications of future oil and gas production, broadly have been shrinking after 2014's oil-price collapse slashed earnings and left many with high debt loads.

In Chevron's case, the sharp declines coincide with its spending winding down on several long-term and costly projects in Australia and elsewhere. Capital and exploratory spending in the first nine months of this year was about half that of three years ago, a company spokeswoman said.

The 2018 budget reflects "project completions, improved efficiencies and investment high-grading," said Chief Executive John Watson in a statement. Spending on shale will rise to $4.3 billion overall this year, said Watson, who will retire early next year.

The San Ramon, California-based company expects expenditures this year to be less than $19 billion, down from the $19.8 billion it estimated a year ago. It has told investors that capital spending between 2018 and 2020 would range from $17 billion to $22 billion a year.

Next year, Chevron expects to spend $15.8 billion on oil and gas exploration, $2.2 billion on refining, marketing and petrochemicals, and about $300 million for its share of affiliated company spending.

Most oil producers have yet to disclose their 2018 budgets, which generally are released in December and January. Analysts expect companies to pledge to keep 2018 spending in check and focus on reducing debt and boosting cash flow.

Chevron shares were off 78 cents at $119.61 in trading on Wednesday and are up less than 2 percent this year.

(Additional reporting by Shalini Nagarajan in Bengaluru; Editing by Sandra Maler and Grant McCool)

By Gary McWilliams

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Financials ($)
Sales 2017 137 B
EBIT 2017 11 429 M
Net income 2017 8 124 M
Debt 2017 34 173 M
Yield 2017 3,61%
P/E ratio 2017 27,41
P/E ratio 2018 23,10
EV / Sales 2017 1,91x
EV / Sales 2018 1,80x
Capitalization 228 B
Chart CHEVRON CORPORATION
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Chevron Corporation Technical Analysis Chart | CVX | US1667641005 | 4-Traders
Technical analysis trends CHEVRON CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 125 $
Spread / Average Target 4,2%
EPS Revisions
Managers
NameTitle
John S. Watson Chairman & Chief Executive Officer
Patricia E. Yarrington Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Robert E. Denham Independent Director
Ronald D. Sugar Lead Independent Director
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